The financial news that actually matters
People who have already lost money to fraud are being targeted again, this time by operators who promise to recover those losses in exchange for an upfront fee. Three federal agencies – the FTC, the CFTC, and the SEC – classify this tactic as advance-fee fraud, a second scam layered on top of the first….
Federal prosecutors in the Southern District of New York say a California man named Max McDermott engineered a $10 million loan fraud scheme with a specific goal: repay investors quickly enough to derail an active Securities and Exchange Commission investigation before enforcement staff could file charges. McDermott was arrested and charged with wire fraud and…
Francesca’s is shutting down its entire store fleet through a second Chapter 11 bankruptcy, with court-approved liquidation sales already underway at roughly 400 locations. The women’s boutique chain, which was rescued through an asset purchase just five years ago, has shifted from seeking a new buyer to winding down operations entirely. Three liquidation firms are…
Federal authorities have filed charges, seized assets, and suspended trading in a string of stock manipulation cases tied to social media promotions, and the pace is accelerating. The FBI reported at least a 300 percent increase in victim complaints about ramp-and-dump stock fraud in 2025 compared with 2024. In the largest single recovery so far,…
A single missed payment, even by just 30 days, can strip dozens of points from a consumer’s credit score and stay on the record for seven years under federal law. That penalty clock, set by the Fair Credit Reporting Act, runs independently for each account, meaning borrowers who fall behind on multiple bills face overlapping…
Macy’s is shutting down 14 more stores this year, pushing the department-store chain closer to its target of eliminating roughly 150 locations over three years. The closures are part of a broader restructuring that concentrates investment in approximately 350 remaining stores through fiscal year 2026. With the company reporting that its fiscal year 2025 results…
Investors betting on another strong year for U.S. equities face a simple math problem: Wall Street’s consensus calls for S&P 500 earnings to grow 14% to 16% in 2026, roughly double the pace companies delivered last year. That expectation, built on company filings and fresh bank research, sets a high bar that stocks may not…
Investors who buy stocks with borrowed money face a brutal math problem when prices drop: their losses compound against them while their broker’s patience runs out. The U.S. Securities and Exchange Commission has warned that losses in a margin account can exceed the cash an investor originally deposited, and that brokers can sell holdings without…
Taxpayers who paid late-filing penalties on federal returns due between 2020 and 2023 face a narrow window to recover those charges. The IRS already granted automatic relief for many penalties tied to 2020 and 2021 returns, but filers who missed that round or who believe disaster-related postponement rules cover later tax years must act before…
Debit-card holders who never asked for overdraft coverage can revoke that protection and have transactions simply declined at the register, avoiding fees that average close to $27 per incident. Federal rules have required banks to obtain a customer’s affirmative consent before charging overdraft fees on one-time debit purchases and ATM withdrawals since 2010, yet many…