The financial news that actually matters
Rathnakishore Giri, a 31-year-old from New Albany, Ohio, was sentenced to nine years in federal prison for running a cryptocurrency Ponzi scheme that raised more than $10 million from over 150 investors. Giri marketed himself as an expert Bitcoin-derivatives trader through two entities, SR Private Equity, LLC and NBD Eidetic Capital, LLC, while promising guaranteed…
Every major grocery retailer operating in California, from Walmart and Costco to Target and regional chains, faces a hard deadline: any food product manufactured on or after July 1, 2026, must carry one of only two approved date labels or it cannot be sold in the state. Assembly Bill 660 rewrites the rules on how…
Spirit Airlines began an immediate orderly wind-down of operations this week after its March 2026 restructuring plan failed to produce a viable path forward, and JetBlue founder David Neeleman has pointed to Frontier Airlines as the next ultra-low-cost carrier facing a similar fate. Spirit cited its inability to absorb rising oil prices as the central…
Federal prosecutors and the Securities and Exchange Commission have charged JianQing Li, a Manhattan-based investment analyst also known as “JQ,” with insider trading that allegedly generated roughly $320,000 in profits across trades in 12 health-care companies. Li obtained material nonpublic information about upcoming securities offerings, private placements, and clinical drug trial data while working at…
Investors who held crypto assets through the end of 2025 watched roughly $2 trillion in market value disappear in a matter of months. The total cryptocurrency market capitalization fell to $2.18 trillion after reaching a peak near $4.2 trillion around October 2025, a decline of nearly 48 percent that has rattled retail holders and institutional…
Francesca’s, the women’s clothing and accessories chain, is shutting down its entire fleet of roughly 460 stores after filing for Chapter 11 bankruptcy protection for the second time. The company filed a voluntary petition in the U.S. Bankruptcy Court for the District of New Jersey and immediately launched court-approved going-out-of-business sales at every location. CFO…
Federal prosecutors allege that a mergers-and-acquisitions lawyer spent roughly a decade funneling his own clients’ deal secrets to a network of traders, generating tens of millions of dollars in illegal profits across nearly 30 transactions. The indictment in United States v. Nourafchan et al., filed April 28, 2026, in the District of Massachusetts, names the…
Spirit Airlines customers who held loyalty points or booked future flights now face the total loss of both as the carrier sells off its remaining assets, including gates at New York’s LaGuardia Airport and its frequent-flyer program. Spirit Aviation Holdings, Inc. confirmed it began an “orderly wind-down of operations,” cancelled every flight on its schedule,…
Technology workers across the United States are absorbing the sharpest round of job cuts the sector has seen in nearly two years. The tech industry has eliminated 123,653 positions so far this year, a 66 percent increase compared with the same period a year ago. The reductions span software, cloud services, and hardware companies that…
Americans lost more money to imposter scams in 2025 than in any prior year on record. According to new Federal Trade Commission data, consumers filed more than one million complaints about these schemes, with total reported losses reaching $3.5 billion. Business impersonation alone accounted for roughly $1 billion of that figure. For the ninth consecutive…