The financial news that actually matters
Best Buy’s outgoing chief executive, Corie Barry, is leaving behind a consumer spending pattern that her successor will have to solve: shoppers are active but refuse to pay full price. Barry’s planned departure as CEO and director is effective at the close of business on Oct. 31, 2026, with Jason Bonfig stepping into the role…
A North Carolina man lost $700,000 to a cryptocurrency investment scam and has not recovered a single dollar, even as federal prosecutors in the same district seized tens of millions in crypto assets tied to similar schemes. The case highlights a painful gap between large-scale enforcement actions and the individual victims left waiting for restitution,…
Federal prosecutors secured six jury trial convictions in health-care fraud cases spanning five judicial districts between May 13 and June 1, 2026, with alleged losses topping $1.1 billion. The cases ranged from a billion-dollar telehealth billing operation in Fort Lauderdale to a Nashville nurse practitioner who distributed nearly one million opioid pills. Taken together, the…
Michael Burry, the investor who profited from the 2008 mortgage collapse, is now targeting the largest AI infrastructure spenders in the United States. Through his advisory firm Scion Asset Management, Burry has built a short position tied to his claim that major technology companies are using depreciation accounting changes to hide roughly $176 billion in…
A Florida jury convicted Brett Blackman, owner of the health care software company HealthSplash, of conspiracy to defraud Medicare through a scheme that generated more than $1 billion in false claims for durable medical equipment patients never needed. The conviction follows a trial in the Southern District of Florida and adds to a string of…
Homeowners across the United States faced a sharper wave of new foreclosure filings last month, with 27,304 foreclosure starts recorded in May, a 13 percent increase compared with the same month a year earlier. That year-ago baseline stood at 24,165 starts, according to ATTOM data. The jump arrived even as overall foreclosure activity dipped slightly…
Millions of American car owners fell further behind on their loans through the third quarter of 2025, pushing auto-loan delinquency rates past every prior reading in the New York Federal Reserve’s Consumer Credit Panel, including peaks recorded during the 2008 global financial crisis. The data, drawn from Equifax credit files and published in a Federal…
ServiceNow cut hundreds of jobs at its California facilities, filing notices with the state as required by labor law, while simultaneously accelerating a product strategy built around AI agents designed to automate enterprise work. The layoffs and the AI push arrived in the same window, creating a sharp contrast between the company’s shrinking workforce and…
Federal prosecutors charged Cesar Humberto Pina, a New Jersey real-estate influencer known online as “Flipping NJ,” with running a Ponzi-like investment fraud that allegedly stretched from 2017 through May 2023. A grand jury later expanded the case beyond wire fraud, adding counts of money laundering and bribery of a public official. The charges raise a…
Bank customers who overdraw their accounts are paying more in fees after Congress blocked a federal rule that would have capped those charges at $5 for the largest financial institutions. The Consumer Financial Protection Bureau finalized the overdraft rule in late December 2024, projecting it would save consumers billions of dollars annually. But a joint…