The chronic con-man and co-founder of the disastrous 2017 Fyre Festival, Billy McFarland, was recently sentenced to six years in prison with three years' probation along with $26 million in legal reparations. After pleading guilty for defrauding festival investors, McFarland was found guilty for setting up yet another fraudulent company in the wake of the scandal.
Not all elder abuse is physical. Seniors face an increased risk of financial abuse. As they age, their mental state may decline, leaving them susceptible to exploitation. This occurs when someone takes advantage of a senior citizen who may be physically or mentally incapacitated.
An initial coin offering (ICO) is a fundraising mechanism wherein new blockchain startups sell cryptotokens or cryptocurrencies to investors in exchange for capital to fund the startup process. The token sales allow investors to fund ambitious projects for the next generation of successful companies. In return for purchasing tokens, the investors share in the returns as the project matures and becomes financially viable.
A class action lawsuit to uncover the identities of traders who may have been manipulating the VIX has been filed by a Chicago-based trading firm. The alleged manipulation caused financial losses for investors.
The thought of virtual money is obscure, but not entirely unfathomable. Like stocks and similar investments, you can purchase and sell cryptocurrencies such as Bitcoin or Ethereum that have slightly unusual properties. Many older investors are curious about whether to enter the market. However, economists and market observers have a few new concerns.
Although Puerto Rico’s economy was struggling before being ravaged by Hurricane Maria, the aftereffects are impacting the investment market in waves.
Fraudulent hedge fund management is a serious problem. While there are entities in place to help prevent and prosecute fraudulent brokers and firms, there is often little recourse for victims who have suffered financial losses from hedge funds because they are not required to register with the SEC.