Former NBA and University of Connecticut player Tate George during the Jim Calhoun Celebrity Classic basketball game at the Mohegan Sun Arena in Uncasville, Conn.
Former NBAer sentenced for Ponzi scheme (KCTV News)
Tate George, who played in the NBA for the New Jersey Nets and Milwaukee Bucks, was sentenced to nine years in prison for operating a Ponzi scheme. FBI-Newark Special Agent in Charge Richard M. Frankel said, "By shamelessly cashing in on his celebrity, C. Tate George stole $2 million from investors who trusted him as a former NBA athlete." KCTV News reports, George used the money to pay mortgages on homes in Florida and New Jersey, his daughter's sixteenth birthday party and to make a video about himself. George averaged 4.2 points and 1 rebound per game before ending his career in 1995 after five seasons.
Huntington Bancshares is buying FirstMerit (Nasdaq)
Huntington Bancshares is paying the equivalent of $20.14 per share of FirstMerit. The stock and cash deal will give FirstMerit shareholders 1.72 shares of Huntington stock per share of FirstMerit and $5 cash per FirstMerit share. The price represents a 31% premium to FirstMerit's close on Monday. "I believe the strength of this deal is that both organizations already understand the needs and goals of our Midwestern customers and communities," Steve Steinour, Huntington chairman, president, and CEO, said in the press release.
JPMorgan says there's risk of an "earnings recession" (Bloomberg)
Bloomberg says Dubravko Lakos-Bujas, head of US equity strategy at JPMorgan, and his team believe earnings growth is likely to be flat or negative for two years and that the risk of an earnings recession is rising. The downbeat outlook has caused the firm to reduce its year-end 2016 S&P 500 target to 2,000 (2,020 previous) and its 2016 S&P 500 earnings to $120 per share ($123 previous). The S&P 500 would need to gain 5% from current levels to reach the year-end target.
United Capital has acquired two firms (Investment News)
Investment News Reports, United Capital has purchased Bedrock Capital Management in California and Harvest Group Financial Services Corp. in Pennsylvania. The two acquisitions bring $370 million in assets under the United Capital umbrella. "Our latest additions serve as proof that firms around the country are seeking to better their market positions and, more importantly, how they help clients," said Matt Brinker, United Capital's head of national partner development.
Retirees' dreams and realities are very different (Financial Advisor)
A survey conducted by mutual fund manger Capital Group's American Funds found retirement is a lot different than it was envisioned. According to Financial Advisor, the survey found while 30% of affluent near-retirees wanted a part time job during retirement; however, just 3% of them followed through on the plan. Additionally, 17% of respondents planned to start a new career or business in retirement, but less than 6% have achieved the goal.