A man who pretended to be a businessman with ties to Saudi oil embezzled $43 million from an ex-hockey MVP
A man who pretended to be a businessman with ties to Saudi oil and embezzled $43 million from an ex-hockey MVP was convicted of fraud (Detroit Free Press)
"A former Grosse Pointe Shores man who swindled ex-Red Wings star Sergei Fedorov out of $43 million - and millions from dozens of other unsuspecting victims - was convicted in Florida today of 15 counts of fraud and two counts of making a false statement on a loan," reports Katrease Stafford.
Joseph Zada, who used to be Fedorov's financial manager, pretended to be a "rich and successful businessman with ties to Saudi Arabian oil ventures." He scammed 28 investors, including Fedorov.
Fedorov, 45, won three Stanley Cups and a Hart Trophy, and was the NHL's MVP when he was on the Red Wings.
Don't freak out just yet. It's not 2008. (Advisor Persectives)
Investors are feeling uneasy about the zig-zagging stock market. But Blackrock's Russ Koesterich argues that "the US economy is still in relatively decent shape."
"Despite fears over a China-led slowdown, the U.S. continues to demonstrate economic resilience. Put another way, for all the market's twists and turns, and despite the economy's headwinds and travails, this isn't 2008," he writes. "Although it's still entirely possible to have a bear market despite a decent economy, I don't believe the current correction marks the end of the bull market, especially considering solid growth and a lower likelihood for a September Federal Reserve (Fed) hike in interest rates."
LPL and Wells Fargo: stocks will probably go up (InvestmentNews)
"Even in the face of a spike in market volatility, LPL Financial and Wells Fargo & Co. are doubling down on bold predictions that the S&P 500 will close out the year noticeably higher than where it started," reports Trevor Hunnicutt.
LPL, the largest independent broker-dealer in the US, reiterated its forecast that the total return of the S&P 500 would reach 5% to 9% from the beginning of the year. Meanwhile, Wells Fargo's Investment Institute forecasts that the S&P could close between 4.4% and 9.3% higher for the same time frame.
The housing market is hot in Texas and the Northeast (FA Magazine)
It's been seven years since the housing bubble burst and demolished local economies across the country. But there are some good signs in a once-scary market. WalletHub reported that for the first quarter of this year, 255,000 consumers reported bankruptcies, the lowest quarter since 2006. Additionally, foreclosure rates dropped to the lowest rate since 2006, according to Karen Demasters.
And while the market is slowly getting back on its feet, there are several key hotspots. Urban areas in the Northeast including New York City, Boston, and the Southwestern New Jersey-Philadelphia area are thriving markets. Several key cities in Texas such as Houston and Austin are, as well.
Morgan Stanley swiped up three financial advisors from Citi and Barclays (WSJ)
"Morgan Stanley hired three financial advisers in August, including one from Barclays PLC's U.S. wealth-management division," reports Michael Wursthorn. "Adviser Louis Greif, from Barclays, joined Morgan Stanley in New York, a spokeswoman for the firm said Tuesday. William Goettert and John Entenberg, from Citigroup Inc.'s private bank, joined in Boca Raton, Fla."
Greif, who has been with Barclays for 15 years, generated $1.3 million in fees and commission annually, while Goettert and Entenberg managed $1 billion in client assets. All three moved during August.