A former broker from GunnAllen Financial Inc. of Tampa, Fla., stole $1.3 million from at least 16 elderly clients in the past six years, according to the New Jersey Bureau of Securities.
The U.S. real gross domestic product declined to a revised 0.5% in the third quarter, marking its biggest drop in seven years, the Department of Commerce reported today.
High-net-worth donors relied more on lawyers and accountants for philanthropic advice than financial advisers in 2007, according to a survey released Monday by Bank of America.
The New York-based accounting firm yesterday paid the settlement in connection with its auditing service for Philadelphia-based Reliance Insurance Co., a carrier that’s now in liquidation.
Eaton Vance Corp. posted a 43% profit drop for its fiscal fourth quarter today after incurring $17.4 million in impairments stemming from the credit crunch.
Ameritas Life Insurance Co. of Lincoln, Neb., will offer a new version of its new variable universal life policy Jan. 1 as the company tries to conform to new mortality tables.
Saying that the country faced an “economic crisis of historic proportions,” President-elect Barack Obama introduced the members of his economic advisory team this morning.
The British government today announced a 20-billion-pound ($30 billion) stimulus plan to try to get the United Kingdom through its first recession in 17 years.
Job no. 1 for the Federal Reserve Board and the Department of the Treasury was to stabilize the capital markets.
Investors and their advisers are rightfully concerned about running afoul of the wash sale rule and triggering a taxable event. As you know, a wash sale — as defined in Section 1091 of the Internal Revenue Code — occurs when an investor sells property at a loss and within 30 days acquires "substantially identical" property.
Even though alternative investments that follow hedge-fund-like strategies are currently frowned upon because of poor absolute performance, Nuveen Investments LLC is betting that such investments once again will be viewed favorably.
As representatives from the American auto industry plead for a multibillion-dollar federal bailout, some financial advisers are already bracing for worst-case scenarios that could leave thousands of autoworkers, retirees and those working in related industries scrambling to fill retirement and health care funding gaps.
Roger W. Crandall, co-COO, executive vice president and chief investment officer, will take on the role of president, presently held by chairman and chief executive Stuart H. Reese.
MetLife Inc. of New York said that State Street Global Advisors in Boston will subadvise a pair of exchange-traded-fund-focused asset allocation portfolios for the carrier’s variable annuities.
Now that the Federal Reserve Board has cut the federal funds rate to 1%, the focus needs to be on increasing liquidity, St. Louis Federal Reserve Bank president James Bullard said yesterday.
The exposure was in four transactions: two collateralized-debt-obligation squared transactions and two high-grade CDOs of asset backed securities.
The number of Americans filing claims for first-time unemployment benefits rose by 27,000 to a seasonally adjusted 542,000 for the week ended Nov. 15 — a 16-year high, according to data from the Department of Labor.
