Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
The shutdown of the fire-damaged Philadelphia Energy Solutions refining complex could send gasoline prices higher across the U.S., but particularly in the mid-Atlantic region...Market Insiderread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
Bitcoin topped the $13,000 level Wednesday, rallying to its highest price since January 2018.Bitcoinread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
During the foreclosure crisis, investors transformed the single-family home rental market into a formally managed asset class. Now they want new homes.Real Estateread more
Wayfair drew backlash and calls from some customers for a boycott after employees protested the company's apparent sale of $200,000 of mattresses and bunk beds destined for a...Retailread more
These are the stocks posting the largest moves midday.Market Insiderread more
A federal court in Florida ordered a real estate investing firm and its former owner to pay $1 billion for operating a Ponzi scheme that targeted thousands of retail investors, many of them seniors.
The court ordered Woodbridge Group of Companies to pay $892 million in disgorgement and its former owner and CEO Robert H. Shapiro to pay a $100 million civil penalty and give back more than $20 million in ill-gotten gains and interest.
The Securities and Exchange Commission, which announced the order on Monday, filed an emergency action in December 2017 charging the company with operating the $1.2 billion Ponzi scheme that defrauded 8,400 retail investors across the country. The SEC accused Shapiro and Woodbridge of swindling seniors in "a business model built on lies."
It was supposed to pay investors a 10 percent annual return by investing in developers who flipped luxury real estate. But the SEC said the money went instead to a constellation of related companies and was used to pay off other investors. Shapiro was accused of diverting $21 million for his own benefit, including charter planes, country club fees, luxury vehicles and jewelry.
A Ponzi scheme is an investment fraud that pays current investors with money brought in from new investors, often without ever investing the money in the way it was advertised it would be invested. The U.S. District Court for the Southern District of Florida approved the judgments against Woodbridge and its 281 affiliates. The defendants neither admitted nor denied the SEC's accusations.
Woodbridge collapsed in December 2017 when it stopped paying investors and filed for bankruptcy.
This story is developing. Please check back for updates.