Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei is developing its own operating system for smartphones and laptops, but the company says it would only be used in "extenuating circumstances."Technologyread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Stocks in Asia were mostly higher on Monday amid rising tensions between the U.S. and China.Asia Marketsread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Russian Energy Minister Alexander Novak said there were different options available for OPEC and its oil-producing allies in the second half of 2019, including a possible...Oilread more
The Australian Electoral Commission (AEC) on Monday said Morrison's coalition has won 75 seats in Australia's parliament, one seat short of a 76-seat majority.Electionsread more
U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia, and added that any...World Politicsread more
SoftBank founder Masayoshi Son speaks in futuristic terms about his company, but the success of his late-stage VC fund is still unknown.Technologyread more
Reports of Tesla vehicles spontaneously catching fire could make customers wary of EVs just as the industry ramps up production plans.Autosread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
If you've fallen victim to financial fraud, getting back the money you lost takes time — if it's ever recovered at all.
Take the latest developments with Woodbridge Group of Companies, a real estate investing firm that has been implicated, along with its former owner and related companies, for bilking 8,400 retail investors, many of whom were older Americans, through a $1.2 billion so-called Ponzi scheme. In a Ponzi scheme, money from one set of investors is used to pay off other, earlier investors, or is used for the perpetrators' personal gain.
The Securities and Exchange Commission on Monday said it has ordered Woodbridge and its former owner and CEO, Robert H. Shapiro, to pay $1 billion in penalties and repayments. The regulator first filed an emergency action against the company in December 2017.
The agency's latest move clears the way for investors to potentially get back the money they lost. How much is distributed to victims will depend on Woodbridge's Chapter 11 bankruptcy and how much a related liquidation trust collects.
One of the most infamous Ponzi schemes is that of Bernard Madoff, who is serving a 150-year prison sentence in connection with a record $65 billion decades-long scam for which he was arrested in 2008.
You may think you can easily spot a fraudster. But chances are, you are vulnerable to getting duped.
"The frightening truth about fraud is scammers scam and liars lie," said Gerri Walsh, senior vice president of investor education at the Financial Industry Regulatory Authority, or FINRA, which regulates brokerage firms.
To lessen the chances of becoming a victim, there are precautions you should take.
Before you begin working with financial professionals, check their registration records to verify that they are, in fact, licensed, and have not had any egregious complaints lodged against them.
If the financial professional does not show up in a search, you should think twice about working with him or her, said Lori Schock, director of the SEC's Office of Investor Education and Advocacy.
"Most of the retail-facing fraud that we see is committed by those who are not registered," Schock said. "It is unlicensed people selling unregistered products."
You should also look at records periodically to check up on a financial professional.
"If you have been working with the person for a while ... go ahead and take a peek and see what you see," FINRA's Walsh said.
Not all disclosures that show up on a professional's or firm's record are a red flag, said Walsh. But they should be a conversation starter.
Be wary if you are pressured to act immediately or are promised success rates that are too good.
"If someone offers you a guaranteed high rate of return, they're lying," said Owen Donley, chief counsel at the Office of Investor Education and Advocacy at the SEC. "You're probably looking at a fraud."
Sales pitches that lead you to believe that the offer is only available for a limited time or restricted to a special group of people should also be a red flag.
Also watch for any information that comes with free offers, such as educational seminars that provide lunch or mail offers that include trinkets. Those will make you more likely to respond.
"You have a tendency to believe this person and trust this person," Walsh said. "The one thing we always say about free meals is you don't have to bite on what's being offered."
Be sure to ask a number of questions, including "How do I pay you?" and "How do you get paid?" Walsh said.
The answers could include commissions or fees, but there might be some other method for payment, such as a sales contest or a proprietary product particular to that firm.
Use that information to assess whether the firm is a fit for your risk and liquidity needs, Walsh said.
Be wary of investments that are overly complicated.
"If a retail investor can't understand the investment, they ought not pursue that opportunity," Donley said.
All the information about the investment, such as through filings made with the SEC, should be readily available. If a financial professional won't make documents available, that's a "huge red flag," Donley said.
Monthly statements should show any transactions you made, including the amount.
"Especially in down markets, it can be depressing to look at your statements," Walsh said. "But you have to do it. You have to keep tabs."
If you see something you did not authorize, you should call your broker and send a written complaint to the firm. You should also notify the appropriate securities regulator.
Investors should also do periodic checks of securities they own to see that the prices match up with what appears on their statements, Walsh suggested.