Articles Tagged with 33602

Understanding Cybersecurity Risks
In today’s digital age, the use of technology to facilitate investments has become largely commonplace. We can see many examples of how investing has moved to the cyber-realm from online investing platforms to robo-advisers. While this has greatly empowered investors to take more direct control over their investment strategy, it has also increased the potential vulnerability to cyber fraud and theft.
“In a digitally connected world, cybersecurity presents ongoing risks and threats to our capital markets and to companies operating in all industries, including public companies…”

SEC Hack Exposes Critical Security Faults

On Thursday, it was announced that the Securities and Exchange Commission (SEC), the nation’s top finance and securities regulator, had experienced a critical cyber security breach. The breach, which occurred in 2016, allowed hackers access to the SEC’s EDGAR system, a database which houses corporate filings and announcements for a multitude of Wall Street firms.

The SEC hack has shaken investors and lawmakers as it poses serious questions regarding the SEC’s security measures and protocol. It is also possible that hackers may have profited on the insider info by trading on it. According to a Reuters report, the database contained sensitive, “market-moving information”.

Financial Investing Pushes Wall Street Rebound

This week, market analysts and investors saw Wall Street regaining upward traction. Dow and S&P indexes soared to record weekly gains, buoyed by a flurry of trading activity. According to a Reuters report, financial investing has been one of the major drivers, followed by industrial and tech.

Financials

After a catastrophic storm, the first thing you’ll probably do after making sure your loved ones are safe is to go out and assess your property damage. With Hurricane Irma bearing down on Florida’s coast, many Floridians are taking steps to secure and protect their property.

However, events best storm preparations are not always able to fend off the destructive force of a hurricane. If you are a Florida resident, chances are you’ve been through a destructive storm before. If you’ve lived through a Florida hurricane, than you know just how great the potential for property damage is.

Fortunately, many state residents have home and property insurance for instances like these. Insurance on your home and property should give you the peace-of-mind that, in the event of a catastrophic storm, you will be able to recoup the value of your property due to loss. But what happens when you receive a settlement offer from your insurance company that in no way meets your expected total loss value? Chances are, it’s not that you have over-inflated the value of your property.

Last time we wrote about the Wells Fargo fake accounts scandal, the current figure of roughly 2 million customers affected had just been increased to nearly 3.5 million. What we saw was the uncovering of a scandal that was far more deep-seated than previously thought. Through the creation of unauthorized accounts for various consumer services, Wells Fargo had earned millions in fraudulent funds.

Apparently, its even worse than that.

A recent report shows that there appears to be an additional 1.4 million fake accounts, about 190,000 of which accrued fees. The additional accounts were uncovered by a third-party investigator hired by Wells Fargo to uncover the extent of the issue internally.

Initial Coin Offerings (ICOs) are becoming an increasingly popular platform for raising capital these days, especially within the emerging tech industry. ICOs allow companies to offer virtual coins in exchange for capital contributions from investors. You may be more familiar with virtual currency under names like Bitcoin, Ethereum, or one of the many other forms of cryptocurrency that have popped up.

You have probably heard the hype surrounding ICOs and virtual coins and you may have even considered investing in virtual currency through an ICO. While initial coin offerings can be a great new means for investing, it’s important not to get blinded by the hype. Theses types of offerings are new for many investors. Additionally, they are attached to rapidly evolving and dynamic technologies, some of which you may not fully understand.

Unfortunately, this factor has allowed room for fraudsters and scammers to take advantage of investors. This should not intimidate you from investing in initial coin offerings, however. Education is the best way to prevent investment fraud. Here are some basic things you should know, before you look into investing in an ICO.

Two Florida men have been charged with insider trading in relation to a larger investigation by the Securities and Exchange Commission (SEC). The investigation uncovered an insider trading scheme spanning from New York to Florida and California. The scheme was perpetuated by a former IT employee of a large, New York bank.

The man passed along insider trading tips to two of his friends in Florida, who created shell companies to carry out trades.

Not surprisingly, these two individuals were inexperienced traders, that’s why they participated in the scheme in the first place. If you’re a serious investor, you know that participating in illicit investment practices like insider trading is not only risky from a legal standpoint, but a risk financially as well.

The federal government is one of the nation’s largest employers. It employs millions of people; you may even be one of them. One of the largest perks of government employment is access to retirement security. Millions of employees participate in some sort of federal retirement savings or investment plan. The popular Thrift Savings Plan (TSP) has over 5 million participants alone.

However, your federal retirement savings may be vulnerable to fraud. The SEC is warning retirement plan participants and investors, particularly TSP participants to beware of fraudulent activity.

Beware: Federal Retirement Savings Fraud

If you’re smart, you are planning for your financial future. Retirement investing is one of the surest methods for building a nest-egg.

Most likely, you’re familiar with the concept of retirement investing. Typically, you can direct funds from your personal income into tax-sheltered or tax-deferred accounts. This is known as a 401(k).

However, there are alternative investment options to a 401(k) available. You can also invest in a 403(b) or a 157(b). These alternative options allow you to invest in certain investment options. It’s important to remember, though, that not every employer offers these plans.

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