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Gold takes largest single day plunge since 1980s

Gold plunged for the second straight day Monday, dropping more than 8% at midday in what was shaping up as the metal’s biggest one-day percentage decline in 30 years.  Gold for April delivery, the front-month contract, was down 8.6% at $1,372.10 a troy ounce on the Comex division of the New York Mercantile Exchange at […]

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Ponzi scheme architect sentenced to 10 years

A man accused of cheating California residents out of hundreds of millions of dollars in what prosecutors characterized as one of the largest real estate Ponzi schemes in state history has been sentenced to 10 years in prison. A Shasta County Superior Court judge issued the sentence against Gary Armitage, 62, on Monday, as some of […]

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Senate confirms White as SEC Chairman

The U.S. Senate on Monday confirmed former federal prosecutor Mary Jo White as the new head of the U.S. Securities and Exchange Commission, the agency tasked with policing Wall Street and writing new rules of the road for financial markets. White received wide bipartisan support in the Senate thanks to her reputation as a tough […]

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LPL growth causes legal and compliance headaches

In February, the country’s largest independent broker-dealer, with more than 13,000 contractor representatives and advisers, was ordered by Massachusetts to pay up to $2 million in restitution to clients and a fine of $500,000. Ameriprise Financial Inc. and LPL Financial are the two largest sellers of nontraded REITs, accounting for about 20% of the annual […]

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Boston pair charged in Ponzi scheme case

A Boston couple has been charged in connection with what prosecutors are calling a multimillion dollar Ponzi scheme in which they used investors’ money to fund a lavish lifestyle.  Steven Palladino is scheduled to be arraigned Monday on multiple counts, including larceny and loan sharking.  Palladino and his wife, Lori, were indicted last week. She […]

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