Month: August 2022

Value stocks have become so cheap relative to earnings that companies have been able to buy back a larger portion of their own market capitalization, says David Einhorn. Star manager Greenlight Capital just posted its best-ever quarterly performance against the S&P 500, and Einhorn attributed much of the success to his preference for companies with large share buyback programs, according to a letter to investors Monday. “We do not rely on other active investors to buy the shares we hold, so we choose to emphasize investing in companies that appreciate this dynamic and that create value both through their operations…

The New York Department of Financial Services, or NYDFS, has announced a $30 million penalty on the cryptocurrency arm of Robinhood for alleged violations related to anti-money laundering, cybersecurity and consumer protection laws. In an announcement Tuesday, NYDFS Superintendent Adrienne Harris said Robinhood Crypto will pay a $30 million penalty to the state “for significant failures in the areas of bank secrecy law/anti-money laundering obligations,” as well as cybersecurity failures that allegedly violate New York regulations . According to Harris, Robinhood’s crypto unit will also need to hire an independent consultant to assess the company’s compliance and remediation efforts. “As…

RALEIGH, NC, August 2, 2022 /PRNewswire/ — Northwestern Mutual today announced the Raleigh-area advisors who have been named to the Forbes 2022 “Best Financial Security Professionals in the State” list. With more than 270 Northwestern Mutual advisors recognized in total, four of them are in the most Raleigh area, with Delynn Alexander ranking among the top 100. The Forbes list recognizes the nation’s top performing financial advisors who provide holistic financial planning, focused on risk mitigation, wealth management and a personal planning experience. Awardees are selected using a broad set of criteria including production and premiums, assets under management, client…

CHICAGO, August 2, 2022 /PRNewswire/ — Northwestern Mutual today announced the Chicago-area advisors who have been named to the Forbes 2022 “Best Financial Security Professionals in the State” list. Of the more than 270 Northwestern Mutual advisors recognized in total, 26 of them are in the Chicago area, with two ranked in the Top 100. The Forbes list recognizes the nation’s top performing financial advisors who provide holistic financial planning, focused on risk mitigation, wealth management and a personal planning experience. Awardees are selected using a broad set of criteria including production and premiums, assets under management, client retention rates…

River Financial has removed the fees associated with recurring bitcoin purchases on its platform. The deduction is valid from one week after the customer has established the initial recurring purchase. River currently offers bitcoin management services through its website and iOS app, as well as white glove services for bitcoin mining. River Financial, a Bitcoin-only technology and financial services company, has launched fee-free recurring bitcoin purchase orders, according to a press release sent to Bitcoin Magazine. “With fee-free recurring orders, River customers can take advantage of low bitcoin prices and accumulate more bitcoins than ever before,” according to the statement….

NEW YORK (AP) — The crypto division of online brokerage Robinhood will pay a $30 million penalty to New York state for failing to comply with regulations governing money laundering and cybersecurity, the Department announced Tuesday of Financial Services of the state. The department said an review of Robinhood Crypto trades from January 24, 2019 to September 30, 2019, found that the company’s compliance with banking regulations had not kept up with its growth. “As its business grew, Robinhood Crypto failed to invest adequate resources and attention to develop and maintain a culture of compliance, a failure that resulted in…

People wait in line for T-shirts at a pop-up kiosk for online brokerage Robinhood along Wall Street after the company went public in an IPO earlier in the day, July 29, 2021, in the city from New York. Spencer Platt | Getty Images New York State Department of Financial Services announced has issued a $30 million penalty against Robinhood’s crypto division on Tuesday. NYDFS, the government arm responsible for regulating financial services and products, alleged that Robinhood Crypto’s cybersecurity and money laundering program was understaffed and under-resourced to address risks. He also alleged that Robinhood’s crypto division failed to make…