SEC says financial firm is at center of Ponzi scheme; Indy partner faces lawsuits
Legal problems are piling up against a now-defunct Georgia financial firm called Drive Planning LLC and its Indianapolis-based managing partner, Gerardo Linarducci.
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UPDATE: Fed trims interest rates by quarter-point
The rate cut signals that Fed officials are paying more attention to warnings in the economy, including the slowing job market.
SBA-backed financing rose 7%, to $56B, in fiscal 2024
For the first time since 2008, the Small Business Administration distributed more than 100,000 financings to small businesses, up 22% from fiscal 2023 and 50% over 2020.
Trump victory ignites crypto frenzy that sends bitcoin to record high
Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record, set in March. Other cryptocurrencies also soared.
Interest rates have been cut, but mortgage rates are rising
The Fed’s move to start cutting rates has not sent mortgage costs down. Instead, the 30-year fixed-rate mortgage has ticked up for the last five weeks.
Indianapolis-based KSM acquires New York City-based firm
Katz Sapper & Miller, the largest accounting firm in Indianapolis, has significantly increased its presence in New York City through the acquisition.
Local banks lure new customers with cash amid competition
Cash offers are not a new phenomenon, but they’re in widespread use locally now, with at least 10 banks and credit unions offering such incentives.
Average mortgage rates increase to 6.73%, highest since late July
While the index of home purchases rose for the first time in four weeks, rising mortgage rates and still-elevated asking prices are limiting optimism that the housing market can stage a speedy recovery.
Apple, Goldman Sachs ordered to pay $89M for mishandling Apple Card transactions
The Consumer Finance Protection Bureau ordered Apple and Goldman Sachs to pay refunds and penalties for deceiving consumers and mishandled transaction disputes of Apple Card customers.
Banks see the ‘mass affluent’ as hot prospects worth enticing offers
A dramatic shift in cash offers—one-time cash incentives banks offer to new customers—is an example of how keen banks are to land the mass affluent
Indianapolis-based SBC Wealth Management merged into NYC firm
SBC, founded in 1983, is now part of New York City-based Cerity Partners, which has dozens of offices around the U.S. and about $104 billion in assets under management.
Carmel-based investment firm closes on $250M fund
CID Capital recently closed on its fourth investment fund, which brought in $250 million—significantly more than the $200 million the firm had been targeting.
TD Bank to pay $3B in historic money-laundering settlement with Justice Department
The Justice Department said the bank allowed at least three different money laundering networks to move a total of $670 million through TD Bank accounts over a period of several years.
Retirees to get 2.5% boost to Social Security checks in 2025
Monthly checks for some 72.5 million Americans receiving retirement or disability benefits will see a smaller adjustment than what they received this year after a further slowdown in inflation.
Social Security’s scheduled cost of living increase ‘won’t make a dent’ for some retirees
About 70.6 million Social Security recipients are expected to receive a smaller cost of living increase for 2025 than in recent years, as inflation has moderated.
Cincinnati-based investment bank opens Indianapolis office
Cincinnati-based ArkMalibu, which represents business owners who are looking to sell their companies, has opened an Indianapolis office that will be led by local entrepreneur Phil Daniels.
Indianapolis-based ag company sues JPMorgan Chase over freeze of $3M
Agricultural Chemical Solutions Inc. and the wife of the company’s president are suing the bank for more than $40,000 in fees incurred after they were allegedly denied access to their accounts.
Civic leader, prominent attorney Robert H. McKinney dies at 98
McKinney’s name adorns the Indianapolis law school where he enrolled after World War II, and his presence has been felt throughout Indiana for more than 75 years, whether as an attorney, entrepreneur, banker, public servant, or civic leader.
Fed’s favored inflation gauge shows cooling price pressures
The ongoing decline in inflation makes it even more likely that the Federal Reserve will cut its key benchmark rate further in the coming months.
Indianapolis-based Greenwalt CPAs to merge with Cincinnati firm
Following the merger, which takes effect Jan. 1, Greenwalt will operate under the Barnes Dennig & Co. name.