The company had raised $251 million in its initial public offering in January 2021, and has been on the hunt since then for companies to buy. But with the market cooling, it was unable to close any deals.
It’s the largest fine to date against any bank by the Consumer Financial Protection Bureau and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
The bankruptcy of FTX and the arrest of its former CEO are raising new questions about the role celebrity athletes such as Tom Brady and Steph Curry played in lending legitimacy to crypto.
After squirreling away cash at record rates during the pandemic, Americans have taken a hard turn in the opposite direction, with the personal savings rate dropping to a 17-year low of 2.3% in October.
At least 80 special-purpose acquisition companies, which have raised $24 billion in total, face a wall of investor meetings that will give clients the chance to exit ahead of a new U.S. tax that could hurt their returns.
Bankman-Fried, 30, was arrested Monday in the Bahamas at the request of the U.S. government, which charged him with eight criminal violations, ranging from wire fraud to money laundering to conspiracy to commit fraud.
The U.S. Supreme Court has expanded a planned showdown over President Joe Biden’s student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.
Indiana Attorney General Todd Rokita was among the leaders of multistate effort to stop companies like Vanguard from ESG investing, which puts an emphasis on environmental, social, and governance issues.
The Supreme Court on Thursday agreed to take up the case in late winter. The court’s decision to hear arguments relatively quickly means it is likely to determine whether the widespread loan cancellations are legal by late June.
Decimal, a software-as-a-service firm based in Indianapolis, has acquired the cloud-based bookkeeping business formerly owned by Big Four accounting firm KPMG.
Investigators say Daniel Fruits used embezzled money to purchase two Ferraris, a Corvette, a show horse, multiple Rolex watches, firearms and high-end escort services.
Carmel-based accounting firm Blue & Co. LLC has acquired Alerding CPA Group in Indianapolis.
Indiana’s pension system lost $200 million in two months after Russia invaded Ukraine in early 2022, but that’s loose change for a system with $45.8 billion in assets invested all over the world.
The latest investment is the fourth major round of funding for Zylo, which was founded in 2016 and has raised more than $66.5 million to date. The company helps customers manage their software-as-a-service subscriptions.
In a Monday filing for bankruptcy protection in New Jersey, where it is based, BlockFi claimed more than 100,000 creditors and liabilities ranging from $1 billion to $10 billion.
The former executive, Mark Damer, had been terminated by financial firm David A. Noyes in 2019.
To date HG Ventures has invested nearly $200 million in a total of 30 companies, eight of which had been participants in The Heritage Group Accelerator.
Established in 2017, Woven Brands had been self-funded until now. The company’s software platform helps franchisee operators and multi-unit independent operators more easily manage their staff and operations.
Comments by James Bullard raised the prospect that the Federal Reserve’s interest rate hikes will make borrowing by consumers and businesses even costlier and further heighten the risk of recession.
The new CEO of the collapsed cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said there was a “complete absence of trustworthy financial information.”
