Broker who collected $2.3M on false pretenses faces prison An Annapolis mortgage broker faces up to 20 years in prison after pleading guilty to a scheme to defraud investors and financial institutions of more than $2.3 million. The U.S. Attorney's office in Baltimore announced the plea by David Wehrs Sr., 54, owner of the Maryland Title and Escrow Co. According to prosecutors, Wehrs induced investors to invest money in a purported federally insured money market fund that he "guaranteed" would pay monthly interest of 10.85 percent. Wehrs allegedly put investors' funds into a brokerage account in the name of his title company, then used the money to speculate -- unsuccessfully -- on the stock market. He also used some of the funds for business and personal expenses, according to prosecuto...
The Department of the Treasury is also acting to restore confidence in a key element of America's financial system by offering Government insurance for money market mutual funds. For every dollar you have invested in an insured fund, you'll be able to take a dollar out.
...PART 362: ACTIVITIES OF INSURED STATE BANKS AND INSURED SAVINGS ASSOCIATIONS. Subp...(1)-(5) [Reserved]. (6) Adjustable rate or money market preferred stock. An insured State bank owni...
Given the recent turbulence in the market, it's appropriate to review 2007. I'm not referring to the stock market. I'm talking about the money market. Money markets consist of two breeds: money-market accounts, which are offered by banks and are FDIC-insured, and money-market funds, which are offered by mutual-fund companies and are not FDIC- insured. It is the latter that has our attention and that is the focus of this update.
The year started with some challenges, including the introduction of the US Treasury secretary's Blueprint for Financial Restructuring, but it later brought the failure of Bear Stearns and the failure of IndyMac. Fast-forward a few months and the industry has undergone changes unprecedented in the lifetimes. Then in an overnight move, the Treasury insured Money Market Mutual Funds with an unlimited guarantee. The largest investment banks became bank holding companies within a matter of hours. American Express even became a bank holding company. For the Treasury's $700 billion bailout, the nation's biggest companies were front and center, knocking at the door. The community bankers continued to do what they always do, what they do every day, by investing in their communities and their lo...
NEW YORK -- Few investors give much thought to the money they set aside for short-term goals, or dare to hope for much of a return in the current interest rate environment. But depending on your time horizon, you might be able to do better than you think. For truly short-term goals, such as money you save to cover your annual tax bill or next semester's tuition, financial planners say your best bet is either a money market deposit account or a money market mutual fund. Although they pay paltry rates of interest, generally between 1 percent and 2 percent, they'll keep your principal safe and accessible, and returns are likely to improve as the Federal Reserve continues raising interest rates. Money market deposit accounts offered by banks are insured by the Federal Deposit Insurance Co...
These are challenging times for the banking industry. The headlines and newscasts have been focusing on the credit crisis, foreclosures and mergers and takeovers involving banks. It's more important than ever to belong to a trade association with staff that wake up every morning thinking about ways to help the banking industry. After the announcement of the Fannie Mae and Freddie Mac conservatorship program, the Texas Bankers Association and American Bankers Association participated in a series of conference calls with the regulators to discuss how the banking industry was affected, particularly those banks that owned Fannie and Freddie preferred stock. TBA also interceded on your behalf to amend Treasury Sec Henry Paulson's Sept 19 decree that money market mutual funds temporarily be i...
... money market mutual funds temporarily be insured for up to one year. This could have caused billion...
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