(Update 02-16-2026) Scam on rye: The inside story of a $100 million deli fraud – I recall this saga.
(Update 12-30-2025) Reuters – Trump’s funding cuts put America’s consumer watchdog on the brink of collapse. Quote a bit here (below):
Warren said that as a law professor studying bankruptcy she saw that consumer protections were weak and fragmented, and that America needed a single federal agency dedicated to protecting consumers from unfair, deceptive and abusive practices.
“I was stunned by the number of people in financial trouble who had lost a job or got sick but who had also been cheated by one or more of their creditors,” she told Reuters. “For no agency was consumer protection a first priority, it was somewhere between fifth and tenth, which meant there was just no cop on the beat. If the CFPB is not there, people have nowhere to turn when they get cheated.”
Personally, I feel the lack of personal finance knowledge, as well as bad math, are contributing factors for people getting into financial trouble.
(Update 11-08-2025) Couple loses $180,000 from retirement savings after accounts hacked. I suggest avoiding the TastyTrade company mentioned in the article. That’s also one reason I am a bit skeptical of upstart like Robinhood App. It appears though Robinhood has decent security measures in their app.
(Update Dec-16-2024) The fintech company that collapsed and took $90 million of people’s life savings with it: The collapse and bankruptcy of fintech middleman Synapse in May has left more than 100,000 Americans locked out of a collective $90 million of their own money, prompting a class action lawsuit. (I don’t know how much money can be recovered for the victims though).
(Original) One downside of the free speech in this country, is one can hear or see all kinds of shenanigans or “God damned lies” on TV (both network and cables), on radio, and the latest and greatest the social medias.
Examples of financial frauds in America I read today 11-22-2024 Friday:
CNBC: ‘I have no money’: Thousands of Americans see their savings vanish in Synapse fintech crisis : this one has impact to thousands of people. Here is a YouTube video that explains the situation – Yotta Bank & The Problem with Fintech! It’s somewhat to see Joe Rogan and Marc Andreessen talking about this. Note the Synapse was backed by the VC firm Andreessen Horowitz. This is confirmed at their website too. Fat cats usually get away in this country, btw. Talk about Marc Andreessen, personally I felt he is full fledge MAGA now (google is marc andreessen maga).
Google search “treasury department warning on yotta”.
WSJ: ‘I Don’t Know Where to Turn or What to Do.’ His $763,094 Retirement Fund Is in Limbo. subtitle: Richard Whitacre transferred his entire 401(k) into an account offering a ‘guaranteed’ 15.25% return. Will he ever see his money again?
(This probably is rare, but I suggest to avoid it) An investor says he put 98% of his retirement funds in Trump Media stock and won’t bail because Trump has a ‘secret’ plan. Since the Enron and WorldCom debacle, many companies started to remove company stock as an investment choice in 401k plans. Personally I think it’s a wise choice. In fact, I noticed the company I used to work for, Siemens, did divest my Siemens stocks (not a lot), and put it in a target date portfolio. Not all companies are doing that though: e.g., I know Arch Coal (now Arch Resources after the emergence post bankruptcy), used to offer the company stock in its 401k plan – note that stock became useless when it went through bankruptcy about 10 years ago. GE had similar issues: it didn’t go through bankruptcy, but at one time its stock went down a lot before its eventually company split (the original company was split into 3 companies).
中国企业家3千万美元搭上川普 获邀任顾问 : don’t just walk, run away from this guy and World Liberty Financial if you could. I remember Warren Buffett famously said he won’t pay $25 for all of the bitcoins. But he was duped by this 孙宇晨（Justin Sun）guy – when Warren was just trying to raise money for charity.
Major’s Rule Number 1
If something is too good to be true: IT IS A LIE e.g.: ‘guaranteed’ 15.25% return (annually?) – Run not just walk, when you hear this kind of guaranteed return.
Major’s Rule Number 2
Refer to rule number 1