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Last Updated: Nov 25th, 2007 - 10:09:00

Credit and Money Management
SEC Sues Ex-President of California Mortgage Firm for Running $30 Million Ponzi Scheme
On Friday, Oct. 6, 2006, the Securities and Exchange Commission filed securities fraud charges against the operator of a massive Ponzi scheme who raised more than $30 million from 200 investors to pay off personal gambling debts and finance his lavish lifestyle. The Commission's complaint was filed in the United States District Court for the Central District of California against Salvatore Favata, the former President of National Consumer Mortgage, LLC (NCM), a residential mortgage business in Orange County, Calif.
Oct 10, 2006, 21:04

Credit and Money Management
Mutual Funds:FinCEN Issues Guidance on Suspicious Activity Reporting Requirements for Mutual Funds
The Financial Crimes Enforcement Network today issued guidance designed to assist mutual funds in complying with their suspicious transaction reporting requirement. Under a final rule, mutual funds must file reports with FinCEN that identify and describe transactions that raise suspicions of illegal activity. The requirement to file Suspicious Activity Reports (SARs) applies to transactions occurring after October 31, 2006.
Oct 4, 2006, 11:43

Credit and Money Management
Bankruptcy – How to File
A bankruptcy case is commenced by the filing of a petition. You must also file a statement of your assets and liabilities, and schedules listing your creditors. If you choose to file a bankruptcy petition without the assistance of an attorney, you can obtain the required forms at most stationery stores or at http://www.uscourts.gov/bkforms/index.html.
Sep 30, 2006, 12:43

Credit and Money Management
Employer costs for retirement and savings plans, June 2006
In June 2006, average costs to employers in private industry for retirement and savings benefits were 91 cents per hour worked.
Sep 26, 2006, 08:57

Credit and Money Management
Long-term Impact of New Bankruptcy Law Largely Unclear
The long-term impact of a new bankruptcy law remains uncertain but could require a 10 percent increase in staff for federal bankruptcy courts, the Administrative Office of the U.S. Courts (AO) has told Congress.
Sep 18, 2006, 16:57

Credit and Money Management
Total Bankruptcy Cases Filed Fall to Lowest in Nearly Five Years
Bankruptcy filings fell 9.3 percent during the 12-month period ending June 30, 2006. Bankruptcy cases filed in federal courts during that period totaled 1,484,570, down from the 1,637,254 bankruptcy cases filed for the 12-month period ending June 30, 2005.
Sep 18, 2006, 03:40

Credit and Money Management
Getting a Loan: A Responsibility to Be Taken Seriously

Borrowing money can be a great way to buy something now and pay for it over time. And yes, there are ways for a teen to borrow money. But there are some important things to remember if you borrow money. One is that borrowing usually involves a cost called "interest," which is the fee to compensate the bank or other lender when you use their money. This is the reverse of what happens when the bank pays you interest to put your money in the bank.