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Showing posts from April, 2015

Phase II of youth savings pilot program announced

The Federal Deposit Insurance Corporation (FDIC) is seeking applications from institutions for its Youth Savings Pilot, a program designed to foster financial education through the opening of safe, low-cost savings accounts by school-age children.

Nine financial institutions are currently partnering with schools across the country as part of the initial phase of the FDIC's Youth Savings Pilot. Several of the banks, including those in Athol, Mass.; Muscle Shoals, Ala.; and Treynor, Iowa, oversee in-school bank branches that encourage students to open and manage savings accounts at school. The banks also promote financial education instruction. In some cases, that instruction is being led by other students whom the bank has trained and equipped to deliver lessons to their peers.

In one program, high school seniors are working as tellers at in-school branches located in the Bronx and Harlem (in New York City); Newark, N.J.; and Riverdale, Md.

"Linking financial education with a…

Assets of Florida broker frozen by CFTC

The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Sheri Polster Chappell of the U.S. District Court for the Middle District of Florida entered an emergency restraining Order freezing assets and prohibiting the destruction or concealment of books and records of defendants Dorian A. Garcia, and his companies, DG Wealth Management (DG Wealth), Macroquantum Capital LLC, and UKUSA Currency Fund LP, all of Naples, Florida. The judge set a hearing date for April 29, 2015.

The Court’s Order arises from a CFTC Complaint filed under seal on April 14, 2015, charging the Defendants with fraud in connection with their solicitation of customers for their foreign currency and options trading pools, misappropriation of customer funds, and their issuance of false statements and registration violations, in violation of the Commodity Exchange Act and CFTC Regulations.

According to the CFTC Complaint, the Defendants fraudulently solicited approximately $4.7 million from at least …