News Highlights: Top Financial Services News of the Day

12/21/17 04:15 PM EST
SEC Sues Woodbridge Ex-CEO Shapiro Over Alleged Ponzi Scheme 

The Securities and Exchange Commission has sued Robert Shapiro, accusing the former chief executive of Woodbridge Group of operating a Ponzi scheme that raised more than $1 billion from individual investors for the now-bankrupt real estate operation.

Cryptocurrency Founder Tries a New Play: Sell It All 

The creator of litecoin, one of the major cryptocurrencies that competes with bitcoin, said he sold his stake, a major about-face in a world often characterized by true believers and tech evangelists.

Fannie, Freddie Modify Repayment Agreements With U.S. 

Mortgage-giants Fannie Mae and Freddie Mac will retain some of their quarterly earnings as part of an agreement between the Trump administration and their regulator to allow them to build a small capital buffer against future operating losses.

The Internal Divide Behind Trump's CFPB Takeover 

Before the White House installed a chief who wants to dismantle the Consumer Financial Protection Bureau, the Treasury secretary and some finance companies sought a leader who would let the agency keep some teeth.

JPMorgan Rebuked by Swiss Regulator Over Dealings With 1MDB 

Switzerland's financial regulator said JPMorgan's Swiss unit had "seriously breached" anti-money-laundering regulations related to its dealings with Malaysian state investment fund 1MDB.

Voya Financial to Exit Individual Annuities Business 

Voya Financial is selling parts of its annuities businesses to a group of investors led by Apollo Global Management and its affiliates, Crestview Partners and Reverence Capital Partners.

MetLife Hires Firms to Locate Workers Owed Pensions 

MetLife hired a law firm to investigate how its retirement business failed to aggressively search for possibly tens of thousands of people owed pension benefits and is planning to hire a specialty firm to help locate the missing people.

Investors: 3 Things That Can Go Wrong in 2018 

Investors who spend their holidays looking back at what's happened this year will be wallowing in happy nostalgia. But investing is about the future, not the past, so break away from the complacency-inducing returns of 2017 and think about what could go wrong.

Fed Study Finds Continued Growth in Credit-Card Payments 

Americans increasingly relied on credit cards to make payments in 2016, and made more of those payments remotely, according to new data the Federal Reserve.

For Heavily Indebted Firms Like Dell, Tax Bill Delivers a Downside 

The tax overhaul will limit the deduction companies take on interest paid on debt, a move that will in particular affect companies that amassed hefty debts because of past deals or relied on debt financing instead of equity.


(END) Dow Jones Newswires

December 21, 2017 16:15 ET (21:15 GMT)

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