Alternative investment platform YieldStreet has secured $113 million in financing, the company announced. The money, which includes $12.8 million of Series A equity financing and a $100 million revolving credit facility, will go toward furthering YieldStreet's product innovation. YieldStreet aims to made alternative asset classes—real estate bridge loans, litigation finance and commercial finance—available to all investors, not just the top 2 percent, CEO Milin Mehere said in a statement. “This funding will enable us to bolster our machine learning and data analytics capability for predictive underwriting models, launch new products for non-accredited investors and further fuel our growth towards our mission."
A New Jersey financial advisor has been sentenced to seven years in prison for stealing nearly $900,000 from a client. Brian Murphy, 47 of Hainesport, N.J., pleaded guilty to misapplication of entrusted property and failure to pay New Jersey state income taxes charges, NJ.com reports. The charges are in connection with Murphy's spending $890,000 he received from a client on personal and business expenses, including a country club membership, private school tuition and cars. In 2011, the client began sending Murphy, who ran Murphy Financial Advisors, money to invest in mutual funds. When the client did not receive financial statements, the client became suspicious, leading to a police investigation and the subsequent charges.
The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. Many employees will begin to see increases in their paychecks to reflect the new law in February. The new withholding tables are designed to work with the Forms W-4 that workers have already filed with their employers. According to the IRS, this will minimize the burden on taxpayers and employers. “Payroll withholding can be complicated,” said Acting IRS Commissioner David Kautter, “and the needs of taxpayers vary based on their personal financial situation. In the weeks ahead, the IRS will be providing more information to help people understand and review these changes."