While the vast majority of investment advisor representatives have no criminal history, 1 percent of them have been convicted of a felony, according to a recent CNBC analysis. (That compares to 9 percent for all adult Americans.) CNBC combed through SEC filings and found 4,000 criminal disclosures among advisors, 11 percent of which were related to controlled substances, 8 percent involved fraud, and 7 percent involved assault. One person was charged with blackmail. But most of these crimes happened over 20 years ago, said reporter Eric Chemi. “They actually say what they got convicted for,” Chemi said. “It says, ‘Oh, I was on a dare. My friend told me to rob a 7-Eleven. I did it. I got arrested, and now I have to carry it forever.’”
Prudential Investment Management announced plans Tuesday to change the company’s official name to “PGIM.” The “G” presumably stands for global, as the company said in a statement that the new name reflects a new strategic focus on global expansion, particularly in the U.K. and Europe. It is establishing PGIM Funds plc, an Undertakings for Collective Investments in Transferable Securities platform for those areas. Prudential’s fixed income, mortgage capital, and real estate businesses will all adapt the PGIM name, which goes into effect Jan. 4, 2016.
The Golden Arches are staying put. McDonald's said Tuesday that it won't pursue a REIT to slash its tax bill by as much as $1 billion, CNN is reporting. The burger giant instead announced that it wants to expand its number of franchise-operated restaurants, with a goal of 95 percent of locations being independently operated. Franchise owners had been concerned about a spin-off REIT because of the potential for them to lose control of the physical locations they operate. About 80 percent of the restaurant's 36,000 locations are independently operated.
While they are often noted as potential targets for financial abuse, elderly Americans are confident that they can detect scams and other forms of exploitation, according to a new study from Allianze Life Insurance Company of North America. Per the report, 89 percent of elderly people ages 65 plus believe they could recognize financial abuse if it happened to them or a family member or friend. Only 1 percent of the 2,000-plus respondents definitively said they could not detect financial abuse. The survey also found that nearly one in five (18 percent) of family/friends are worried about an elder family member or friend becoming a victim of scams. "Although some of the differences in the responses of elders and family members are not huge, these statistics are concerning because they may point to overconfidence on the part of elders to detect and stop financial abuse,” said Allianz Life President and CEO Walter White.