NFL player Freeney claims that Merrill Lynch was complicit in a scheme that cost him $20 million and a Rolling Stone restaurant

Dwight Freeney

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NFL player Freeney claims that Merrill Lynch was complicit in a scheme that cost him $20 million and a Rolling Stone restaurant (Bloomberg News)

NFL player and member of the Super Bowl winning Indianapolis Colts team, Dwight Freeney, can now continue with his lawsuit alleging that Bank of America was complicit in a fraud scheme that caused him to lose over $20 million, and also forced his Rolling Stone restaurant to close, reports Edvard Pettersson.

“The Arizona Cardinals linebacker on Thursday defeated a bid by the parent company and its Merrill Lynch unit to dismiss, among others, fraud and negligent misrepresentation claims stemming from the bank’s recruitment of him in 2010 to manage his assets,” reports Pettersson. “US District Judge Margaret Morrow in Los Angeles didn’t rule on the merits of Freeney’s claims but agreed that he alleged enough facts to move forward with the case.”

3 things that can help a retirement income during a declining market (Charles Schwab)

“When your retirement portfolio has shrunk due to a declining market, consider using three levers to help your assets last: changing your asset allocation, reducing your spending, or adding guaranteed income via annuities,” writes Rob Williams.

“Investing more aggressively in stocks in an effort to generate higher returns can expose your portfolio to increased downside risk,” he continued. “We suggest focusing on reducing spending or adding guaranteed income to help your portfolio last.

The SEC just announced an emergency asset freeze against a businessman who effectively ran a nursing home investing scam (Think Advisor)

The Securities and Exchange Commission announced fraud charges and an emergency asset freeze against an Atlanta businessman for falsely promising investors they were backing specific senior living projects when in reality they also were funding his personal expenses and other businesses,” reports Melanie Waddell.

“As alleged, Brogdon deceived investors about the true nature of these investment opportunities,” said Sanjay Wadhwa, senior associate director of the SEC’s New York Regional Office.

Consumers are spending loads of money on “experiences” (Advisor Perspectives)

With lower oil prices and finally some wage growth, consumers are in a good position to spend handsomely. However, it’s important to note that consumers’ tastes are not quite what they used to be.

“Consumers are increasingly spending on experiences over things, while spending on durables continues to take share from non-durables,” writes Mari Shor of Columbia Threadneedle Investments. “Traditional retailers are likely to remain under pressure for the foreseeable future although there are several categories which are bucking the trend.”

Raymond James just scooped up advisors with a combined $225 million AUM (Financial Planning)

Advisors with $225 million combined assets are leaving Wells Fargo for Raymond James.

Steven Sievwright, Raymond James’ Wisconsin complex manager who also was recruited from Wells earlier this year, has worked on setting up the Milwaukee regional operation. Sievwright said the firm intends to expand its employee offices across Wisconsin,” reports Dave Lindorff. 

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