Friday, June 10, 2016

Southwest Has Fastest Growing GDP, Nicholas Lattanzio Accused of Operating Phony Hedge Fund


  • The BEA said that GDP increased in 48 states in 2014. The data was made available today and shows that professional, scientific, and technical services were the leading contributors. Real GDP grew 2.2% for the entire US in 2014, and 1.9% in 2013. The fastest growing region was the Southwest region at 4.3% due to contributions from mining in Oklahoma and Texas. Per capital GDP ranged from a low of $35,551 in Mississippi to $66,160 in Alaska. Starting in September the BEA will release quarterly GDP by state.  Tables 1–4 within the release provides greater detail. You can also visit the BEA's Web site at www.bea.gov
  • The SEC Charged Nicholas Lattanzio, a phony hedge fund manager in New Jersey, with attempting to defraud small businesses with the Black Diamond Capital Appreciation Fund. According to the press release he defrauded small businesses out of $4 million and used funds to "purchase a million-dollar home in Montclair, N.J., a $124,000 luxury car, and $100,000 worth of merchandise from Tiffany & Co.  He also paid off more than $760,000 in credit card debt, withdrew approximately $570,000 in cash or checks written to himself and his girlfriend, paid more than $30,000 to a yacht broker, and funded his children’s private school tuition and his membership at an exclusive golf club." To read more about this store click here.
  • The FDIC will be meeting on June 16 and the meeting will be available live via the following link: https://fdic.primetime.mediaplatform.com/#!/channel/1232003497484/Board+Meetings.
 
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