California man scammed out of life savings
On top of losing his life savings to scammers, Chester Frilich of Concord, California is facing a tax bill of over $30,000 which could end in him losing his home. As reported by ABC7 News, his problems began when he received a call from somebody claiming to be from Xfinity, who claimed his account was used to upload pornographic videos. An hour later, he heard from “Jason Brown” with the Federal Trade Commission, listing all of his credit cards and telling him he was under investigation for wire fraud. In order to clear the issues, the scammers posing as the FTC said they would help him move his money to a “secure account,” which involved him sending thousands of dollars of gold and cash through couriers and UPS. He tapped into multiple accounts, including Certificate of Deposit (CD) and IRA accounts, to send over $200,000 in funds before the police informed him that it was all a scam. By using those accounts to send money, Frilich amassed a tax burden of around $30,000, which will end in the IRS putting a lien on his home if he can’t pay the bill or work out an arrangement with the agency. While losing money in a scam is awful, getting penalized on top of it makes it even worse. How can you guard yourself from tax problems as you try to avoid fraud?
On top of losing his life savings to scammers, Chester Frilich of Concord, California is facing a tax bill of over $30,000 which could end in him losing his home. As reported by ABC7 News, his problems began when he received a call from somebody claiming to be from Xfinity, who claimed his account was used to upload pornographic videos. An hour later, he heard from “Jason Brown” with the Federal Trade Commission, listing all of his credit cards and telling him he was under investigation for wire fraud. In order to clear the issues, the scammers posing as the FTC said they would help him move his money to a “secure account,” which involved him sending thousands of dollars of gold and cash through couriers and UPS. He tapped into multiple accounts, including Certificate of Deposit (CD) and IRA accounts, to send over $200,000 in funds before the police informed him that it was all a scam. By using those accounts to send money, Frilich amassed a tax burden of around $30,000, which will end in the IRS putting a lien on his home if he can’t pay the bill or work out an arrangement with the agency. While losing money in a scam is awful, getting penalized on top of it makes it even worse. How can you guard yourself from tax problems as you try to avoid fraud?
Single mom in NC gets Airbnb squatters evicted
A single mom in Durham, N.C. is finally getting her home back after squatters took it over. Two people booked Farzana Rahman's two-bed, two-bath property via Airbnb for seven months. They then refused to leave when their stay was up in May 2024, claiming they're "legal residents" of the home. Rahman ended up taking them to court to get her property back. But after they didn't show up to the hearing, the judge sided with Rahman and issued an eviction order. The Durham Sheriff's County Office served it to the guests on July 3, 2024. Rahman changed the locks and hopes this ordeal is over, according to an update from ABC 11/WTVD. “This is my place. I’m counting on this income. My son is in college [and] I’m a single parent,” Rahman told ABC11/WTVD before the hearing. She added that the eviction process was “wasting my time, it’s wasting my energy [and] it’s stressing me out.” "No one should have to go through this. You would expect that people would understand rules and follow them, but it's just not the case in this instance," Rahman's assistant Jane Miller told the television station. Miller was reportedly at the property when deputies arrived to serve the eviction notice. Here’s what happened — and how you can reap the benefits of rental income without all the stress of being a landlord.
A single mom in Durham, N.C. is finally getting her home back after squatters took it over. Two people booked Farzana Rahman's two-bed, two-bath property via Airbnb for seven months. They then refused to leave when their stay was up in May 2024, claiming they're "legal residents" of the home. Rahman ended up taking them to court to get her property back. But after they didn't show up to the hearing, the judge sided with Rahman and issued an eviction order. The Durham Sheriff's County Office served it to the guests on July 3, 2024. Rahman changed the locks and hopes this ordeal is over, according to an update from ABC 11/WTVD. “This is my place. I’m counting on this income. My son is in college [and] I’m a single parent,” Rahman told ABC11/WTVD before the hearing. She added that the eviction process was “wasting my time, it’s wasting my energy [and] it’s stressing me out.” "No one should have to go through this. You would expect that people would understand rules and follow them, but it's just not the case in this instance," Rahman's assistant Jane Miller told the television station. Miller was reportedly at the property when deputies arrived to serve the eviction notice. Here’s what happened — and how you can reap the benefits of rental income without all the stress of being a landlord.
O’Leary issues warning to Brazil for banning X
In a bold move, Brazil’s government has ordered the shutdown of social media platform X (formerly known as Twitter) within the country. “Shark Tank” investor Kevin O’Leary is not pleased with the decision. In an interview with Fox Business, O’Leary shared his unfiltered admiration for X’s owner, Elon Musk. “As far as I'm concerned, Elon Musk is a modern day Bruce Wayne. I mean, this guy has been so successful in so many sectors, so I'm a huge fan,” he stated. Musk has accomplished quite a few things, from revolutionizing the electric vehicle industry with Tesla to advancing space exploration with SpaceX and launching ambitious projects like Neuralink. While O’Leary praised Musk’s exceptional execution skills, it’s Musk’s attitude that impressed him most. “He's also got another trait, which I find very endearing, and you may or may not like this — he's a real poo-poo disturber, if you know what I mean. He just doesn't give a poo-poo.” So, what does that mean? O’Leary elaborated, explaining that Musk “doesn't care what country, what dictator, what leader, what judiciary. If they don’t want his technology… he’s happy to shut it off.”
In a bold move, Brazil’s government has ordered the shutdown of social media platform X (formerly known as Twitter) within the country. “Shark Tank” investor Kevin O’Leary is not pleased with the decision. In an interview with Fox Business, O’Leary shared his unfiltered admiration for X’s owner, Elon Musk. “As far as I'm concerned, Elon Musk is a modern day Bruce Wayne. I mean, this guy has been so successful in so many sectors, so I'm a huge fan,” he stated. Musk has accomplished quite a few things, from revolutionizing the electric vehicle industry with Tesla to advancing space exploration with SpaceX and launching ambitious projects like Neuralink. While O’Leary praised Musk’s exceptional execution skills, it’s Musk’s attitude that impressed him most. “He's also got another trait, which I find very endearing, and you may or may not like this — he's a real poo-poo disturber, if you know what I mean. He just doesn't give a poo-poo.” So, what does that mean? O’Leary elaborated, explaining that Musk “doesn't care what country, what dictator, what leader, what judiciary. If they don’t want his technology… he’s happy to shut it off.”
Mortgage rate trends this week
Thirty-year fixed mortgage rates held steady this week, at an average of 6.35%. “Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report,” says Sam Khater, chief economist at housing giant Freddie Mac. “Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments.”
Thirty-year fixed mortgage rates held steady this week, at an average of 6.35%. “Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report,” says Sam Khater, chief economist at housing giant Freddie Mac. “Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments.”
Expert slams unrealized capital gains tax proposal
Vice President and Democratic presidential candidate Kamala Harris has endorsed the Biden administration’s proposed tax hikes. One of the more controversial proposals is to introduce a 25% minimum tax on total income, including unrealized capital gains, for individuals with wealth over $100 million. Jason Katz, managing director and senior portfolio manager at UBS, is a vocal opponent of this measure aimed at the wealthiest Americans. In an interview with Fox Business, Katz criticized the proposal sharply, calling it "an unmitigated disaster." Capital gains are the increases in value of an asset over time. When an asset is sold, and the increase in value is converted into cash, these are called realized capital gains, which are generally taxable. Unrealized gains, in contrast, are increases in value that have not yet been realized through a sale and are not presently subject to taxes. While Harris has broadly adopted President Biden’s tax policy proposals, it’s worth noting that she recently said she wants a smaller increase in the capital gains tax rate for the rich than him. This means she could also deviate from his plan in other ways and choose not to tax unrealized capital gains.
Vice President and Democratic presidential candidate Kamala Harris has endorsed the Biden administration’s proposed tax hikes. One of the more controversial proposals is to introduce a 25% minimum tax on total income, including unrealized capital gains, for individuals with wealth over $100 million. Jason Katz, managing director and senior portfolio manager at UBS, is a vocal opponent of this measure aimed at the wealthiest Americans. In an interview with Fox Business, Katz criticized the proposal sharply, calling it "an unmitigated disaster." Capital gains are the increases in value of an asset over time. When an asset is sold, and the increase in value is converted into cash, these are called realized capital gains, which are generally taxable. Unrealized gains, in contrast, are increases in value that have not yet been realized through a sale and are not presently subject to taxes. While Harris has broadly adopted President Biden’s tax policy proposals, it’s worth noting that she recently said she wants a smaller increase in the capital gains tax rate for the rich than him. This means she could also deviate from his plan in other ways and choose not to tax unrealized capital gains.
Landlords in SF keeping commercial rents low
San Francisco rent is notoriously expensive — particularly for commercial leases. But there are some landlords who don’t believe it has to be that way. Abid Dudum owns 14 commercial properties in San Francisco — and despite an increasingly desolate city, they’re all occupied by tenants. “I have never had an empty store in the last 10 years,” Dudum told San Francisco news station, ABC7. “This is how I negotiate leases with the old tenants: make yourself happy. Give me a number, and if you are happy, I'm happy.” This stands in stark contrast with a nearby vacant unit, which used to house a T-Mobile shop. The $15,000 a month property sits empty. Could flexible rent prices be the answer to the real estate bubble in San Francisco?
San Francisco rent is notoriously expensive — particularly for commercial leases. But there are some landlords who don’t believe it has to be that way. Abid Dudum owns 14 commercial properties in San Francisco — and despite an increasingly desolate city, they’re all occupied by tenants. “I have never had an empty store in the last 10 years,” Dudum told San Francisco news station, ABC7. “This is how I negotiate leases with the old tenants: make yourself happy. Give me a number, and if you are happy, I'm happy.” This stands in stark contrast with a nearby vacant unit, which used to house a T-Mobile shop. The $15,000 a month property sits empty. Could flexible rent prices be the answer to the real estate bubble in San Francisco?
Trashed Wisconsin rental sees $200K in damages
Ashley Deutsch, a master’s student and mother of four, wanted to follow in her late father's footsteps as a small business owner. She and her husband purchased a property in Sheboygan Falls, Wisconsin, renting out the top floor as a vacation home and the bottom floor as a business space — that is, until two Vrbo renters left the water running and flooded the entire building. "It’s awful to see this. It is not okay. This is terrible,” Deutsch told TMJ 4 News, wiping away tears. The property damage totals more than $200,000. Around 4:00 a.m. one day in early August, Deutsch said she and her husband were woken up by constant notifications from the vacation rental's doorbell camera. The two male renters from Chicago seemed intoxicated, and were stumbling around and slurring their words. The men then left the water running in a clogged sink, spilling 640 gallons of water all over the upstairs vacation rental and into the business space below.
Ashley Deutsch, a master’s student and mother of four, wanted to follow in her late father's footsteps as a small business owner. She and her husband purchased a property in Sheboygan Falls, Wisconsin, renting out the top floor as a vacation home and the bottom floor as a business space — that is, until two Vrbo renters left the water running and flooded the entire building. "It’s awful to see this. It is not okay. This is terrible,” Deutsch told TMJ 4 News, wiping away tears. The property damage totals more than $200,000. Around 4:00 a.m. one day in early August, Deutsch said she and her husband were woken up by constant notifications from the vacation rental's doorbell camera. The two male renters from Chicago seemed intoxicated, and were stumbling around and slurring their words. The men then left the water running in a clogged sink, spilling 640 gallons of water all over the upstairs vacation rental and into the business space below.
Here's why Foot Locker is fleeing NYC for Florida
Global retail giant Foot Locker has long called New York City its corporate home. But now, it’s set to relocate its headquarters. In the company’s latest earnings report, CEO Mary Dillon announced that, “to better support our strategic progress, to increase team member collaboration, as well as ongoing expense discipline, we made the decision to relocate our headquarters to St. Petersburg, Florida in 2025.” It’s a big move — St. Petersburg and the Big Apple are more than 1,000 miles apart. During an interview with Bloomberg, Dillon noted the move is financially strategic, remarking that “there are cost efficiencies over time” associated with the relocation.
Global retail giant Foot Locker has long called New York City its corporate home. But now, it’s set to relocate its headquarters. In the company’s latest earnings report, CEO Mary Dillon announced that, “to better support our strategic progress, to increase team member collaboration, as well as ongoing expense discipline, we made the decision to relocate our headquarters to St. Petersburg, Florida in 2025.” It’s a big move — St. Petersburg and the Big Apple are more than 1,000 miles apart. During an interview with Bloomberg, Dillon noted the move is financially strategic, remarking that “there are cost efficiencies over time” associated with the relocation.
‘Insane’: Mark Cuban slammed Trump’s crypto plan
Mark Cuban, Shark Tank star and minority owner of the Dallas Mavericks, appeared on The Daily Show in August to discuss his new venture, Cost Plus Drugs. Cuban didn’t confine himself to remarks on health care, however. He had a few choice words for beleaguered ex-President Donald Trump, who recently announced his plan for a “strategic national bitcoin stockpile." Speaking at a crypto convention in Nashville, Trump promised, "If elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future." Later, Cuban told host Jon Stewart, “What’s happening in Silicon Valley is insane… They want Trump to be the CEO of America, and they want to be the board of directors who makes him listen to them.” Instead, Stewart officially dubbed Cuban “the left’s favorite billionaire” as the mogul came out in support of Kamala Harris’ bid for the presidency, and for keeping crypto decentralized, while still regulating the market with laws intended to protect average investors. Here’s what you need to know as an investor nabout crypto market regulation and its forecasted market performance, regardless of who lands in the White House in November.
Mark Cuban, Shark Tank star and minority owner of the Dallas Mavericks, appeared on The Daily Show in August to discuss his new venture, Cost Plus Drugs. Cuban didn’t confine himself to remarks on health care, however. He had a few choice words for beleaguered ex-President Donald Trump, who recently announced his plan for a “strategic national bitcoin stockpile." Speaking at a crypto convention in Nashville, Trump promised, "If elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future." Later, Cuban told host Jon Stewart, “What’s happening in Silicon Valley is insane… They want Trump to be the CEO of America, and they want to be the board of directors who makes him listen to them.” Instead, Stewart officially dubbed Cuban “the left’s favorite billionaire” as the mogul came out in support of Kamala Harris’ bid for the presidency, and for keeping crypto decentralized, while still regulating the market with laws intended to protect average investors. Here’s what you need to know as an investor nabout crypto market regulation and its forecasted market performance, regardless of who lands in the White House in November.
Man fined by his HOA for giving out free water
At the peak of the pandemic in 2020, David Martin decided to hand out free water. The Goodyear, Arizona, resident placed a cooler filled with water bottles on his driveway; next to that, he erected a sign saying “free cold water.” Neighbors, delivery drivers and passers-through were welcome to grab water from the homemade stand — and they did. “I figured, what better way to be an asset to [the] community than cold water,” the custom sneaker designer told a news team from Arizona’s Family, a group of local TV stations. Martin kept the free water initiative going for the past four years. But now, his homeowner association (HOA) decided it’s unacceptable — and has fined him for it.
At the peak of the pandemic in 2020, David Martin decided to hand out free water. The Goodyear, Arizona, resident placed a cooler filled with water bottles on his driveway; next to that, he erected a sign saying “free cold water.” Neighbors, delivery drivers and passers-through were welcome to grab water from the homemade stand — and they did. “I figured, what better way to be an asset to [the] community than cold water,” the custom sneaker designer told a news team from Arizona’s Family, a group of local TV stations. Martin kept the free water initiative going for the past four years. But now, his homeowner association (HOA) decided it’s unacceptable — and has fined him for it.
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