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CNBC
6 minutes ago
- CNBC
We have a healthy 'tortoise' of an economy, says JPMorgan's David Kelly
CNBC's "Closing Bell" team discusses what to watch as companies report earnings this week with David Kelly, chief global strategist at JPMorgan Asset Management, and David Bahnsen, founder and chief investment officer at The Bahnsen Group.
Fox News
24 minutes ago
- Fox News
Former CNBC analyst who betrayed investors sentenced in multimillion-dollar fraud scheme
A former television financial analyst accused of defrauding investors out of millions of dollars and spending years on the run was sentenced to five years in prison, the Justice Department said Monday. James Arthur McDonald Jr., 53, is also expected to be ordered to pay restitution to his victims following his April 7 guilty plea for securities fraud. "To his victims, [McDonald] seemed to embody the American Dream," prosecutors argued in a sentencing memorandum. "But looks can be deceiving, and as [McDonald's] victims learned, their trust had been betrayed." McDonald, who frequently appeared as a guest on CNBC as a financial analyst, was arrested in June 2024 at his Florida home after spending years on the run and extradited back to California, where he was the CEO and chief investment officer of Los Angeles-based Hercules Investments LLC, and Index Strategy Advisors Inc. Prior to fleeing, McDonald also appeared to have terminated his previous phone and email accounts and told one person that he planned to "vanish," according to court documents. In 2020, McDonald "lost tens of millions of dollars of Hercules client money after adopting a risky short position that effectively bet against the health of the United States economy in the aftermath of the U.S. presidential election," prosecutors said. He misrepresented how the funds would be used and failed to disclose the "massive losses" Hercules previously sustained. "He misappropriated most of those funds in various ways, including spending $174,610 at a Porsche dealership and transferring $109,512 to the landlord of a home McDonald was renting in Arcadia," the Justice Department said. In total, McDonald lost around $3 million of his clients' money, prosecutors said. With his other company, McDonald allegedly sent clients "false account statements, including for one client who invested approximately $351,000, later needed the money to make a down payment on a home, was informed by McDonald that much of the money had been lost, and never got his full investment back." In total, the U.S. Securities and Exchange Commission said McDonald "raised more than $5.1 million from 23 investors and clients, and misappropriated more than $2.9 million of those funds for personal expenses and Ponzi-like payments to earlier investors." A federal arrest warrant was issued for McDonald in 2022 after he was charged with securities fraud.
The Hill
36 minutes ago
- The Hill
Warren defends Mamdani: ‘Are you worried that billionaires are going to go hungry?'
Sen. Elizabeth Warren (D-Mass.) defended New York City mayoral candidate Zohran Mamdani, a fellow progressive, in a heated interview on Monday. 'The issue is affordability. Do you know how many working families are chased out of New York City every day because they can't afford housing, they can't afford groceries, they can't afford child care?' Warren said during an interview on CNBC's 'Squawk on the Street.' 'What Zohran is saying [is], 'I want people to be able to afford to live in New York City.' That's what keeps it a vibrant city. That's what makes people want to live here,' she added. 'Nobody disagrees with that, senator, but raising taxes in order to do it? Why is that the answer?' CNBC's David Faber shot back at Warren. 'Oh my goodness,' Warren cut in, using a mocking tone. 'Oh dear, are you worried that billionaires are going to go hungry?' In the June Democratic primary for New York City mayor, Mamdani toppled political heavyweight and former New York Gov. Andrew Cuomo, a shock upset. Mamdani's platform states that he has a plan to 'raise the corporate tax rate to match New Jersey's 11.5%, bringing in $5 billion.' 'And he will tax the wealthiest 1% of New Yorkers—those earning above $1 million annually—a flat 2% tax (right now city income tax rates are essentially the same whether you make $50,000 or $50 million),' the Democratic candidate's platform continues. In an opinion piece for Rolling Stone published Monday, Warren said that Mamdani 'pulled off an inspiring 12-point victory to become the Democratic nominee for mayor of New York.' 'How did he do it? He campaigned relentlessly on lowering costs for families, helping him build a grassroots movement so strong that millions of dollars in attack ads couldn't touch him,' she added.
