Joseph Falcone, 60, formerly operated the 3G’s VINO LLC, a wine and liquor distributor based in Bethpage and Farmingdale, New York. Among other products, 3G’s distributed a single-serving wine in a sealed glass, which had previously been featured on an episode of the reality pitch show “Shark Tank,” according to a federal information.

Between September 2014 and November 2015, Falcone solicited investments and promised potential investors that their money would be used to fund 3G’s by purchasing the single-serving wine product, according to prosecutors.

Instead, Falcone used about $527,000 of those investments for his personal benefit, including to pay off the mortgage on a Florida residence and to fund his online securities trading, according to prosecutors.

“Falcone’s victims were reeled in by his ‘Shark Tank’ pitch, but with today’s sentence, the defendant is now squarely on the hook for his crimes,” said Seth D. DuCharme, acting US attorney for the Eastern District of New York. “This Office remains committed to prosecuting those who mislead the public and abuse the trust placed in them to engage in fraud against their own investors.”

Shark Tank host loses $400,000 in a scam

Falcone pleaded guilty to one count of wire fraud in June 2019. He was also ordered to pay $1.8 million in restitution to seven 3G’s investors.

In a sentencing memorandum, Falcone wrote a letter to the judge admitting to the fraud and apologizing for using business funds for his personal use.

“I took investors’ money for the purpose of investing it into a start up wine business. Then, I wound up co-mingling funds with personal funds, and using some of the investors’ money for my own ends. As the business grew, so did the expenses, and I wound up not being able to pay all of the investors back,” he wrote.

“I was wrong to do this. For this,

Those approaching retirement can now buy a type of “insurance” to guard against reduced Social Security benefits.

The product — a rider on an annuity — is the first of its kind, but some experts expect similar offerings to follow as worries over the future of the entitlement program grow due to the pandemic.

“The largest unaddressed fear is the Social Security reduction,” said David Duley, founder and CEO of PlanGap, which has received regulatory approval for the new product in 44 states. 

The surplus in the fund that pays out Social Security benefits will be depleted by 2031 — a year earlier than previously forecast — largely due to mass layoffs during the pandemic, according to the Congressional Budget Office. After that, the fund could pay about three-quarters of benefits for retirees, a major hit to the largest source of retirement income for most Americans.

“People are in this stage of their lives where they’re 45 and 50 and are questioning what will happen if Social Security [cuts] take place,” Duley said.

The <a href="" rel="nofollow noopener" target="_blank" data-ylk="slk:Congressional Budget Office" class="link rapid-noclick-resp">Congressional Budget Office</a> estimated the surplus in the fund that pays out Social Security benefits will be depleted by 2031 — a year earlier than previously forecast — largely due to the mass layoffs during the pandemic. (Source: Getty Creative)
The Congressional Budget Office estimated the surplus in the fund that pays out Social Security benefits will be depleted by 2031 — a year earlier than previously forecast — largely due to the mass layoffs during the pandemic. (Source: Getty Creative)

How does Social Security insurance work?

The Social Security insurance by PlanGap is an annuity where you pay a lump sum upfront and that amount grows at a fixed rate every year. When the guaranteed period is over, you can withdraw the premium or continue to grow it for another five years.

If the government mandates a qualifying reduction in Social Security benefits, you get a bonus from the annuity based on how long you’ve held it. You can withdraw these funds without penalty to cover

MIAMI, Oct. 2, 2020 /PRNewswire/ — A revamped private label CBD service company, publicly-traded under OTC: TNRG, The Hemp Plug, reduces production time of custom CBD products by 40%, giving CBD brands the ability to create their own unique products in less time than ever.

Businesses can now conceptualize their own unique CBD products, tapping into untapped markets, and gaining a competitive edge in the growing CBD market.

An industry leader in white label CBD services, The Hemp Plug (THP), has recently shifted focus to their private label CBD service, optimizing their product customization service. As part of their revamp, THP has added a new team dedicated solely to private label CBD services. This team is responsible for facilitating communications between the lab and business in order to reduce production time.

Through their efforts, THP has reduced the CBD product creation process from consultation to completion by 40 percent.

Along with an improved production time, businesses that have not traditionally had the means to test and manufacture new concepts now have the ability to lean on THP’s expertise and resources to create proprietary products that can be sold exclusively by their brands.

With the industry still growing, private label CBD services make it possible for brands to develop new and exciting niche products that stand out among the more common offerings of CBD oils, edibles, and smokables.

“At THP, we’re in the business of helping CBD brands find success in the industry. With our revamped private label CBD services, we can help our clients cash in on first-mover advantage with their original concepts, collaborating on never-before-seen products with custom ingredients, flavors, and packaging. We’re excited to see how these new and out-of-the-box ideas can shape the future of the industry.” said Adam Levy, CEO of The Hemp Plug.

The world of exchange-traded assets just keeps getting bigger.

Exchange-traded funds and exchange-traded products pulled in a record $7 trillion-plus in assets in August, with U.S.-based ETFs and ETPs accounting for some $4 trillion of those flows. The U.S., Canada, Europe and Japan’s exchange-traded markets all also reached historic highs for asset-gathering.

A key factor driving the inflows is a renewed sense of confidence among investors, Deborah Fuhr, the founder and managing partner of ETFGI, told CNBC’s “ETF Edge” on Monday.

“ETFs really busted the myths that they weren’t able to handle the significant volatility in inflows and outflows during March and April,” Fuhr said. “From there, what we’re seeing is a significant increase in the number of investors using ETFs.”

Nearly 6,000 institutions now hold about half of all ETF assets across 62 countries, Fuhr said. As for where the money’s going, fixed-income-based products top the list, with $160 billion of net inflows globally in August, up from $148 billion over the same time period last year, she said.

“The Fed has clearly given a good signal to people that ETFs, fixed income, high yield and investment grade are good investments,” Fuhr said.

Themes such as ESG, which stands for Environmental, Social and Governance-related investments, technology and health care have also captured investors’ attention and money, she added.

“We’re also seeing active nontransparent. We have 15 new launches this year gathering about [$]500 million so far,” she said. “And gold has clearly played two different views there for investors. They’re in [$]49 billion of net inflows. Some see it as a safe haven. Others see it as a potential hedge against inflation given all the stimulus going into the markets.”

Kim Arthur, the president and CEO of Main Management, agreed that ETFs proving their resilience was a major catalyst

The MarketWatch News Department was not involved in the creation of this content.

Sep 29, 2020 (CDN Newswire via Comtex) —
The market study titled Global Insurance Market 2020 by Company, Regions, Type and Application, Forecast to 2025 is a thorough study of the current trends leading to this vertical trend in various regions. The report describes the market by its major segments involving types, applications, and the major geographic regions. The report assesses the growth rate of the market until forecast 2025, key factors driving this market with sales, revenue, and price analysis of top manufacturers. It presents details related to market share, market size, applications, statistics, and sales. The report considers that offering an in-depth analysis of leading players is very important in order to present a market study. Therefore the report focuses on major competitors operating in this market. Next, the forecast for each product type and application segment has been provided for the 2020 to 2025 time-period has been given in the report. The market is broken down by regions, vital players, types, and applications/end-users.

Competitive Tracking:

The report offers important information related to new products launched in the global Insurance industry, regional landscaping, various approvals, and many strategies adopted in the competitive market. Other elements such as investment feasibility investigation, investment yield analysis, potential research, rival businesses’ SWOT analyses, and market trends will also be beneficial for readers of this report. Leading players along with their market share are highlighted in the report.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.


For the competitor segment, the report includes global key players of Insurance are included: Allianz, Zurich Insurance, Ping An Insurance, AXA, Munich Re, Generali, Japan Post