Golfers in Los Angeles are outraged as a golf teaching pro revealed a black market where brokers charge up to $40 as a booking fee for tee times at city courses, leading to a movement known as #FreetheTee. The controversy has sparked an investigation by the L.A. Department of Recreation and Parks, with golfers claiming that brokers, many of whom are Korean, are exploiting tee time booking systems and reselling slots for profit. The issue has raised concerns about fairness, accessibility, and the impact on public golfing, prompting calls for accountability and action from city officials.
Real estate brokers in New York City share their obsession with certain listings that they don't represent. Christopher Butt of Corcoran is enamored with a massive brick townhouse on Hamilton Terrace, describing it as a mansion with an "otherworldly" feel. Laurie Silverman of Sotheby's loves a sun-blasted apartment on Central Park West with Central Park views and a recent turnkey renovation. Rashi Malhotra of Coldwell Banker Warburg is drawn to a duplex with open living spaces, terraces, and floor-to-ceiling windows in a low-rise area. These brokers highlight the unique features and desirability of these properties.
The Wall Street watchdog has proposed a plan that would allow brokers to make promises about future investment results, a move that has raised concerns about potential investor harm. The plan, put forth by the Financial Industry Regulatory Authority (FINRA), would permit brokers to use projections and hypothetical illustrations to demonstrate how an investment could perform in the future. Critics argue that such promises could mislead investors and create unrealistic expectations, potentially leading to financial losses.
The Biden administration has proposed new tax reporting rules for cryptocurrency brokers, including exchanges and payment processors, requiring them to report information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS). The proposed tax reporting form, Form 1099-DA, aims to simplify tax calculations for crypto users and bring digital asset brokers under the same reporting rules as brokers for other financial instruments. The rules would cover cryptocurrencies like bitcoin and ether, as well as non-fungible tokens. The proposal is part of a broader effort to crack down on tax evasion in the crypto industry and is expected to generate close to $28 billion in tax revenue over a decade. The Treasury Department is accepting feedback on the proposal until October 30.
Thousands of retail option traders who made bets against shares of Signature Bank and Silicon Valley Financial Group were left in limbo for weeks after trading in both companies was halted. Traders turned to social media platforms for answers and support, and a social media pressure campaign ultimately helped to push some brokers to help make customers whole. Even afterwards, some traders were left with huge margin-call balances that left them potentially exposed to tens, if not hundreds, of thousands of dollars of risk.
