Hi all on this page, I have already posted this to the Private TBO victims board, but wanted to post it here in the public as well. If anyone has any thoughts or can help us?
Hi All, below is the research that my husband has done on the APPF (Authorized Push Payment Fraud). In the UK they have laws and basically automatically reimburse victims like us in situations like this. The US is behind. But there is hope. Here is his research:
Making the Case the Fraudster's Banks are Guilty of Negligence and Ought to Reimburse the Fraud Losses
The argument in short is the banks should have prevented the fraudster from opening accounts with the banks to stole our money. Moreover, the banks should have carefully monitored the accounts for suspicious activity, preventing the fraudster from stealing our money. Such suspicious activity includes withdrawing our money immediately or very soon after it was deposited, cashing large checks instead of depositing them, transferring our deposited money into crypto currencies, performing in-person bank activities in quasi-disguise (a cap and a medical mask), etc.
The fraud is called Authorized Push Payment Fraud, or APP fraud:
This fraud "happens when fraudsters deceive consumers or individuals at a business to send them a payment under false pretenses to a bank account controlled by the fraudster. As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realize they have been conned." (https://www.fico.com/blogs/what-authorised-push-payment-fraud)
The responsibility of the banks to detect fraudster's opening or holding an account(s) with their bank falls under the principle of Know Your Customer, or KYC:
This "refers to due diligence that banks and other financial institutions must perform on their customers before doing business with them. Know your customer policies are usually required by governments and enforced by bank regulators to prevent corruption, identity theft, financial fraud, money laundering and terrorism financing. Most Know Your Customer frameworks are based on four components: 1) customer identification, 2) customer acceptance, 3) transaction monitoring and 4) ongoing risk management. Requirements vary by country, but the collection of basic identity documents, comparison against certain name lists (‘politically exposed persons’ or PEP lists, for example), and analysis of transaction behaviors are most common." (https://fraud.net/d/kyc-know-your-customer/)
Anti-Money Laundering (AML) regulations are also relevant.
"AML is a set of regulations, laws and procedures that detect and prevent criminals from disguising illegal funds as legitimate income. AML policies help banks and financial institutions combat financial crimes. AML regulations require banks to collect customer information, monitor and screen their transactions and report suspicious activity to financial regulatory authorities. Additionally, the AML holding period requires deposits to remain in an account for a specified amount of time (at least five trading days in the U.S.). Banks can use this holding period to help in anti-money laundering and risk management." (https://www.jumio.com/aml-guidance-banking-finance-2021/)
Financial scams and frauds using banks has greatly increased in recent years. Victims of fraud are unaware of this development, but banks are well aware of it and therefore ought to be even more diligent than ever. In other words, banks are more culpable than ever for insufficient Know Your Customer and Anti-Money Laundering practices in a setting where financial fraud has significantly increased and banks know it.
"Authorized Push Payment (APP) fraud losses have now outstripped fraud losses on bank and credit cards for the first time. Impersonation scams more than doubled (up 123%), investment scams rose by 95% and romance scams were up 62%." (https://www.finextra.com/blogposting/20949/could-poor-bank-kyc-part-the-problem-of-fraud) Given this, banks should be especially diligent to prevent their banks from being involved in APP scams.
Articles
https://www.finextra.com/blogposting/20949/could-poor-bank-kyc-part-the-problem-of-fraud
https://www.paymentsjournal.com/is-poor-bank-kyc-enabling-a-spike-in-fraud/
https://www.benthamsgaze.org/2022/04/29/us-proposes-to-protect-bank-customers-from-authorised-push-payment-fraud/
https://www.financierworldwide.com/when-are-banks-liable-for-not-spotting-fraud#.Y00vQb1Ol5Y
https://www.cnbc.com/2022/07/20/federal-watchdog-to-tighten-bank-rules-around-money-transfer-scams-.html
https://www.pymnts.com/bank-regulation/2022/congress-drills-bank-brass-on-authorized-push-payments-fraud/
https://www.reuters.com/business/finance/uk-banks-told-reimburse-customers-tricked-by-scams-2022-09-28/
https://www.addleshawgoddard.com/en/insights/insights-briefings/2022/finance/app-fraud-three-key-legal-developments/

@hank -
Warren Buffett on diversification:
"Warren Buffett has famously said he is against diversification. "Diversification is a protection against ignorance," Buffett once said. "[It] makes very little sense for those who know what they're doing."

And I agree with him. Since 2000 when I started using my system, I never diversified and I used only several funds. For years I used 5 funds. Then I changed to only 2-3 funds and they are not equal. In 2000-2010, the SP500 lost money, in 2010-20, US LC , mainly growth were the best.

https://www.sec.gov/Archives/edgar/data/1418191/000141304222000878/walthfocusedsupp.htm
497 1 walthfocusedsupp.htm
WALTHAUSEN FUNDS
Walthausen Focused Small Cap Value Fund (WSVIX)
Supplement dated October 20, 2022 to
the Prospectus dated June 1, 2022
The Board of Trustees of Walthausen Funds (the “Board”) has determined based on the recommendation of the investment adviser of the Walthausen Focused Small Cap Value Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on or about November 21, 2022.
Effective at the close of business October 20, 2022, the Fund will not accept any purchases and will no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains and ordinary income will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to November 21, 2022, you may redeem your shares, including reinvested distributions, in accordance with the “Instructions For Selling Fund Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Dividends and Distributions” and “Taxes” sections in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUNDS PRIOR TO NOVEMBER 21, 2022 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUNDS AT 1-888-925-8428.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated June 1, 2022, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated June 1, 2022, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the calling the Fund at 1-888-925-8428 or by visiting the Fund’s website at www.walthausenfunds.com.

On the lighter notes
Musk say tsla most valued stocks going forward maybe 4X- 5X 10 yrs??
I need to smoke what he is smoking

Ty sir Yogibullbear
If Vix little higher > 40s consider going all in
Dr Yardini says stocks bottomed yesterday during podcast
Hard to know who is right
Maybe good buy and wait 5 7 yrs
Sp500 Schiller p-e very attractive
Stocks appear reasonable but maybe very slow growth going forward

For the week ending on 10/19/22, Bearish remained the top sentiment (56.2%; extremely high) & neutral became the bottom sentiment (21.2%; extremely low); bullish became the middle sentiment (22.6%; extremely low); Bull-Bear Spread was -33.6% (extremely low). Investor concerns: Recession; inflation; supply-chain disruptions; the Fed; US elections; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (34+ weeks); geopolitical. For the Survey week (Thursday-Wednesday), stocks were up, bonds down, oil down, gold down, dollar down. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/thread/141/aaii-sentiment-survey-weekly?page=7&scrollTo=811

Incredible. Boris is the Tory favorite to step back in as P.M. if Truss goes.

https://earlyretirementnow.com/2022/10/12/dynamic-withdrawal-rates-based-on-the-shiller-cape-swr-series-part-54/
plus the comments
site is in need of proofing, also dummies' summaries, plus fixes of what appears to be some sketchy java/html (?) coding; but possibly of interest to crunchers here

I don’t think it is funny that my 85 year old Vietnam ( LBJ’s War] veteran father and a man with a masters degree in Special Education with diagnosed with dementia is more verbally with it than a man with a finger on the nuclear trigger. There is no troll like than a liberal in self denial about putting a man in power who has obviously has cognitive decline and attacks everyone else who has eyes and ears to see it. God Bless America and it’s working class blue collar people .

Near the end of that song: “When the air becomes Urania …” - I was waiting for him to rhyme that with “Crimea” which would have worked lyrically. Missed opportunity.

May be nuclear attack by Russia.
That rich investor may be Elon Musk> Elon Musk supports Russia keeping Crimea—because he’s worried about nuclear escalation and World War III ('Fortune.com'.)

Could be. Musk could than use his “winnings” to hasten completion of his Mars spaceship. With some incredibly good luck, he just might escape this planet in the nick o’ time.

@Old_Joe, ^ is a symbol for power. Now to 2/14/23 is about 4 months, so the power (12/4) to annualize. Result is 1.04048, or rate 4.048% or 4.05%.

Math is surely not my strong point, but I have no idea regarding the above formula.
(100 divided by 98.686) = 1.0133,
then the "^" symbol (I have no idea what that is)
and then (12/4) which of course = 3.
How does all of this = 1.4048, and how does 4.05% magically appear?

YB-Let me try - Cusip - 912796ZU6 UNITED STATES TREAS BILLS ZERO CPN 0.00000% 02/14/2023 - asking 98.6860 ask yield 4.155 what will I get when it matures on 2/14/2023.
Thanks,
D

T-Bills are sold at discount. So, you buy at $98.686, get $100.00 on 2/14/23. My TR calculation is approximately (100/98.686)^(12/4) = 1.04048, or 4.05%, and that is close enough (better results with counting days).

YB-Let me try - Cusip - 912796ZU6 UNITED STATES TREAS BILLS ZERO CPN 0.00000% 02/14/2023 - asking 98.6860 ask yield 4.155 what will I get when it matures on 2/14/2023.
Thanks,
D

@kings53man, the secondary market for Treasuries is huge and liquid, so bid-ask spreads are tiny, unlike those for corporates and munis.
I do prefer buying Treasuries at auctions, but I was saying that it is easy to START a Treasury ladder by buying in the secondary market.

I think interest rates will be lower in 2 to 3 years, so I would buy either 3 to 5 year treasuries or solid corporates that are non-callable
Does anyone else have different ideas about how far out to go on the yield curve?
Any body tempted by "make whole Calls" ? As I understand them, if called the issuer has to also pay you the interest owed till maturity. While there is an opportunity cost if rates have fallen significantly, you would do better than with a traditional call.
Several low yield bonds ( APPL 2025 under 1%) are trading for 85 to 90, ie as almost zero coupons with YTM of 4 to 5%. I would think the issuer would be unlikely to call a bond with that low an interest rate.
There are others paying higher rates, which would also cost a bundle to call.

The ACA pre-existing condition requirement covers ALL health insurance plans unless it’s a grandfathered plan: https://www.hhs.gov/healthcare/about-the-aca/pre-existing-conditions/index.html

The information there is at best poorly written. If it is meant to describe only individual plans, the writing is poor because it doesn't say that. If it is meant to apply more generally, it is simply wrong.
Medicare supplemental health insurance plans can deny coverage (except during initial open enrollment period or in special circumstances) based on health conditions.
https://www.medicare.gov/supplements-other-insurance/when-can-i-buy-medigap
There is a lot in the ACA that is specifically targeted to Medicare. So I don't wish to give the impression that the ACA does not apply at all to Medicare.
In addition to Medicare supplemental plans, the medical underwriting restrictions in the ACA do not apply to large employer plans. Though they do apply to small employer plans. The rationale for the distinction is that if a small employer has one employee who is costly to insure, and if the insurer consequently hikes the plan rate, it could become unaffordable for the employer. Health coverage for every employee might vanish as a result.

The Affordable Care Act limits the factors that can be used to charge consumers greater health insurance premiums. For insurance coverage effective January 1, 2014, health insurance issuers in the individual and small group markets are allowed to vary premiums based on age (within a 3:1 ratio for adults), tobacco use (within a 1.5:1 ratio and subject to wellness program requirements in the small group market), family size, and geography.

https://www.cms.gov/CCIIO/Programs-and-Initiatives/Health-Insurance-Market-Reforms/Market-Rating-Reforms

The US SPR is getting alarmingly low. Increasingly, the SPR is involved in the US oil policy and the fiscal/budget policy.
In the WH announcement, notably item #2 implies using futures contracts, probably privately negotiated, not the public futures markets; or a mix of the two. Those futures prices are seen at CME for 2024 but there isn't any meaningful trading activity or volume in those futures.
https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/
https://www.cmegroup.com/markets/equities/sp/e-mini-sandp500.quotes.html

Here in California, ARCO has perhaps the lowest cost gasoline. Since the composition of the profit margin for fuel from any gas station is a "black box", it's pointless to wonder what part of the price may be ascribed to anything.
...
ARCO's price differential between cash and credit is also significant. So it's a no-brainer: if there's a convenient ARCO station, go there, use cash.

Years ago (the last time I lived near ARCO stations), ARCO didn't take credit cards and sold cheaper grade (not Top Tier™) gasoline.
Apparently not any more. ARCO's moved up in the world. Still cheaper, though.
https://www.savingadvice.com/articles/2020/10/30/1034665_is-arco-gas-bad-for-your-car.html
This got me looking, Where I live, the cheaper stations tend to be BP (no ARCOs). It seems that last year BP stopped selling Top Tier gasoline. Though BP claims that its Invigorate® additive exceeds Top Tier requirements.
Invigorate® FAQ
On the investment side, BP purchased ARCO in 1999. In 2012 it sold the ARCO brand and a refinery to Tesoro (now part of Marathon Petroleum), while licensing back the name for gas stations in Northern California, Oregon, and Washington State.
As near as I can tell, OJ's ARCO station is still owned by BP. I don't know what brand gasoline comes out of its pumps.

Graust - my understanding was 1/4 of 5.75 but wrote incorrectly - will fix.
I am looking at new issue now in my fidelity account - cusip - 17330RME2 CITIGROUP GLOBAL MKTS HLDGS IN SER N 5.45000% 10/21/2024 MTN - looks like 2 year Bond - callable after 1 year and then can be quarterly.
Rating: Moody's: A2
Rating: S&P: A
Coupon: 5.75
Maturity: 10/21/2024
Callable: Yes - after 1 year and then quarterly.
My understanding - will collect 2.725 every six months - 2 times (i.e. 1 year) and then the accumulated interest with face value when it matures or called.
Plan is to hold till maturity or called.
Just 10K investment so moving slow, hopefully dust will settle by then.
Thanks,
D