Mark Cuban recalls a near-collapse of his first company, while JP Morgan Chase warns against exploiting a recent glitch

Welcome to your October 29 newsletter!

Mark Cuban recently recounted an incident that almost led to the collapse of his first company, involving a receptionist who stole $82,000. Concurrently, JP Morgan Chase issued a warning regarding individuals who attempted to exploit a glitch in their system, emphasizing the risks of digital banking vulnerabilities.?

In the Fast Lane of Business...

> In an interview with Shannon Sharpe, Mark Cuban shared that a receptionist stole $82,000 from his first company, MicroSolutions, by altering checks with her own name. The theft nearly led to the company's collapse, leaving MicroSolutions with just $2,000. Cuban managed to rebuild by working with supportive vendors and, despite the severity, did not pursue charges against the employee, who disappeared. Reflecting on the experience, Cuban views occasional theft as a sign of positive cash flow but stresses the need for vigilance in monitoring company finances.

> Donald Trump's rally at Madison Square Garden aimed to spotlight his economic agenda, including job growth and reduced taxes, as he appealed to urban and minority voters. However, the event took an unexpected turn when guest speaker Tony Hinchcliffe’s derogatory joke about Puerto Rico drew widespread criticism. The campaign quickly distanced itself from Hinchcliffe's remarks, but the controversy provided Democrats an opening to engage Puerto Rican voters, with Kamala Harris rallying in Philadelphia. Harris received support from Puerto Rican public figures, signaling potential shifts among key swing-state voters where Trump has been trying to expand his appeal.

> JPMorgan Chase has filed lawsuits against customers who allegedly exploited a glitch allowing them to withdraw large sums from ATMs before checks bounced. The glitch, popularized on social media as the "infinite money glitch," involved cases like a Houston man who withdrew nearly $290,000 after a $335,000 fake check deposit. JPMorgan is investigating thousands of potential cases and has also referred some to law enforcement, aiming to deter fraud and seek repayments with fees and damages. The incident highlights how quickly vulnerabilities in financial systems can be amplified by social media, even as check fraud remains a significant issue globally.

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Personal Finance News

> Research presented at the European Congress of Obesity found that offering financial incentives of up to ￡400, combined with motivational text messages, helped men with obesity achieve greater weight loss. The year-long study involved 585 participants from various UK cities who were divided into groups receiving texts with or without financial rewards or no intervention at all. The group receiving both text messages and financial incentives lost an average of 4.8% of their body weight, compared to 2.7% in the text-only group and 1.3% in the control group. Professor Pat Hoddinott, who led the study, explained that the incentive approach was based on behavioral economics, suggesting that people are more motivated by the potential to lose money than to gain it.

> A case of identity theft revealed how a hacker exploited an online bank’s verification process to secure a $52,000 loan, which was ultimately lost in a cryptocurrency scam. The hacker, using the alias "Killian," claimed the theft aimed to expose security flaws, but left the victim liable when SoFi, the bank, refused to acknowledge fault. Shockingly, the victim’s brother later confessed to the fraud, admitting he used the loan to fund a high-reward crypto scheme, which backfired. Despite the confession, the debt was sold to a third-party collector, leading the victim to pursue legal action to clear his name and bring awareness to the risks of digital banking.

> Lois, an 83-year-old resident, lost $50,000 to a cryptocurrency scam when a caller, pretending to be her grandson in trouble, instructed her to make payments via Coinstar crypto ATMs. Believing she was helping her grandson with bail, Lois made several deposits before a bystander encouraged her to verify the situation, revealing the scam. When Lois contacted her real grandson, she learned he was safe, and despite efforts to recover the funds, cryptocurrency's irreversible nature made this impossible. Authorities are warning others about rising crypto scams, especially among vulnerable individuals unfamiliar with digital currencies.

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