High-risk alts burn client in $1.2 million arbitration
By: Bruce Kelly, Investment News (May 2024)
Bruce Kelly's "High-risk alts burn client in $1.2 million arbitration" reports on a $1.2 million FINRA award against Concourse Financial Group Securities for its recommending and misrepresenting of high-risk private, illiquid and alternative investments and equity indexed annuities. The article quotes Dr. McCann, who testified in the case, describing the investments as "the worst or just about the worst portfolio I have ever seen."
The Big Questions Hanging Over a Blackstone Fund
By: Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni, The New York Times (May 2024)
The New York Times' "The Big Questions Hanging Over a Blackstone Fund" details concerns over the valuation of Blackstone's real estate fund in its impressive performance while rivals struggle with high interest rates and a flagging property market. The article raises questions about Blackstone's independent review of its third-party appraisal values, differing from many major firms that defer entirely to third-party appraisers. The approach has split Wall Street, and the article quotes Dr. McCann on his reservations towards Blackstone's independent review process.
