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Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits
Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits One of the country’s largest pharmacy chains has just filed for bankruptcy. The move by Rite Aid comes amid declining sales and a rise in debt, which hit $3.3 billion, according to midyear filings.  The company said in an announcement on Sunday, Oct. 15 that in connection with the filing, it has received a commitment for $3.45 billion in new financing from some of its lenders.  "This financing is expected to provide sufficient liquidity to support the company throughout this process," Rite Aid said. Rite Aid is one of a number of drugstore chains facing litigation related to the…

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by Joe Lombardi
News
Financial Adviser Accused Of Embezzling $313K From Hudson Valley Resident Financial Adviser Accused Of Embezzling $313K From Hudson Valley Resident
Financial Adviser Accused Of Embezzling $313K From Hudson Valley Resident The CEO of a financial advisory firm is accused of embezzling more than $313,000 from a 64-year-old Westchester County resident.  Adam Belardino, the CEO of the Maddox Group, was arrested on Wednesday, April 27, and charged with wire fraud, according to Damian Williams, the United States attorney for the Southern District of New York. “Adam Belardino abused the trust his client placed in him by stealing more than $313,000 the client gave him to be invested," Williams said. "Clients like the victim in this case need to be able to entrust their money to financial advisors with confidence…

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by Nicole Valinote