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Fidelity bond legal dispute reveals credit union fraud

first_imgAnother fidelity bond legal dispute between the NCUA and an insurance company revealed that a former manager and assistant manager were running a check-kiting scheme that led to a loss of nearly $700,000 and contributed to the involuntary liquidation of an Indiana credit union.According to court documents filed last week by the NCUA and Southwest Marine and General Insurance Co. of Scottsdale, Ariz., Sandra Santay, manager of the $7.5 million Lakeside Federal Credit Union in Hammond, Ind., and the credit union’s assistant manager, Paula Awe,  allegedly operated a check-kiting scheme through their Lakeside checking accounts from January 2012 to April 2015.The fraud was uncovered during an NCUA examination in April 2015. When examiners confronted Santay, she verbally admitted that she and Awe were kiting checks that amounted to $690,120. Soon after the NCUA determined Lakeside was insolvent and closed its operations in July, the $3 billion, South Bend, Ind.-based Teachers Credit Union purchased Lakeside’s loan portfolio and assumed its 2,280 members. 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Elnusa books higher revenue, profit despite lower oil prices last year

first_imgPublicly listed integrated energy services provider PT Elnusa booked higher revenues and profits despite lower oil prices last year.The company booked a 26.6 percent year-on-year (yoy) increase in revenue to Rp 8.39 trillion (US$614 million) throughout 2019, thanks to a sharp increase in upstream oil and gas services revenue that jumped by 45 percent yoy to Rp 3.8 trillion.The increase in revenue also created a positive impact on the company’s bottom line, as it booked Rp 356.47 billion in profits, up by 29 percent yoy last year. Despite the financial success, the company only recorded a slight increase in its net profit margin of 4.3 percent last year from 2018’s figure of 4.2 percent.However, Hery remained optimistic that the company could continue to grow its business this year, as it allocated Rp 1.4 trillion in capital expenditure (capex) this year, higher than last year’s allocation of Rp 1 trillion.“We will use the capex for investment that could support growth, including manufacturing hydraulic workover units for oil well workovers to support Pertamina’s upstream business,” he said.He also said that the company was optimistic that it would reach its target of an 8 percent increase in revenue to Rp 9.1 trillion with a net profit of around Rp 400 billion, due to good business prospects for 2020. Elnusa finance director Hery Setiawan attributed last year’s positive performance to its parent company, state-owned energy holding company Pertamina’s takeover of terminated oil and gas blocks.He also said the company was able to take advantage of opportunities to maintain its performance even during the slump in oil and gas prices that slowed down exploration activities early last year.“We tried to grab every positive opportunity as best as we could by diversifying our portfolio and providing integrated energy services, from upstream to downstream, to make sure we could continue to grow,” he said in a statement on Tuesday.Fortunately, he said, both Brent and West Texas Intermediate (WTI) oil prices went up toward the end of last year that boosted exploration activities among energy companies.center_img Topics :last_img read more

Governor Wolf Tours AlphaLab Gear on “Jobs that Pay” Tour

first_img January 07, 2016 Governor Wolf Tours AlphaLab Gear on “Jobs that Pay” Tour Economy,  Jobs That Pay,  Press Release Pittsburgh, PA – Today, Governor Tom Wolf visited AlphaLab Gear on his “Jobs that Pay” tour. AlphaLab Gear, launched by Innovation Works, has received investment through the Ben Franklin Technology Development Authority (BFTDA). The commonwealth, through DCED, provides capital to BFTDA to be used for purposes of advancing Pennsylvania’s technology companies through strategic programs such as the Ben Franklin Technology Partners, the three Pennsylvania Life Sciences Greenhouses, and the BFTDA’s Venture Investment Program.“My administration is working to continue to move Pennsylvania forward by creating a business climate that supports Pennsylvania’s entrepreneurs,” said Governor Wolf. “The extremely talented staff and companies working at AlphaLab Gear is helping to drive innovation, making Pennsylvania a leader in technology start-ups and solutions to business manufacturing needs.”AlphaLab Gear is a hardware accelerator that helps entrepreneurs make rapid progress through the early stages of product and customer development. AlphaLab Gear houses a variety of companies within their portfolio of entrepreneurial businesses, including companies that produce pedicabs, robotic trash cans that sort recyclables, and personalized wedding products, among others.“Pittsburgh has transformed into a technology hub where startups and developing companies can grow successfully,” said Governor Wolf. “It’s important that we work to replicate the efforts made here all across the commonwealth.”Innovation Works (IW) invests capital, business expertise and other resources into high-potential companies with the greatest likelihood for regional economic impact. IW is the single largest investor in seed-stage companies in this region and one of the most active in the country. Innovation Works launched AlphaLab Gear in 2013 as a novel accelerator for hardware, robotics, and other physical-products companies.Innovation Works is part of the Ben Franklin Technology Partners network and is the Ben Franklin Technology Partner (BFTP) of the Southwestern PA. In 2015, the Ben Franklin Technology Development Authority approved $3.5M for each of the four regional Ben Franklin Technology Partners to encourage investments that advance the competitiveness of commonwealth companies in the global economy.In 2014, the four regional BFTP client companies created 1,103 jobs and retained 1,224 jobs. Fifty-nine new companies were launched, through the support of the BFTPs, with an additional 1,125 businesses being assisted, 311 new products and processes being launched, and 130 patents and software copyrights being awarded.Like Governor Tom Wolf on Facebook: SHARE Email Facebook Twitterlast_img read more

Makeup queen and member of the Terry White empire, Debby White, is selling up

first_imgMrs White bought the home for $2.05m three years ago.The five bedrooms are spread over the two levels of the home.Property records reveal Mrs White bought the home in 2014 for $2.05 million. The property is an 810sq m block.MAKEUP queen Debby White, cosmetics and brands manager at Terry White Chemmart, is selling her five-bedroom Queenslander in Clayfield.Mrs White has listed the home with a price guide of $2.295 million.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoThe Clayfield home was originally built in 1901.Marion Sheerman of Ray White New Farm has the listing.The home was built around 1901 and is on a 810sq m block. It has been renovated and has a large deck which has views of Mount Nebo and Mount Glorious.last_img read more