The incoming 80 freshman boys will be one of the largest classes in decades.
But in February, the school needed to borrow funds to make payroll. Then it borrowed $900,000 from a Catholic school organization. This week RBS chats with the new headmaster and his financial counsel.
Aaron Kremer
Aaron Kremer is the founder of Richmond BizSense. Email him at [email protected].
NewsFeeds 6.15.09
Real estate investors ask: Where did all the money go? (Times-Dispatch) Times-Dispatch reporter Carol Hazard sniffed out a possible Ponzi scheme that is currently under investigation by authorities. Investors allege that Donald Lacey, a former Henrico County police officer who ran multiple limited liability companies that owned the fixer-uppers, took the money for his own… Read more »
NewsFeeds 6.12.09
Member One aims to expand business (Roanoke Times) With an eye on growth, Member One Federal Credit Union has submitted plans to build a new headquarters adjacent to its existing building in Northeast Roanoke. The Roanoke-based credit union touted the plans as necessary to accommodate its current growth rate as well as its anticipated future… Read more »
NewsFeed 6.11.09
Chesterfield couple plead guilty in Ponzi scheme (Times-Dispatch) A Chesterfield County couple who defrauded fellow church members and others in a Ponzi scheme pleaded guilty yesterday and agreed to repay victims more than $9.7 million. No explanation of what changed their minds, since they initially pled innocent and the defense lawyers said they were a… Read more »
NewsFeeds 6.10.09
After 12 quarters, bank turns first profit (Inside Business) A business journal in Hampton Roads has a nice profile of Richmond banker Merlin Henkel, who helped start Virginia Business Bank. Breaking into Richmond can be difficult, Merlin Henkel said, because “a lot of people think Richmond is a little more conservative. I don’t know if… Read more »
The Richmond Auto Auction
Too good to be true, but too hard to say no
Perhaps even more than legit businesses, Ponzi schemes rely on the oldest form of marketing: word of mouth.
NewsFeed 6.09.09
Richmond getting $2 million to buy foreclosed homes (Times-Dispatch) The city of Richmond will receive $2 million to purchase and rehabilitate foreclosed homes for resale to lower-income families. The funding is part of a $17.5 allocation from the Neighborhood Stabilization Program announced yesterday by Gov. Timothy M. Kaine to address the mortgage-foreclosure problem throughout the… Read more »
NewsFeed 6.08.09
HomeTown Bank seeks OK to expand (Roanoke Times) HomeTown Bank in Roanoke is embarking on a growth strategy to add two or three branches, increase deposits and make more loans. Capital One Looks to Adapt to Credit Card Laws (Washington Post) New government restrictions on credit card issuers may force Capital One Financial, which revolutionized… Read more »
Ponzi trial with a twist
As far as alleged Ponzi schemers go, Darrell and Cynthia Underwood were almost monastic in their spending. Under the name Walkwood Properties, which had offices in Midlothian, the Underwoods promised investors 50 percent returns within 60 to 120 days, according to the indictment. In one of many strange twists, dozens of “investors” cashed out with large gains.