Michael Schwartz

Michael Schwartz is the editor of Richmond BizSense, and covers banking, lawsuits, finance, M&A and golf. He can be reached at [email protected] or 804-855-1037.

Richmond man named in $28M Ponzi scheme

A Richmond man allegedly helped run a $28 million Ponzi scheme that was uncovered in June, according to two regulatory agencies and civil suits filed in Florida.

Will investors love LucyPhone?

A local startup wants to rescue consumers from the pain of hearing the dreaded words “a representative will assist you shortly.” And the two brothers behind it are trying to raise $1 million in VC.

“We don’t want the land; We don’t want the houses.”

Two local banks are getting more pro-active to unload the property they have taken in foreclosure – property they don’t really want to own. And they’re willing to offer favorable financing to buyers.

Body blow for PE fund

A Richmond-based private equity fund lost more than half its value when a Florida bank hit the skids. But the fund’s managers and at least one investor remain hopeful that other investments will more than recoup those losses.

Trading Day: Inside the SEC filings for 8.5.10

Commonwealth Biotechnology has a new CEO, while the controller and principal accounting officer at Xenith Bank is retiring. Plus quarterly earnings from Genworth, Brink’s, Insmed, New Market and Tredegar.

Ridin’ dirty

Do you know where your Escalade is?

‘We don’t have any distractions’

There is one very important figure that jumps off the pages of New Horizon Bank’s second quarter financial reports.