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 »
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Richmond among Top 20 cities for young workers
Richmond is one of the 20 best cities of its size for young professionals, according to Next Generation Consulting. Next Generation is a market research group that focuses on the 20- to 40-year-old demographic. The firm’s Next List is a ranking of the best places for Gen-Xers and Millennials to work and live. Richmond came… Read more »
Guest Opinion: The late-payer dilemma
Collecting accounts receivable is a challenge even when the economy is booming. Today, it has become a matter of survival for some businesses. The bankruptcies continue in Richmond, and will probably not slow for some time. In this week’s guest column, Stan Maupin explains the risks of extending terms.
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 »
Commonwealth Biotechnologies stock surges
Shares of Chesterfield-based Commonwealth Biotechnologies almost doubled Thursday, closing at $0.76 a share. Stocks that trade for less than $1 are notoriously volatile, but this seems to be on account of a deal with a of GL Biochem in Shanghai. (You can read about that here.) The company is also losing less than last year,… Read more »
First Market sees surge in repos
On Tuesday BizSense reported that Richmond Auto Auction was seeing more high-end cars from local banks. Today we heard from a local bank.
Fed’s Lacker expects rebound by 2010
The Richmond Federal Reserve bank’s President says that the economy has hit bottom and will start bouncing back later this year. Jeffery Lacker told state legislators that he was starting to see improved consumer spending and that existing home sales might just have a pulse after all. From the AP story: “If the emerging stability… 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 »
Martin Agency finalist for Expedia account
Expedia.com is shopping for a new ad agency and The Martin Agency is among a group of three finalists, Adweek reports. The three (the other firms are from New York and Boston) were selected from a group of six agencies competing for the creative duties on the travel site’s ad account. Final presentations are expected… Read more »
‘Wash your own apron’
Richmond area Starbucks employees will soon have to toss their green aprons into the wash, along with the rest of their uniforms.