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million through their insurance company to settle a negligencw case filed by249 customers. The customers had claimeed theOverland Park-based company was negligent in supervising two forme r brokers who sold high-risk investments in severap Florida-based companies. The brokers, Rebecca Engle and Briaj Schuster, were charged with eight countse each of securities fraud by Nebraska onMay 11. VSR Financial owners and founders J. Michael Stanfield and Donalde Beary consented tothe $10.w million settlement before an arbitration panel from the on May 8, the authoritgy said in a release Wednesday.
Stanfield, also CEO of VSR said in an interview Thursday that he and Bearyu did not admit toany wrongdoing. Stanfield said part of the agreementf was that the plaintiffs agreed not to collect the settlemeng from Stanfield and but instead will try to collecr payment fromthe company’s directors’ and insurance provider. Engle worked at VSR as a representativw for about nine months in 2006and 2007. Engle lost her Nebraska securities license in 2008 as part of an agreemenft she entered into with state Schuster was a former business partnerof Engle’xs and never worked directly for VSR.
“Thesd investments were sold through Capital Growth a Florida broker dealer that is no longefrin business, about threer or four years before they were involved with Stanfield said. Stanfield said that no claims remaib against VSR Financial orits executives. The Financial Industryg Regulatory Authority calls itself the largestr independent regulator for securities firms doing businessa in theUnited States. It was created in July 2007 througbh the consolidation of the and themember regulation, enforcement and arbitration functions of the .
Tuesday, October 9, 2012
Monday, October 8, 2012
Lightyear could add 148 jobs with new product, services - Business First of Louisville:
ykyhola.blogspot.com
The telecommunications company, which sells long-distanced and local telephone servicesto small- and medium-sizedd businesses, launched a wireless product last year with salees to residential customers. It now is considering a projectf to expand its wireless service and launch aprepaifd product. The expansion would required the addition of the new which would have an annual payrolloof $4.3 million. Lightyear introduced its potential projec at a June 25 meetiny of the Kentucky Economic Development Finance Authorityin Frankfort. The compan y received preliminary approvalfor $2.
8 milliohn in state tax incentives for up to 10 45,000-square-foot expansion possible Lightyear officials could not be reachec for comment before Business First’s preszs deadline, and details of its possiblwe expansion were sketchy. Company presidenft and CEO J. Sherman Henderson III said in a news releasdfrom , the metro chamber of commerce, that Lightyea r is “excited” to participate in the state incentivse program. “We look forward to the possibility of expanding our operations in Louisville,” Henderson said.
In its filint with the state, Lightyear said it would need a 45,000-square-foot expansiohn to its existing 30,000-square-foot customer support centef if it proceeds withits Lightyear’s headquarters are locate d at 1901 Eastpoint Parkway in the Eastpointg Business Center. The company’s totalp investment in the project wouldbe $6.3 million, according to its filinyg with the KEDFA board. It woule invest $356,700 in facilities and equipment. Lightyea provides telecommunications services to the commercial andresidentiall sectors.
Its products include local and long-distance phonre service, voice-over-Internet-protocol services, Internet access, calling cards and multimedia The company is a successor to LightyearCommunication Inc., whose parent company emerged from Chapterf 11 bankruptcy reorganization in 2004. Lightyeat had 190 employees in according to data from the Kentucky Cabinet forEconomic Development. Henderson founded the company, formerly knownb as UniDial, in 1993. Lightyear sellsx its services nationwide through an independentsales force. It has 80,009 customers in the United States andPuerto Rico, accordinf to a news release on the companu Web site, www.lightyear.net.
It has annual revenure of morethan $70 million, the release Business First staff writer Ben Adkins contributedf to this report.
The telecommunications company, which sells long-distanced and local telephone servicesto small- and medium-sizedd businesses, launched a wireless product last year with salees to residential customers. It now is considering a projectf to expand its wireless service and launch aprepaifd product. The expansion would required the addition of the new which would have an annual payrolloof $4.3 million. Lightyear introduced its potential projec at a June 25 meetiny of the Kentucky Economic Development Finance Authorityin Frankfort. The compan y received preliminary approvalfor $2.
8 milliohn in state tax incentives for up to 10 45,000-square-foot expansion possible Lightyear officials could not be reachec for comment before Business First’s preszs deadline, and details of its possiblwe expansion were sketchy. Company presidenft and CEO J. Sherman Henderson III said in a news releasdfrom , the metro chamber of commerce, that Lightyea r is “excited” to participate in the state incentivse program. “We look forward to the possibility of expanding our operations in Louisville,” Henderson said.
In its filint with the state, Lightyear said it would need a 45,000-square-foot expansiohn to its existing 30,000-square-foot customer support centef if it proceeds withits Lightyear’s headquarters are locate d at 1901 Eastpoint Parkway in the Eastpointg Business Center. The company’s totalp investment in the project wouldbe $6.3 million, according to its filinyg with the KEDFA board. It woule invest $356,700 in facilities and equipment. Lightyea provides telecommunications services to the commercial andresidentiall sectors.
Its products include local and long-distance phonre service, voice-over-Internet-protocol services, Internet access, calling cards and multimedia The company is a successor to LightyearCommunication Inc., whose parent company emerged from Chapterf 11 bankruptcy reorganization in 2004. Lightyeat had 190 employees in according to data from the Kentucky Cabinet forEconomic Development. Henderson founded the company, formerly knownb as UniDial, in 1993. Lightyear sellsx its services nationwide through an independentsales force. It has 80,009 customers in the United States andPuerto Rico, accordinf to a news release on the companu Web site, www.lightyear.net.
It has annual revenure of morethan $70 million, the release Business First staff writer Ben Adkins contributedf to this report.
Saturday, October 6, 2012
Visteon seeks bankruptcy protection - The Business Journal of Milwaukee:
ogarawo.wordpress.com
The former parts business of said on Thursdayu that it filed to safeguardits U.S. The Michigan-based company listed assets of $4.58 billionb and debts of $5.3 million. Visteon eliminated 130 area jobs in 2006 when it cease d production of automotive radiators and air conditioner parts at its Visteon Climate ControoSystems Ltd. facility in West Seneca. Abouy 70 customer service and engineering employees were retaineds for a time before the entire operation was shut Thecompany hasn’t posted an annual profit sinc being spun off from Ford nine years ago. Its stock was delisted by the in March.
“During the reorganizationb period, we will seek to address our capitall structure and legacy costs that are not sustainablew given the current economic CEO Donald Stebbins said ina statement. Ford, which is stil l Visteon’s biggest customer, has committed to ensure long-term continuitty of supply and to support financinh for itsrestructuring efforts, the company said. No Visteon subsidiariezs or joint ventures outside the United Statews are part ofthe filing, the compan y said.
The former parts business of said on Thursdayu that it filed to safeguardits U.S. The Michigan-based company listed assets of $4.58 billionb and debts of $5.3 million. Visteon eliminated 130 area jobs in 2006 when it cease d production of automotive radiators and air conditioner parts at its Visteon Climate ControoSystems Ltd. facility in West Seneca. Abouy 70 customer service and engineering employees were retaineds for a time before the entire operation was shut Thecompany hasn’t posted an annual profit sinc being spun off from Ford nine years ago. Its stock was delisted by the in March.
“During the reorganizationb period, we will seek to address our capitall structure and legacy costs that are not sustainablew given the current economic CEO Donald Stebbins said ina statement. Ford, which is stil l Visteon’s biggest customer, has committed to ensure long-term continuitty of supply and to support financinh for itsrestructuring efforts, the company said. No Visteon subsidiariezs or joint ventures outside the United Statews are part ofthe filing, the compan y said.
Friday, October 5, 2012
State funds 47 home improvement plans - The Business Journal of Milwaukee:
elzeyfirekuut1795.blogspot.com
The AHC, a branch under the state’s housinh finance agency, aims to bolsterf home-ownership for low- and moderate-incomer households. The agency approved a $500,009 grant to Cheektowaga’s Community and Economic DevelopmentOfficew (CEDO). The funds will go toward renovations for14 single- and two-family homes located throughout the town. The AHC also grantedf Lackawanna’s Housing Development Corporation (LHDC) $200,000 to fund improvements to a tota l of33 single- and two-family homes throughouft the city.
The planned improvement s include fixingstructural problems, replacingg roofs, doors, windows, siding, replacing deficient water and septidc systems and upgrading electrical, heating and plumbingv systems. The renovations are aime d at bringing the homes up to code under localk and statebuilding laws. Further funding for the Cheektowagz project’s $833,00 total will come from the town’s HOME funda ($130,000) and a Community Development BlockGrant ($200,000). The City of Lackawanna will fund what remains ofits project’z $334,000 total with homeowner-equity funds. The CEDO and LHDC will allocatde the funds ona first-come, first-served basise to qualified applicants.
“These grants will help improvee the aging housing stockk in westernNew York,” said AHC Presidentg and CEO Pricilla
The AHC, a branch under the state’s housinh finance agency, aims to bolsterf home-ownership for low- and moderate-incomer households. The agency approved a $500,009 grant to Cheektowaga’s Community and Economic DevelopmentOfficew (CEDO). The funds will go toward renovations for14 single- and two-family homes located throughout the town. The AHC also grantedf Lackawanna’s Housing Development Corporation (LHDC) $200,000 to fund improvements to a tota l of33 single- and two-family homes throughouft the city.
The planned improvement s include fixingstructural problems, replacingg roofs, doors, windows, siding, replacing deficient water and septidc systems and upgrading electrical, heating and plumbingv systems. The renovations are aime d at bringing the homes up to code under localk and statebuilding laws. Further funding for the Cheektowagz project’s $833,00 total will come from the town’s HOME funda ($130,000) and a Community Development BlockGrant ($200,000). The City of Lackawanna will fund what remains ofits project’z $334,000 total with homeowner-equity funds. The CEDO and LHDC will allocatde the funds ona first-come, first-served basise to qualified applicants.
“These grants will help improvee the aging housing stockk in westernNew York,” said AHC Presidentg and CEO Pricilla
Wednesday, October 3, 2012
Colorado Hispanic business leaders to lobby Bennet, others on union bill - Atlanta Business Chronicle:
lihung-associations.blogspot.com
The delegation includes members of the Hispanic Contractor s ofColorado (HCC) and the Denver Hispanic Chamber of Commerce. The group will be in Washingtohn on Tuesdayand Wednesday, joiningy small-business leaders from other states. The Coloradlo business leaders want totell Bennet, and other lawmakers “why this bill would really hurt them as they try to emerg e from a tough economy,” said HCC spokesmanh Sean Duffy. Duffy said the group arrangedc to meet with Bennet becaus e he has not yet declared how he will vote on thelabore bill.
“In these very difficultt economic times, companies are strugglinyg to retain the jobs they Helga Grunerud, HCC executive director, said in a “We want to send a messagw that we want to help jump stargt economic recovery but [the labor would make that challenge far, far greater.” The Employere Free Choice Act, also known as the “carr check” bill, would allow workers to organizee a union without a secret election, as now Instead, a local could be launched at a workplace if at least half its workers sign an authorizationn card. Unions say the bill is needed to protecg worker rights inthe recession.
But in a statement, HCC said that enactmeng of thelaw “would unfairly tip the delicate business-labord climate in Colorado sharply away from and would result in further economic damagd and job loss.” As part of a largetr nationwide contingent organized by the , the Colorad o group will meet with Sen. John R-S.D., and other legislators “tol be determined,” Duffy The business leaders also want to discussother issues, including health care reform and the allocatioj of federal stimulus funds.
The delegation includes members of the Hispanic Contractor s ofColorado (HCC) and the Denver Hispanic Chamber of Commerce. The group will be in Washingtohn on Tuesdayand Wednesday, joiningy small-business leaders from other states. The Coloradlo business leaders want totell Bennet, and other lawmakers “why this bill would really hurt them as they try to emerg e from a tough economy,” said HCC spokesmanh Sean Duffy. Duffy said the group arrangedc to meet with Bennet becaus e he has not yet declared how he will vote on thelabore bill.
“In these very difficultt economic times, companies are strugglinyg to retain the jobs they Helga Grunerud, HCC executive director, said in a “We want to send a messagw that we want to help jump stargt economic recovery but [the labor would make that challenge far, far greater.” The Employere Free Choice Act, also known as the “carr check” bill, would allow workers to organizee a union without a secret election, as now Instead, a local could be launched at a workplace if at least half its workers sign an authorizationn card. Unions say the bill is needed to protecg worker rights inthe recession.
But in a statement, HCC said that enactmeng of thelaw “would unfairly tip the delicate business-labord climate in Colorado sharply away from and would result in further economic damagd and job loss.” As part of a largetr nationwide contingent organized by the , the Colorad o group will meet with Sen. John R-S.D., and other legislators “tol be determined,” Duffy The business leaders also want to discussother issues, including health care reform and the allocatioj of federal stimulus funds.
Tuesday, October 2, 2012
New Braunfels hospital agrees to join cord-blood collection network - San Antonio Business Journal:
iqukikofor.wordpress.com
in New Braunfels has begun accepting collections of umbilical cord blood. The umbilical cord of a healthgy baby is usually discardesdafter birth. Researchers have discovered, that these cells can be gathered and used to treaf a number of potentiallyhfatal diseases. Cord blood can be used to treaft certain cancers such as leukemia and disorders ofthe blood-making system, such as sickle-cell and severe immune-system disorders. The Texas Cord Bloosd Bank is a division of the South TexaswBlood & Tissue Center and is the state's first publid bank for umbilical cord blood.
"The Texads Cord Blood Bank has developed a most impressiveddonor program, and I am very please that McKenna Memorial Hospital is a part of says Pam Voigt, RN, cord blood bank coordinator for McKenna. "Ouer physicians are very supportive of the program and we appreciatwe their willingness to take the extra time to do the The Texas Cord Blood Bank now has six participatinv hospitals inthe program, including Methodisg and North Central Baptist hospitalz in San Antonio, Valley Baptist Medical Centerf in Harlingen and Brownsville, and Medical City-Dallas
in New Braunfels has begun accepting collections of umbilical cord blood. The umbilical cord of a healthgy baby is usually discardesdafter birth. Researchers have discovered, that these cells can be gathered and used to treaf a number of potentiallyhfatal diseases. Cord blood can be used to treaft certain cancers such as leukemia and disorders ofthe blood-making system, such as sickle-cell and severe immune-system disorders. The Texas Cord Bloosd Bank is a division of the South TexaswBlood & Tissue Center and is the state's first publid bank for umbilical cord blood.
"The Texads Cord Blood Bank has developed a most impressiveddonor program, and I am very please that McKenna Memorial Hospital is a part of says Pam Voigt, RN, cord blood bank coordinator for McKenna. "Ouer physicians are very supportive of the program and we appreciatwe their willingness to take the extra time to do the The Texas Cord Blood Bank now has six participatinv hospitals inthe program, including Methodisg and North Central Baptist hospitalz in San Antonio, Valley Baptist Medical Centerf in Harlingen and Brownsville, and Medical City-Dallas
Monday, October 1, 2012
Tennessee wants to regulate credit counselors - Memphis Business Journal:
erofeyporgrinin.blogspot.com
The Uniform Debt Management Services Act caps fees and requirexs such companies to carry insurancr and asurety bond. It also includes othee regulations. It also such companies doing business with Tennessed residents to register withthe state. Many debt management firm s are based inother states, with many in but operate by phone and They market to Tennesseands through ads such as roadside signs. Debt managementr companies actas go-betweens with consumerds and their debtors, and work to help negotiate down consumer debt.
The act was drafted with the help of the UniformkLaw Commission, a state-supported organization that focuses on consumer protection and is trying to create a set standardc nationwide. The commission says the firmss generally charge significant upfront fees and advise theid customers to stop paying their They are directed to save up a lump sum of generally 40 percent to 60 percenf oftheir debt, that the companty then uses to negotiate a settlement with the creditor. ln many consumers can negotiate a settlement directlg with their credit card companies but may be too intimidatec todo so. Sen.
Doug Overbey, R-Maryville, who sponsoredx the Senate bill, says the new law “gives us an opportunity to get out front and protect consumersdbefore there’s a problem in our state.” The Tennessee bill is simila r to legislation already enacted in Utah, Colorado, Delaware and Rhode and being introduced this year in Connecticut, Missouri, New Mexico, Texas and Washington. The ULC is pushing similadr legislation in several statesthis year. Tennessese lawmakers have made afew modifications, including requiringg companies to pay a fee to the state, which will make it a self-sustainin program, as well as submit two yeard of verified financial statements.
The Uniform Debt Management Services Act caps fees and requirexs such companies to carry insurancr and asurety bond. It also includes othee regulations. It also such companies doing business with Tennessed residents to register withthe state. Many debt management firm s are based inother states, with many in but operate by phone and They market to Tennesseands through ads such as roadside signs. Debt managementr companies actas go-betweens with consumerds and their debtors, and work to help negotiate down consumer debt.
The act was drafted with the help of the UniformkLaw Commission, a state-supported organization that focuses on consumer protection and is trying to create a set standardc nationwide. The commission says the firmss generally charge significant upfront fees and advise theid customers to stop paying their They are directed to save up a lump sum of generally 40 percent to 60 percenf oftheir debt, that the companty then uses to negotiate a settlement with the creditor. ln many consumers can negotiate a settlement directlg with their credit card companies but may be too intimidatec todo so. Sen.
Doug Overbey, R-Maryville, who sponsoredx the Senate bill, says the new law “gives us an opportunity to get out front and protect consumersdbefore there’s a problem in our state.” The Tennessee bill is simila r to legislation already enacted in Utah, Colorado, Delaware and Rhode and being introduced this year in Connecticut, Missouri, New Mexico, Texas and Washington. The ULC is pushing similadr legislation in several statesthis year. Tennessese lawmakers have made afew modifications, including requiringg companies to pay a fee to the state, which will make it a self-sustainin program, as well as submit two yeard of verified financial statements.
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