Archive for the ‘BANKING & FINANCE – Market Sector’ Category

Ex-investment firm CEO indicted for fraud, concealing assets

by Associated Press Published: March 27,2014

Tags: criminal justice, grand jury, indictment, justice, law, law enforcement, legal, William Marshall Wolfe

PEARL — A federal grand jury has indicted the former CEO of a defunct securities firm in Pearl with bankruptcy fraud and concealment of assets. Prosecutors allege William Marshall Wolfe, as head of MTW Investment Financing LLC, operated a number of smaller firms under the MTW umbrella that sought investors’ money under the guise of […] [...]

Farmer-owned coop pays patronage for 19th year in a row

RIDGELAND — First South Farm Credit member-borrowers will receive approximately $13 million in patronage refund checks in April. Patronage, which is a form of dividend payment, is based on the association’s year-end earnings. Shep Morris, chairman of the First South board of directors, said, “This is the 19th consecutive year we’ve paid a patronage refund. […] [...]

Developer accused of misusing mall bond funds

JACKSON — The Secretary of State’s Office has found Jackson developer David Watkins took funds from a mall project and diverted it to a project to build a new police station in Meridian. Yesterday, Secretary of State Delbert Hosemann announced in a news release that Watkins and his company have been order to pay restitution […] [...]

Bill to renew Mississippi tourism sale tax rebates in home stretch

by Ted Carter Published: March 21,2014

Tags: Business, Mississippi, Politics, taxes

A proposed three-year renewal of Mississippi’s tourism incentives includes a provision designed to spur development of a convention center hotel in Jackson and perhaps Biloxi. Convention hotels would be eligible for sales tax rebate of up to 80 percent over 15 years under two conditions: the properties are built within 1,000 feet of an existing […] [...]

State debt study details challenges to staying creditworthy

by Ted Carter Published: March 21,2014

Tags: Business, Lynn Fitch, Mississippi, The Fitch rating agency

Rich or poor, the negative can find you. It’s a lesson the nation’s wealthiest state — Connecticut — and its least wealthy — Mississippi — have learned after Fitch Rating Service handed the two states “negative” debt outlooks. Mississippi actually stands above Connecticut in creditworthiness at the moment, with an AA+ rating from Fitch compared […] [...]

Attorney pleads guilty to defrauding two banks, court

BILOXI — A Coast attorney has pleaded guilty covering up evidence connected to a scheme to defraud two banks and the U.S. Bankruptcy Court. The government says in a news release that it is seeking restitution on behalf of the victims in the amount of $7.7 million. Stephen Richard Colson entered the plea in U.S. […] [...]

Fed clarifies guidance on short-term rates

by Associated Press Published: March 19,2014

Tags: banking, Business, Mississippi, money

WASHINGTON  — The Federal Reserve is seeking to clarify when it might start to raise short-term interest rates from record lows. The Fed also says it will cut its monthly long-term bond purchases by another $10 billion to $55 billion because it thinks the economy is strong enough to support further improvements in the job […] [...]

Deadline nears for disaster loans for victims of freeze

SOUTH MISSISSIPPI — The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that April 14 is the filing deadline for federal economic injury disaster loans available in George, Greene, Jackson and Wayne counties in Mississippi as a result of […] [...]

House members add more than $61m to Senate’s bill

JACKSON — Mississippi lawmakers are moving toward negotiations on state borrowing in the 2015 budget year. House members yesterday added $61.2 million before passing Senate Bill 2975. Representatives are seeking $30 million to allow the North Central Mississippi Regional Rail Authority to buy a rail line, $20 million to aid Tupelo’s Cooper Tire and Rubber […] [...]

Report: State could afford to borrow $1.8B over next five years

JACKSON — Mississippi could borrow $1.8 billion to use for new buildings, highways and economic development incentives over the next five years and rising state revenue probably could support that amount of borrowing, a report by Treasurer Lynn Fitch suggests. The Republican state treasurer compiled a debt-affordability study after agencies that rate Mississippi’s bonds said […] [...]

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