After tough August, investors face scary September
September is traditionally the stock market’s worst month of the year, but there are several unique events in store over the next few weeks that could make trading even more turbulent.
Banking & Finance
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Hauke fraud victims to get $1M in initial restitution
Former money manager Keenan Hauke was sentenced in July 2012 to 10 years in federal prison after pleading guilty to running a Ponzi scheme that defrauded 67 investors of $7.1 million. Even more victims have emerged since the sentencing.
State pension fund’s performance falls short of target
With more money in bonds than in publicly traded stocks, Indiana’s $27.1 billion pension fund took a beating in the Bernanke sell-off and closed the fiscal year short of its targeted return.
Omnicity lured teen to invest, state says
State securities regulators allege that principals of Omnicity Corp. goaded a 19-year-old to invest $100,000 from his inheritance into the wireless broadband firm so that it could clinch the purchase of an Ohio carrier in 2010.
IU prof’s study suggests putting shareholders on the line
Despite tougher federal laws aimed at curbing executive malfeasance, a study by an Indiana University professor advocates making shareholders more responsible for watching management—or facing financial penalties themselves.
Brokerage giant settles discrimination lawsuit
Hundreds of black financial advisers have reached a $160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs' attorney said Wednesday.
NCAA investment portfolio climbs to $527 million
College sports’ governing body grew its investment portfolio to $527 million for the year ended June 30, with an 11-percent gain in its $304.5 million quasi-endowment and an 8.8-percent return in its $222.5 million operating reserve.
State pension board change cuts retiree payouts
Indiana lawmakers grilled the head of the state's pension system Tuesday on a decision to push future retirees into a market-based system that could almost halve the amount they earn from annuity plans.
SEC charges Noblesville man in $6M investment scheme
John K. Marcum, 49, portrayed himself as a trader and asset manager to raise more than $6 million from at least 37 investors in six states through his company, Guaranty Reserves Trust, the SEC alleges.
SEC accuses Indy cancer firm of being a sham
The SEC says the CEO of locally based biomedical firm Xytos Inc. has committed securities fraud
since 2010 by repeatedly publishing false information to investors about the company. Timothy Cook denies the accusations.
NASDAQ breakdown ramps pressure to take actions
The latest high-tech disruption in the financial markets ratchets up the pressure on NASDAQ and other electronic exchanges to take steps to avoid future breakdowns and manage them better if they do occur.
Pioneer in online banking thriving on diversification
First Internet Bancorp shares are up 105 percent for the year. Founder David Becker said the Indianapolis-based bank has been careful to be geographically diversified in its real estate holdings.
Brownsburg town council head named new state auditor
Indiana Gov. Mike Pence announced Thursday morning he had selected Dwayne Sawyer for the position. Sawyer has been a member of the Brownsburg Town Council since 2009 and became its president last year.
Indiana Members adds small credit union to its fold
Indiana Members, which has 24 branches and $1.3 billion in assets, will grow by one branch and $17 million in assets.
Indiana senator to push for municipal bankruptcy law
A northwestern Indiana lawmaker says he will push a measure next year that would change state law to allow local governments to file for bankruptcy like Detroit did in July.
Venture capitalist Neff replacing Evans as AIT chief
It’s the latest in a string of leadership changes at the testing lab. Neff is coming from CHV Capital, the venture capital arm of Indiana University Health, where he had been CEO.
City Securities’ stumble opens door to rivals
City Securities Corp. has dominated the Indiana municipal bond market for decades, but the firm’s recent $580,000 settlement with the U.S. Securities and Exchange Commission could give issuers pause and competitors a foot in the door in the underwriting business.
Life sciences venture capital dips again
Venture capital surged in the first half of 2012, to $51.6 million in Indiana. But the pace of activity here fell off sharply in the second half of last year, and remained sluggish into 2013.
CNO Financial gung-ho on share buybacks
The Carmel-based financial services company said that, during the second quarter, it repurchased $59.4 million of its securities, including 4.4 million common shares for $50 million.
New front opens in family battle over Mel Simon fortune
Bren Simon is pushing hard for a distribution from the estate now, citing as precedent an Indiana Court of Appeals ruling in another case that “as a matter of policy, beneficiaries should not be starved of distributions to which they are undisputably entitled.”