Greenwood man gets 6 years in federal prison for embezzling $14M
Investigators say Daniel Fruits used embezzled money to purchase two Ferraris, a Corvette, a show horse, multiple Rolex watches, firearms and high-end escort services.
Banking & Finance
Articles
Blue & Co. acquires Indianapolis accounting firm
Carmel-based accounting firm Blue & Co. LLC has acquired Alerding CPA Group in Indianapolis.
Indiana pension system lost $200M-plus in Russia-Ukraine fallout
Indiana’s pension system lost $200 million in two months after Russia invaded Ukraine in early 2022, but that’s loose change for a system with $45.8 billion in assets invested all over the world.
Indianapolis-based tech firm Zylo lands $31.5M investment
The latest investment is the fourth major round of funding for Zylo, which was founded in 2016 and has raised more than $66.5 million to date. The company helps customers manage their software-as-a-service subscriptions.
BlockFi seeks protection as FTX collapse rattles crypto
In a Monday filing for bankruptcy protection in New Jersey, where it is based, BlockFi claimed more than 100,000 creditors and liabilities ranging from $1 billion to $10 billion.
Former David A. Noyes CEO awarded $2M in damages, resolving dispute over termination
The former executive, Mark Damer, had been terminated by financial firm David A. Noyes in 2019.
Heritage Group finds success with venture fund
To date HG Ventures has invested nearly $200 million in a total of 30 companies, eight of which had been participants in The Heritage Group Accelerator.
Indianapolis-based franchising-tech firm Woven Brands lands $1.5M investment
Established in 2017, Woven Brands had been self-funded until now. The company’s software platform helps franchisee operators and multi-unit independent operators more easily manage their staff and operations.
Fed official suggests substantial rate hikes might be needed
Comments by James Bullard raised the prospect that the Federal Reserve’s interest rate hikes will make borrowing by consumers and businesses even costlier and further heighten the risk of recession.
Exec who cleaned up Enron calls FTX collapse ‘unprecedented’
The new CEO of the collapsed cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said there was a “complete absence of trustworthy financial information.”
Fed’s top financial regulator urges ‘guardrails’ for crypto
Michael Barr, the Fed’s vice chair for supervision, said Congress should pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange.
U.S. economy headed for slowdown, investment strategist says
Speaking at an IBJ economic forecast event Monday, a Fifth Third Bank economist said the chance of heading into another recession is “literally a toss-up, a coin flip.”
FTX bankruptcy also endangers founder’s philanthropic pledges
The rapid collapse of cryptocurrency exchange FTX into bankruptcy last week has also shaken the world of philanthropy, due to the tens of millions of dollars in financial pledges and influence of FTX founder Sam Bankman-Fried in the “effective altruism” movement.
MBX Biosciences closes on $115M in drug-development funding
The funding amount is one of the largest in recent years for an Indiana-based science startup.
Cryptocurrency exchange FTX files for bankruptcy as CEO resigns
The Justice Department and two federal regulators have launched probes into FTX, looking into whether the collapsing cryptocurrency exchange had skirted rules on safeguarding consumer deposits and relationships with trading affiliates, according to four people familiar with the inquiries.
AP source: US authorities investigate crypto exchange FTX
The swift collapse of cryptocurrency exchange FTX sent more shockwaves through the crypto world on Thursday, with authorities now investigating the firm for potential securities violations and analysts bracing for a further downturn in crypto prices.
Cryptocurrencies plunge as Binance scraps deal for rival FTX
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday.
Crypto exchange Binance to buy rival FTX in apparent bailout
The deal would make Binance, which is already the biggest cryptocurrency exchange by daily volume, an even more dominant player in the cryptocurrency industry.
Fishers bookkeeper sentenced for embezzlement after 8 years on lam
Jody Russell Trapp has been sentenced to federal prison for stealing more than $2.2 million from a Fishers company from 2009 to 2011. He fled to Utah and changed his name almost a decade ago before being recaptured.
Car loan rates head for 14-year high in new barrier for buyers
The average annual percentage rate on new-car loans was 6.3% last month, the highest since April 2019, according to Edmunds.