Indiana, Elevate Ventures launching $100M growth-stage fund
The new fund, called the Elevate Ventures Growth fund, will be aimed at companies with a $500 million or greater total addressable market.
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Shutdown of financial middleman Synapse freezes thousands of Americans’ deposits
Synapse filed for Chapter 11 bankruptcy protection in April and has shut down its services to some of its fintech or bank partners, leading to accounts being frozen or showing funds not existing at all.
Using AI, Mastercard expects to find compromised cards quicker
In its latest software update, Mastercard is integrating artificial intelligence into its fraud-prediction technology that it expects will be able to see patterns in stolen cards faster and allow banks to replace them before they are used by criminals.
Software firm Tenon to use $8M investment round to fund expansion
Indianapolis-based Tenon Software Inc. plans to use the new funding to grow its staff, accelerate product development and boost marketing.
FDIC Chair Martin Gruenberg says he will resign after hostile workplace claims
An independent investigation led by an outside law firm found rampant instances of abusive workplace conduct at the FDIC, including sexual harassment, stalking and inappropriate supervisor-subordinate relationships.
Red Lobster files for Chapter 11 bankruptcy protection
After closing dozens of restaurants, including one in Indianapolis, the seafood chain has agreed to sell itself to its lenders―giving it a $100 million financing commitment to keep it afloat.
KSM accounting firm announces Cincinnati acquisition plans
Once the acquisition closes, Cassady Schiller will become Katz, Sapper & Miller’s largest office outside of its Indianapolis headquarters.
Dow tops 40,000 for the first time as Wall Street drifts higher
Stocks have continued to hold up despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.
Supreme Court rejects broad challenge to Consumer Financial Protection Bureau
In a 7-2 decision written by Justice Clarence Thomas, the court upheld as constitutional the bureau’s funding mechanism, which is based on profit from the Federal Reserve, rather than an annual appropriation.
Carmel man sentenced for role in $2.1M institutional fraud scheme
A 35-year-old Carmel man has been sentenced to nearly three years in prison after helping steal more than $2.1 million from a credit union, the U.S. Department of Justice announced Wednesday.
Black Hoosier businesses still skeptical of banks
Experts say the hesitancy of Black business owners to borrow stems from historical neglect of those customers by traditional banks—an opinion backed by extensive historical research.
Medicare, Social Security go-broke dates delayed in ‘measure of good news’
An improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warned that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.
Robinhood receives SEC notice for alleged securities violations at crypto unit
The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.
National accounting firm accused of fraud affecting more than 1,500 SEC filings
One of the nation’s most prolific auditors, BF Borgers faces permanent suspension from practicing as accountants before the SEC and a total of $14 million in fines.
Former students of for-profit Art Institutes approved for $6B in loan cancellation
Indianapolis was home to one of the system’s schools, the Art Institute of Indianapolis, from 2006 to 2018.
Apple, Google and Venmo fight new U.S. plan to monitor payment apps
The U.S. government is weighing whether to treat Apple, Google and PayPal-owned Venmo more like banks—and regularly inspect some of their operations.
Wall Street’s ugly April gets even worse at finish line
More worries about inflation and interest rates staying high knocked U.S. stocks lower on Tuesday, as the market closed out its worst month since September.
Scammers stole more than $3.4B from older Americans last year, FBI report says
The FBI received more than 100,000 complaints by victims of scams over the age of 60 last year, with nearly 6,000 people losing more than $100,000.
Study: More than 1 in 4 adults over 50 say they expect to never retire
The share of people older than 50 who say they do not expect to retire has steadily increased, according to the AARP study, which is conducted twice a year.
First Farmers Bank & Trust to open Carmel branch
Converse-based First Farmers Bank & Trust, which opened a loan production office in Carmel last year, now plans to operate a full-service branch in the city’s Arts & Design District.