Two men charged with securities fraud for alleged Ponzi scheme
George R. McKown, 65, of Indianapolis and another man are accused of taking part in a Ponzi-like scheme that robbed numerous investors of their retirement savings.
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Banks agree to pay $9 million to settle biased-lending claim
Indianapolis might stand to benefit from a U.S. Department of Justice settlement with two Cincinnati-based banks, which are accused of biased mortgage lending in four cities.
Sears Holdings lines up $200M in financing to stay afloat
The move signals that hedge fund manager Eddie Lampert remains committed to bankrolling Sears, even as the once-mighty department-store chain suffers from dwindling sales and billions in red ink.
High CFO turnover for retailers a sign of the times
The rapid turnover is a symptom of the quickly changing retail industry, as shifting consumer behavior demands new strategies from companies trying to keep up.
First Internet Bank raises $23.4M with new stock offering
The Fishers-based online-only bank plans to use the new capital to support its growing loan business.
Securities watchdog bans second broker in alleged Veros Ponzi scheme
FINRA permanently banned a former stockbroker from practicing in the securities industry after he refused to testify about an ongoing civil Ponzi scheme suit.
Officials want $150K loan tied to Muncie project paid back
The $150,000 loan to a businessman was made more than three years ago as part of an effort to redevelop a Muncie building and create jobs.
Feds bring charges in alleged fraud scheme that stung CNO Financial
Prosecutors accused Platinum Partners of carrying out a $1 billion fraud that included setting up an affiliate to bamboozle institutional investors—including CNO Financial Group—into investing in the teetering hedge fund.
Fed raises rate, boosts outlook for borrowing costs in 2017
New projections show the central bankers expect three separate quarter-point rate increases in 2017, up from the two seen in the previous forecasts.
Federal Reserve expected to raise rates for first time in a year
The Fed last increased rates in December a year ago, when it hiked its benchmark rate from a record low set at the depths of the 2008 financial crisis.
Software firm BidPal raises $6 million in new financing
BidPal said it plans to use the funds to “significantly accelerate product development” and “expand marketing and sales efforts.”
Longtime Indiana Bankers Association leader set to retire
S. Joe DeHaven, a 47-year banking industry veteran, is handing the reins to the Amber Van Til, the first woman to serve as CEO and president of the association.
Supreme Court upholds broad power to curb insider trading
The justices ruled Tuesday that sharing corporate secrets with friends or relatives is illegal even if the insider providing the tip doesn't receive anything of value in return.
House passes bill aimed at overhauling Dodd-Frank law
The House legislation is portrayed by its backers as a potential boon to regional or large community banks that didn't contribute to the financial meltdown, as opposed to the Wall Street powerhouses.
Fair Finance CFO seeks reduction of sentence
Rick D. Snow—who was convicted in 2012 of helping Tim Durham and Jim Cochran loot Fair Finance Co. but didn’t raid the company’s coffers himself—is seeking to get his 10-year sentence reduced.
‘Twelve Days of Christmas’ to cost a tad more this year
The prices for nine of the 12 gifts listed in the holiday carol stayed the same or became cheaper this year, according to the 33rd annual PNC Wealth Management Christmas Price Index released Thursday.
Treasury pick Mnuchin predicts tax cuts to double U.S. growth
U.S. Treasury Secretary-nominee Steven Mnuchin outlined an economic agenda aimed at almost doubling the growth rate of the current expansion, saying he will boost jobs by making tax reform his overriding priority.
Buy, sell or hold after Lilly’s Alzheimer’s flop?
Analysts are all over the map on how investors should react to the Indianapolis-based drugmaker’s news that a promising drug failed to help patients.
Dow breaks 19,000 mark as stock indexes reach record territory
The Dow Jones Industrial Average on Tuesday morning climbed above 19,000 for the first time, as U.S. stocks added to gains that pushed four major equity benchmarks to simultaneous records for the first time since 1999.
Bank dealmaker Reed retiring, moving west
Investment banker John Reed had the foresight to move from the East Coast to Indiana just as a change in state law unleashed a tidal wave of bank mergers. He and his wife are retiring to Colorado to be closer to family.