Repayments to church scam investors wrapping up
The last refund checks to devout investors who lost millions in what amounted to a religious Ponzi scheme are ready to be mailed after being tied up in court for nearly a decade.
Banking & Finance
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Indiana blocks $78 million in wrongful tax refunds
The state Department of Revenue says a special investigations unit discovered more than 39,000 returns relying on identity theft to falsely claim $39 million.
Mourdock stepping down as Indiana treasurer
Mourdock, who defeated longtime Sen. Richard Lugar in the 2012 U.S. Senate primary only to lose the general election after a comment about rape, resigned Friday, four months before the end of his term.
Smarter Remarketer gets $7M in funding
Smarter Remarketer, an Indianapolis-based retail technology firm, said Aug. 27 that it has lined up $7 million in venture debt financing from Los Angeles-based City National Bank.
Nation’s banks continue robust recovery as lending picks up
The FDIC says 57.5 percent of banks reported an increase in profit in the second quarter from a year earlier. They reduced their expenses, and lending marked its fastest pace since 2007.
S&P 500 sets all-time high in intraday trading
The index breached the 2,000-point barrier soon after markets opened on Monday, nearly hitting 2002 points around noon. The Dow also was near its high watermark.
Lawmakers move to monitor State Board of Accounts
A subcommittee of the Indiana Legislative Council met this week to determine the goals and best practices of a new Audit Committee, which is meant to operate as a type of peer-review system for the State Board of Accounts.
A love story with Christ Church takes contentious turn
This is far from the first time that heirs and beneficiaries of the Lilly family fortune have tangled over how it was managed.
Yellen to give her outlook as Fed honeymoon fades
The perilous question that now awaits Janet Yellen's Federal Reserve has put investors on nervous alert: Can it manage to raise rates from record lows without weakening the U.S. economy or spooking markets?
Inventor to try crowdfunding to launch cycling product
An Indiana inventor plans to use the power of the people—and the World Wide Web—to secure funds to produce prototypes for the Land Zeppelin, an apparatus that allows bicyclists to ride in the rain without getting wet.
Lender files to foreclose on downtown’s Villagio condos
First Horizon Home Loans claims the owner of the Villagio at Page Pointe still owes nearly $5.2 million on an $11.6 million loan and is asking a court to appoint a receiver to manage the property until it’s sold.
Local man faces 20 investment-related felony counts
Robert E. Wilson, 54, who operated locally based Wellington Institutional Management LCC, was charged in Marion County Court with 10 counts of securities fraud and 10 counts of being an unregistered broker-dealer.
Lender forecloses on two downtown office buildings
The Gold Building and Two Market Square have been struggling to maintain tenants and face a potential exodus of others to the county’s proposed criminal justice complex.
Church accuses JPMorgan of mismanagement, self-dealing
Christ Church Cathedral has filed a federal lawsuit against JPMorgan Chase, alleging the bank’s “intentional mismanagement” and “self-dealing” led to $13 million in losses in church trust accounts endowed in the 1970s by Eli Lilly Jr.
$500M Indy justice center relies on novel funding
The city will pay an annual fee to a private-sector consortium that will design, build, finance, maintain and operate the facility. According to the Ballard administration, the project won’t require a tax hike.
New Simon VC arm making bets on retail technology
The newly formed Simon Venture Group is betting millions of dollars on nascent technology companies that hope to reshape retailing.
Finance company cutting 170 jobs in Evansville
Springleaf Finance, a division of Springleaf Holdings Inc., has told state officials that it will permanently close its 170-worker mortgage servicing center in Evansville.
Bank of America close to record settlement with U.S.
Bank of America is nearing a $16 billion to $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, a person directly familiar with the matter said Wednesday.
Walgreen turns down inversion, to keep HQ in U.S.
The nation's largest drugstore chain said it will no longer pursue an overseas reorganization that would have trimmed the amount of U.S. taxes it pays.
Plea deal rejected for ex-Indiana county auditor
Lawyers are reworking an agreement under which a former county auditor in Indiana was expected to plead guilty to criminal charges of wrongly paying personal expenses with county-issued credit cards.