State fund invests $600,000 in neutron-detection company
The Indiana’s 21st Century Fund investment will help PartTec Ltd. commercialize its technology. The money will be co-invested with $1.2 million in private funds.
Banking & Finance
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Speech recognition technology firm gets cash infusion
Waveform Communications LLC got its second round of funding for research and development.
Settlement talks afoot in Mel Simon estate brawl
Attorneys for Mel’s daughter Deborah asked a Hamilton County judge to put discovery deadlines on hold and vacate the July 2013 trial date while the parties negotiate a “memorandum of understanding.”
Indianapolis accounting firm settles with Fair Finance trustee
Somerset CPAs PC will pay $500,000 to settle litigation brought by the bankruptcy trustee of Fair Finance Co., the Ohio-based firm that convicted financier Tim Durham used to conduct a major Ponzi scheme.
Baldwin & Lyons profits rise on fewer storm losses
Indianapolis-based Baldwin & Lyons Inc. continues to improve on its 2011 results, recording after-tax profit of $11.7 million, or 78 cents a share, for the third quarter.
Durham lawyer balks at proposed 225-year sentence
The attorney for convicted Ponzi schemer Tim Durham argues that the presentencing report miscalculates the losses suffered by investors, includes a range of allegations that weren’t proven at trial and blames his client for events outside his control.
Local lawyer appointed federal bankruptcy judge
James M. Carr of the Indianapolis law firm Faegre Baker Daniels LLP has been appointed to a 14-year term effective Jan. 1. His selection follows the recent appointment of Marion Superior Court Judge Robyn Moberly.
Indiana businessman admits guilt in 2 fraud plots
An Indiana businessman has pleaded guilty to ripping off an Iowa company and duping investors in separate fraud schemes totaling $2.3 million.
Storm will keep financial markets closed Tuesday
Stock trading will be closed in the U.S. for a second day Tuesday as Hurricane Sandy bears down on the East Coast. Bond trading will also be closed.
Florida payroll provider moving to Indianapolis, adding 59 jobs
Beyond Payroll LLC, which said it will add the jobs by 2106, is leasing 2,000 square feet of space in the downtown Stutz Building.
Church caught up in nightmare after life insurance scheme sours
The Lindberg Road Church of Christ in Anderson has filed for bankruptcy protection because of a failed plan to finance construction on its properties. The plan involved buying life insurance on elderly members, with the intent to sell the policies later on the secondary market.
Report tallies local government debt loads
A new reporting requirement on local governments gives taxpayers unprecedented access to debt information, but the data is also likely to raise many questions.
Charter airline proposed by local entrepreneur on investment firm’s radar
Legacy Travel Club finds believer after months of fruitless fundraising locally.
Rapid rise of ExactTarget uplifting for young techies
In just over a decade, the interactive marketer has rocketed from bootstrapped startup to New York Stock Exchange-listed company with a market value of $1.5 billion.
U.S. sues Bank of America for $1B-plus in mortgage fraud
The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis.
Stocks hammered by weak earnings reports
Stocks sank sharply Tuesday morning, driving major indexes to their lowest point since early September, after big-name companies reported weak quarterly earnings and lowered their expectations for the rest of the year.
Scale Computing lands $12 million in VC funding
Scale Computing, a maker of data-storage devices that recently launched a “datacenter in a box,” has landed another $12 million in venture funding.
State going after underwriter of $5M Estridge offering
The regulatory action is an outgrowth of a falling-out between Indiana Securities owner Frank Neese and Bank of Indiana, which lost its entire $1 million investment when The Estridge Cos. collapsed.
Legal fees nearing $9M in Fair Finance bankruptcy
The trustee in the Fair Finance bankruptcy case and his law firm have run up legal bills approaching $9 million, nearly double the recoveries they've achieved to date for investors victimized by convicted fraudster Tim Durham.
Lender forecloses on Uptown Business Center
A lender has filed to foreclose on the Uptown Business Center, a neighborhood retail building at the southwest corner of 49th Street and College Avenue that a local developer had hoped to use as a springboard to revitalize the intersection.