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Banking and Finance

Flynn sentencing postponed

Updated: October 21, 2014 - 1:03 pm

Posted: October 21, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Virginia Beach attorney David Flynn was scheduled to be sentenced in federal court mid-October for misappropriating more than $2.3 million in escrow funds. His sentencing was rescheduled for Nov. 17.

In April the U.S. Attorney’s Office filed the criminal charges against 44-year-old Flynn in the Norfolk Division of the U.S. Eastern District Court of Virginia.  

PeoplExpress seeking $5M from private investors

Updated: September 26, 2014 - 3:01 pm

Posted: September 26, 2014

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

PeoplExpress, the Newport News-based low-cost airline that launched in June, is looking for about $5 million in seed capital to support the fledgling airline's operations on the Peninsula.

The news comes just a week after Inside Business reported the airline received more than $1.6 million in incentives from federal and regional authorities before launching earlier this year.

PUBLIC FILES Monarch Bank to open branch in Tech Center of Newport News

Updated: September 19, 2014 - 4:33 pm

Posted: September 19, 2014

PUBLIC FILES is a recurring feature publishing news and developments about local publicly traded companies and their employees. The following information is for Aug. 21 through Sept. 17.

Dollar Tree

Art groups prepare for state cuts

Updated: September 23, 2014 - 11:36 am

Posted: September 19, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

The directive last month from Gov. Terry McAuliffe for each state agency to cut 5 and 7 percent for the next two years means cuts of $195,000 and $273,000 for FY15 and FY16, respectively for the Virginia Commission for the Arts.

The cuts were requested in an effort to tighten the state budget and dissolve the budget crisis.

Cash to fuel a business is getting a lot easier to find

Updated: September 23, 2014 - 1:12 pm

Posted: September 18, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Businesses, startups and entrepreneurs can travel down an array of paths in the quest for cash. Traditional financiers like banks and private equity firms are once again eager to invest in new and growing companies. New crowdfunding platforms like Kickstarter can also help entrepreneurs turn a prototype into a finished product.

MILLENNIALS AND MONEY They spend and save much differently than their parents do

Updated: September 12, 2014 - 2:47 pm

Posted: September 12, 2014

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

There is a growing gap between the generations, between millennials and their parents.

It's not just in how they talk, text and tweet, but in how they spend, save and secure money.

America's rising generation is finding it harder to buy a car, finance a house, even secure a lease without a guarantor.

Real estate industry supports 1031 exchanges

Updated: September 12, 2014 - 7:42 pm

Posted: September 12, 2014

By Lydia Wheeler
lydia.wheeler@insidebiz.com

Though lobbyists and lawyers doubt that both the House and Senate will pass legislation that would eliminate the property swap tax loophole, commercial real estate agents aren't taking any chances.

Bank president makes a promise for 24-hour business loan response

Updated: September 12, 2014 - 7:40 pm

Posted: September 12, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Bank president Susan Ralston at Bank @Lantec in Virginia Beach doesn't think businesses should worry about banks' lending restrictions. Nor should they wait for weeks to find out about getting a loan.

So she's made a promise. Ralston or a member of the bank's management team will return a call or email within two hours and provide a preliminary answer to a business loan request within 24 hours.

PAYMENT AS EASY AS APPLE PAY Mobile technology could revolutionize payment system

Updated: September 16, 2014 - 1:23 pm

Posted: September 11, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Are credit cards becoming an outdated payment option? Apple seems to think so.

On Sept. 9, during an Apple media event, the technology powerhouse announced Apple Pay, a mobile payment system powered by near field communication. The technology allows consumers to pay by tapping their iPhone to an NFC payment terminal at participating merchants. The payment is confirmed with a fingerprint using Touch ID.

CPA in Bank of Commonwealth case barred from practice for two years

Posted: August 22, 2014

By Jared Council
jared.council@insidebiz.com

A Richmond certified public accountant who received federal sanctions last year related to the now-defunct Bank of the Commonwealth could face additional disciplinary action from a state regulatory body.

James Vincent Poti, a partner with Richmond-based PBMares, was barred from practicing before the U.S. Securities and Exchange Commission for two years starting last December, according to recently obtained SEC filings.

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