Financial – FK Leotar Wed, 15 Sep 2021 04:36:49 +0000 en-US hourly 1 Financial – FK Leotar 32 32 Solar farm developers hear from the public | Community Wed, 07 Apr 2021 23:16:58 +0000

“We actually took a deep look at the MUD soil,” Eckert said. “We actually started a floodplain study because it was the ideal area closer to the river. “

Eckert said Saunders County was chosen for several reasons. The area is located near major electricity users such as the Omaha metropolitan area. The location of the OPPD substation in southern Yutan was also one of the reasons this area was chosen.

“So in this case we’re looking at the market, we’re looking at the market to try to find where we can connect a new solar plant to the grid where we don’t have to build a whole bunch of new facilities or add upgrades. level to the system, ”he added.

Community Energy began contacting landowners in the area in 2019 to discuss the project.

“We had conversations with various people and started discussing the concept and what it might look like and how we could potentially bring a project like this to fruition,” Eckert said.

The OPPD asked Community Energy to buy the energy. Michaela Valentin, government and community relations manager at OPPD, said the utility has a strategic initiative called Power with Purpose that integrates renewable energy, including solar power.

“Our mission is to provide affordable, reliable and environmentally friendly energy services to our owner customers, and as part of that mission, we are constantly evaluating what our energy mix looks like,” she said.

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FINRA examines companies that have accepted PPP loans for possible rule violations Wed, 07 Apr 2021 23:16:55 +0000

FINRA is examining brokers who have received a loan under the Paycheck Protection Program, a federal government program intended to provide relief to small businesses affected by the coronavirus pandemic.

In a letter obtained by Financial planning, the regulator’s national financial crime and cause detection programs indicate that the purpose of the review is to determine whether PPP loans violate federal securities laws or FINRA rules. The recipient’s name and brokerage affiliation have been redacted.

A FINRA spokesperson confirmed the letter was from the regulator and clarified that it was not a focused review letter.

“FINRA is proactively reviewing registered representatives who have obtained loans in the course of undisclosed outside business activities,” the spokesperson said in an email. They declined to comment on rule violations that concern the regulator or the number of advisers screened.

While undisclosed outside business activities would violate FINRA rules, Max Schatzow, a Stark & ​​Stark lawyer who represents a company who received a copy of the letter sent to an affiliate advisor, says it appears that the regulator tries to determine whether or not the person should have taken out a loan in the first place.

The letter requests detailed information on why the advisor requested a loan, how the funds were received and used, and any compensation received since October 1, 2019.

“There are no rules, statutes or regulations saying that an advisor cannot apply for a government sponsored loan whether or not it is recoverable,” Schatzow said. “I just think it is an insane waste of the resources of FINRA spending their time and energy essentially doing the work of a criminal investigation or an enforcement arm of a government regulator.”

The federal government set aside $ 670 billion in April for small businesses that were affected by lockdown orders nationwide during the pandemic

Given the feeling of panic in the spring, some companies may have taken out loans on behalf of a parent company not to include them on the books of a brokerage entity regulated by FINRA, said Stephen Murphy, director. general manager of Foreside Financial Group, which provides governance, risk management and compliance technologies to advisors. The roll-out of financing on a first-come, first-served basis has also sparked a rush in loan applications.

“Decisions weren’t always well documented, applications were sometimes read with teary eyes, and in retrospect maybe different interpretations could be made now,” says Murphy.

If the funds weren’t used exclusively on employee payroll, FINRA might fear the company might violate FINRA 2010 regulations, which demands that businesses be run fairly and honorably, adds Murphy. Or if the business really needed the loan to avoid going out of business, it could violate FINRA’s capital requirements.

“Were companies using these PPP loans to cover up past misdeeds? Did companies take this opportunity to pay themselves a premium rather than reinvesting it in the company? Murphy asks. “I think it comes down to the notion of ethical management of your business.”

According to data released by the Small Business Association, which administered the loans, more than 1,400 wealth management companies received loans of at least $ 150,000.

Sanctuary Wealth Group, which includes brokerage firm Sanctuary Securities, has received between $ 1 million and $ 2 million from the federal program but has not received a letter from FINRA, according to a spokesperson.

American Portfolios, Kovack Financial and Geneos Wealth Management, all brokers who have received PPP loans, did not respond to a request for comment.

Other companies have dealt internally with employees who abused the coronavirus relief program. In September, JPMorgan Chase found evidence employee and customer wrongdoing involving PPP loans, and Wells Fargo laid off more than 100 employees in October that poorly raised funds.

However, it’s not FINRA’s job to deal with these cases, says Schatzow.

“FINRA should really focus on investor protection and the safety of financial institutions,” he said. “It just seems to come out of left field. “

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Pradhan Mantri MUDRA Yojana contributed to net additional job creation of 1.12 crore Wed, 07 Apr 2021 23:16:53 +0000

Pradhan Mantri MUDRA Yojana (PMMY), which was launched by the Prime Minister on April 8, 2015 to provide loans up to Rs.10 Lakh to non-farm and non-farm small / micro enterprises, has seen a sanction of over 28 68 crore loans amounting to Rs 14.96 lakh crore have been sanctioned so far. A total of 4.20 crore of PMMY loans were sanctioned in 2020-21 and Rs. 2.66 lakh Crore sanctioned in fiscal year 2020-21 (as on 19.03.2021).

The average loan ticket size is around Rs 52,000. PMMY contributed to the creation of additional net jobs of 1.12 crore from 2015 to 2018

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Upscale Menlo Park hotel goes into foreclosure – East Bay Times Wed, 07 Apr 2021 23:16:50 +0000

MENLO PARK – An upscale Menlo Park hotel whose owners had defaulted on a home loan has been foreclosed on its loan, a grim new entry in the accommodation industry‘s catalog of woes at the era of coronaviruses.

The Park James Hotel, located at 1400 El Camino Real near downtown Menlo Park, is now owned by a subsidiary of a Midwestern company whose specialties include purchasing delinquent home loans, according to documents filed on 4 February with San Mateo County officials.

The owners of the hotel had become past due on a loan issued in 2019 by the employee retirement plan of Consolidated Electrical Distributors Inc., according to county public records.

Funding for the hotel totaled $ 32 million, according to county ownership documents.

The loan defaulted in September 2020 – less than a year when funding was provided in December 2019, an unusually short period for commercial real estate funding to fall into default.

PJ Hotel, a subsidiary of Illinois-based Bixby Bridge Capital, now owns the hotel, according to county records.

Once the hotel’s finances stabilize, it is poised for success as the accommodation industry rebounds after a brutal 12 months of coronavirus-related setbacks.

“The Park James is a new upscale luxury boutique hotel, located in the heart of Silicon Valley,” said Alan Reay, president of Atlas Hospitality Group, which tracks the accommodation market in California. “It is positioned to perform very well over the long term as the market recovers from COVID and business travel picks up. “

The owner entity that defaulted on the home loan is an affiliate whose managers are James Bay Area CEOs Pollock and Jeffrey Pollock, according to county and state documents.

James Pollock is the CEO and Jeffrey Pollock is Vice President of the Pollock Financial Group, based in Portola Valley.

The Park James Hotel was built in 2017 and opened in 2018 by its developer and primary owner, according to county and state business records.

The Bay Area’s leisure and hospitality sector has been among the hardest hit by the layoffs. Restaurants, hotels, drinking places and entertainment and art centers lost 195,400 jobs in the one-year period that ended in February, or 45% of all jobs lost in the Bay Area during those 12 months.