Former Voyager Bank CEO Hit With Federal Indictment

Category: Personal Loans
Published: Tuesday, 23 December 2014
Written by Admin
A federal grand jury indicted former Voyager Bank CEO Timothy Owens this week on charges of making false statements to federal examiners in 2009 about more than $5 million in personal loans and for obstructing an investigation into the matter.

Owens was indicted on eight counts: five alleging obstruction of a financial institution examination and three counts of false entries in bank records and reports. He is due for his first appearance in federal court on Dec. 30.

The Eden Prairie-based bank fired Owens in 2011. Owens sued the bank two months later after he failed to repay loans to the bank. An American Arbitration Association panel awarded Owens more than $3 million in damages based on alleged defamatory statements made by the bank and individual directors, according to the Star Tribune. The panel, however, called the deceptive nature of Owens communications to the Federal Reserve indefensible and blameworthty.

According to the indictment filed this week in federal court, Owens allegedly submitted a false and misleading review of direct loans after the Federal Reserve Board requested such a review in 2009. The request came after the discovery of four personal loans from Voyager to Owens that totaled more than $5 million and a $7.5 million letter of credit. Owens insisted that the Voyager board discussed a letter sent by the FRB and approved a revised direct loan policy. But according to the indictment, neither matter appeared in the boards minutes.



Traders Alert - Genuine Parts (GPC), Kasikornbank Public Co Ltd(OTCMKTS ...

Category: Personal Loans
Published: Monday, 22 December 2014
Written by Admin

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Genuine Parts Company(NYSE:GPC)  proclaimed that Bill Stevens, Chairman and Chief Executive Officer of Motion Industries, the Companys industrial parts distribution business, has announced his plan to retire on March 1, 2015.  Accordingly, the Board of Directors elected Timothy P. Breen to the position of President and Chief Executive Officer of Motion Industries, effective today.  Previously, Mr. Breen was President and COO of Motion Industries.  Mr. Stevens will remain as Chairman of Motion Industries until his retirement in early 2015.

Genuine Parts Company(NYSE:GPC) increase 0.39% and closed at $105.88. The 52-week range for the stock is $76.50 and $106.80 and during the previous trading session the stock touched its highest price at $106.80. Its introductory price for the day was $106.12, with the overall traded volume of 1.03 million shares.

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Kasikornbank Public Co Ltd(OTCMKTS:KPCPY) released that it provides commercial banking products and services in Thailand and internationally. The company offers various personal banking products and services, including bank accounts, such as savings accounts, e-savings accounts, fixed accounts, current deposits, and foreign currency deposits; credit and debit cards; loans, such as housing loans, home equity loans, express cash loans, personal loans for education, and personal loans for provident fund members, as well as for welfare; and life, annuity, retirement, accident, asset protection, home protection, health, and auto insurance products.

Kasikornbank Public Co Ltd(OTCMKTS:KPCPY) decline -1.06% and closed at $27.97. The 52-week range for the stock is $18.05 and $30.63 and during the previous trading session the stock touched its highest price at $28.38. Its introductory price for the day was $28.10, with the overall traded volume of 21,895.00 shares.

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Pep Boys-Manny Moe and Jack(NYSE:PBY) revealed that its financial outcomes that itsSales for the thirteen weeks ended November 1, 2014 increased by $10.5 million, or 2.1%, to $517.6 million from $507.0 million for the thirteen weeks ended November 2, 2013. Comparable sales increased 1.2%, consisting of an increase of 6.1% in comparable service revenue and a decrease of 0.2% in comparable merchandise sales. In accordance with GAAP, service revenue is limited to labor sales, while merchandise sales include merchandise sold through both our service center and retail lines of business.

Pep Boys-Manny Moe and Jack(NYSE:PBY) gaining 0.42% and closed at $9.46 on a traded volume of 1.03 million shares, in comparison to 310,202.00 shares of average trading volume. The company has a total market capitalization of $501.92M.

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Fuchs Petrolub AG(OTCMKTS:FUPBY) is pleased to intimated that it is engaged in the production, distribution, and sale of lubricants and related specialties worldwide. Its Automotive Lubricants Product segment offers engine oils, gear oils, and shock absorber oils. The company’s Industrial Lubricants and Specialties Product segment provides metal-working fluids, corrosion preventatives, hydraulic and gear oils, greases, and other specialties.

Fuchs Petrolub AG(OTCMKTS:FUPBY) plunged -1.63% and closed at $10.24 on a traded volume of 41,673.00 shares, whereas its average trading volume is 29,957.00 shares. The Intra-day range for the stock is $10.13 10.26 and Total of 278.00M outstanding shares.

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Scotiabank To Buy Citibank''s Retail And Commercial Banking Operations In Peru

Category: Personal Loans
Published: Monday, 22 December 2014
Written by Admin

Scotiabank said the deal is not material to it, and its common equity tier one capital ratio will be impacted by less than 10 basis points.

Were excited about this acquisition because it will allow us to deepen existing customer relationships, serve new customers and increase our market share in credit cards and personal loans in Peru, said Dieter Jentsch, Group Head of International Banking at Scotiabank. This acquisition is in line with our strategy to increase our scale within the Peruvian banking sector, as well as the other Pacific Alliance economies of Mexico, Colombia and Chile.




IS Fighters Taking Out Personal Loans

Category: Personal Loans
Published: Sunday, 21 December 2014
Written by Admin

KUALA LUMPUR: Malaysians heading for Syria and Iraq to fight with the Islamic State have been taking out bank loans to fund their journey and life there.

Sources from Bukit Aman told the New Straits Times that investigation papers on at least five Malaysian fighters, who were stopped from going over, showed that they had not only disposed of most of their properties, but had also applied for loans, some up to more than RM100,000.

The Special Branch's Counter- Terrorism Division (SB-CTD), meanwhile, said in cutting this lifeline for Malaysians headed for these countries, it would alert banks to slam the door on those they had strong grounds to believe were IS members sourcing for funds.

It has emerged that the 30-year-old former National Service trainer, who was arrested at the Kuala Lumpur International Airport on Wednesday, had taken out a RM20,00 loan.

He quit his job the minute the money came in, and began his trip to Turkey.

Brunei and India were supposed to be among his stops.

Sources close to probes said many of these suspects had applied for the loans with no intention of repaying them as their road to martyrdom was one way.

They believed this trend had begun for some time and that many of these suspects' comrades in Syria and Iraq had done it before.

The new recruits they added, followed their seniors' lead.

It is understood that a woman, who was arrested as she was leaving the country for Syria, was found to have secured a loan amounting to no less than RM100,000 from a local bank.

"Some of them subscribed to the idea that even if they do come back to Malaysia, they would be arrested and settling the loan would be the least of their problems," one of the sources said.

SB-CTD principal assistant director Datuk Ayob Khan Mydin Pitchay said police had found that this method of raising funds was fast becoming a trend among IS members here.

"We know that before this, many militants wanting to fight in Syria would sell off their belongings or were sponsored to go over (there) by IS supporters in the country.

"Lately, however, the trend of taking personal loans from banks is on the rise.

"They include young militants, especially those in the early 20s. Those with low credit ratings will apply for personal loans for as low as RM5,000."

He told the NST that militants who had succeeded in making it to Syria with the monies would use them to, among others, arm themselves, including with an AK47 assault rifle, which costs about RM2,000 each.

He said Malaysians fighting alongside IS militants would receive a comfortable monthly allowance from the terrorist group.

Another set of sources said counterterrorism operatives were keeping an eye on religious schools and orphanages that had organised fund-raising activities to support the IS group

International Islamic University Malaysia's Department of Fiqh and Usul al-Fiqh's (Islamic Law and Jurisprudence) Wan Rumaizi Wan Husin said the militantsdid not have a thorough understanding of Islam.

"In Islam, even before you think of going for jihad, you must clear off all your debts and make sure your family is taken care of.

"If I may remind them of a quote from a hadith that says, 'The Prophet said all the sins of a martyr in the cause of Allah are forgiven, except debt'."


-NST