SEC alleges pump-and-dump fraud at Airborne Wireless in Simi Valley
The U.S. Securities and Exchange Commission filed suit on March 2 against Simi Valley-based Airborne Wireless Network and seven of its shareholders and executives, accusing them of orchestrating a $45 million pump-and-dump stock fraud scheme. The lawsuit was filed in federal court in New York. The defendants are Kalistratos Kabilafkas, Timoleon Kabilafkas, Panagiotis Bolovis, Eric Read More →
Read More →Direct Relief launches new health equity fund with Scott’s $50M gift
MacKenzie Scott’s donation to Direct Relief equaled the largest in the organization’s history, at $50 million, and will go toward the Fund for Health Equity, a new project Direct Relief unveiled March 2. Scott announced in December that she was giving nearly $4.2 billion to 384 different charitable organizations in the United States. Direct Relief, Read More →
Read More →Coast Guard says it will enforce new safety rules to prevent another deadly boat fire
The U.S. Coast Guard says it will require interconnected smoke detectors, night watch patrols and other safety measures recommended for small passenger boats after the deadly fire on board the Conception dive boat in the Santa Barbara Channel in 2019. In a Feb. 10 letter to the National Transportation Safety Board, Coast Guard Vice Admiral Read More →
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From the archives: J.D. Power’s entry into the Business Times Hall of Fame
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Read More →State ups unemployment fraud estimate into tens of billions
At least 10% and perhaps as much as 27% of the unemployment benefits paid by the state of California during the pandemic were fraudulent, according to new report from the California Economic Development Department. The department processed 19.5 million claims and paid $114 billion in benefits between March 2020 and Jan. 16, 2021, according to Read More →
Read More →California lifts stay-home orders as ICU capacity grows; COVID remains “widespread” in region
California Gov. Gavin Newsom lifted the state’s regional stay-home orders Monday morning, paving the way for the return of outdoor restaurants service and a few other business activities. Ventura, Santa Barbara and San Luis Obispo counties are now back in the “purple” or “widespread” tier of the state’s color-coded pandemic regulations—the most restrictive level, but Read More →
Read More →Unemployment in region, state rose in December as pandemic worsened
The tri-county region’s combined unemployment rate shot up from 6% in November to 7.4% in December as a wave of COVID-19 cases brought the most widespread business closures since the spring. The rest of the state suffered a similar fate, with California’s unemployment rate going from 8.1% in November to 9% in December, according to Read More →
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