STURGIS, Mich. - (10/14/05) -- The chief financial officer of ParmaTube Corp. was charged Tuesday with a $1 million embezzlementscheme which he allegedly laundered through his credit union. CraigBalzer, 42, was charged with diverting at least $938,000 from themetal tube maker's accounts and transferring the funds for hispersonal use. Company officials were alerted to the alleged schemeby an attorney who was conducting audits at Kastco CU, inKalamazoo, where Balzer is believed to have transferred as much as$240,000. Credit union officials contacted the owner of the companywhen they were unable to verify authorizations for fund transfersfrom a company account at a bank to the credit union account inBalzer's name, police said. Affidavits submitted with the chargessaid Balzer began making weekly deposits of company funds into hiscredit union account in June 2003, beginning with $60 andeventually reaching $4,000 a week.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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