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New Valley Bank sues Springfield after eminent domain taking at DPW's landlocked warehouse
New Valley Bank sues Springfield after eminent domain taking at DPW's landlocked warehouse

Yahoo

time26-06-2025

  • Business
  • Yahoo

New Valley Bank sues Springfield after eminent domain taking at DPW's landlocked warehouse

SPRINGFIELD — The city took an acre-sized parking lot at 90-120 Tapley St. by eminent domain in 2023, so it would have more parking for its public works headquarters next door. The city paid the property's owners $450,000. But that was inadequate compensation, according to a suit against the city filed this week in Hampden Superior Court by New Valley Bank & Trust Co. The bank says the city's eminent domain taking to expand the Richard Neal Municipal Operations Center at 70 Tapley St. made the loading docks at the warehouse for 90-120 Tapley inaccessible, costing its New York City-based owners a tenant and knocking $1.6 million from the property's estimated value. The land and warehouse at 90-120 Tapley was estimated to be worth $4.4 million to $4.7 million, according to the suit. The owners, New York City-headquartered Top Rock Holdings, have been unable to find a new tenant after a business — L & W Supply Co., which needed a showroom and warehouse for building supplies — backed out of its lease. The warehouse remains unrented, according to the suit. It is offered for sale or lease, according to signs posted out front and in an online listing. The prices are not disclosed. Springfield-based New Valley Bank & Trust Co. lent the owners a $3.3 million mortgage on the property in March 2023, according to documents on file at the Hampden County Registry of Deeds. That's about six months before the city filed an order of taking on Sept. 18, 2023. In that document, the city explains its need for more space for vehicles, supplies and its operations center, as well as to maneuver vehicles used in snow removal, trash pickup and other municipal operations. Lawyers for the city and for the bank did not return calls and emails Wednesday. In eminent domain cases, property owners have the opportunity to accept payment under protest, reserving their right to go to court and seek more money. Alliance for Digital Equity pushes for internet access for underserved on namesake day PVTA extends free bus fares through July, August and September Housing and more: Westmass will take over abandoned Monson Developmental Center Read the original article on MassLive.

Ex-CPA admits to bank fraud conspiracy that cost lenders millions
Ex-CPA admits to bank fraud conspiracy that cost lenders millions

Yahoo

time13-06-2025

  • Business
  • Yahoo

Ex-CPA admits to bank fraud conspiracy that cost lenders millions

SPRINGFIELD — A former accountant pleaded guilty in federal court to participating in a conspiracy that prosecutors say obtained commercial mortgages for area properties using false information. Christine Gendron, 61, pleaded guilty before Judge Mark G. Mastroianni on Friday to one count of conspiracy to commit bank fraud, according to U.S. Attorney's Office spokesperson Caroline Ferguson. Gendron's sentencing is scheduled for Sept. 30. Gendron — whose certified public accountant status expired in June 2023 — described herself as 'resident CPA' of JLL Realty Developers, according to a statement of facts attached to her plea agreement signed April 16. She was sister to one of the partners of the company, Jeannette Norman. Norman's federal case is still pending. Norman, court documents note, was a vice president at Goldman Sachs between 1998 and 2007. The other partner of JLL Realty Developers was Louis Masaschi, Gendron's brother in law. In April, he pleaded guilty to wire fraud, aggravated identity theft and conspiracy to commit wire fraud. His sentencing is set for July. Gendron, the statement of facts reads, helped submit false documents, such as rent rolls, and profit and loss statements, starting in May 2016, to obtain commercial loans for properties in Connecticut and Western Massachusetts. The documents 'contained inflated monthly rental payments and lease expiration dates ... that bore the signatures of Masaschi or Norman, as well as the forged signatures of the tenants,' says the statement of facts. Prosecutors wrote in court documents that JLL Realty tried to obtain $60 million in commercial loans, although some financial institutions did not issue the money. 'After receiving these loans, Masachi, Norman, and their companies made some or no payments and ultimately defaulted on the loans, causing substantial loses to the commercial Lenders,' documents state. Altogether, the financial institutions lost $19.3 million. Among the affected financial institutions, Workers Credit Union loaned JLL Realty $11.5 million in 2018 after the group put up an East Longmeadow property as collateral. Ultimately, the Littleton-based financial institution lost $2 million, according to the statement of facts. In 2017, Springfield-based Freedom Credit Union lent the group $6.25 million based on the collateral of three properties in Springfield and ended up losing $5.37 million, according to court documents. A year later, JLL Realty tried to obtain a $400,000 loan from the credit union, but was unsuccessful. Meanwhile, Berkshire Bank denied JLL Realty's two applications for commercial loans in 2018, one for $11 million and another for $3 million, according to court records. The financial institutions did not immediately return requests for comments. Gendron, court documents state, did not personally guarantee the loan nor receive the proceeds of the loans. She only collected a salary at JLL Realty, which totaled about $393,000 between 2015 and 2022, court records say. Prosecutors in April sought the forfeiture of Gendron's full salary. Special agents with the FBI visited Gendron at her Feeding Hills home in May 2021, according to information filed with the court in April. 'Gendron falsely stated that she was unaware of any fraudulently obtained loans, and that it would surprise her that (her co-conspirators) would submit fraudulent documents to the bank,' prosecutors wrote. Gendron's attorney did not immediately return a request for comment. 'Clash of the Cans' mural contest transforms empty lot in Holyoke WMass shelter determined to make a difference — 14,000 cats and counting This WMass college is offering free course in AI essentials Westfield apartment fire claims life Read the original article on MassLive.

Superior Court judge denies city's request to dismiss portion of police officers wage theft lawsuit
Superior Court judge denies city's request to dismiss portion of police officers wage theft lawsuit

Yahoo

time16-05-2025

  • Yahoo

Superior Court judge denies city's request to dismiss portion of police officers wage theft lawsuit

SPRINGFIELD — A Superior Court judge has ruled against the city after denying its request to dismiss a complaint filed by 19 current Westfield Police Department officers alleging they should have been paid 'regular wages' when attending the police academy, according to court documents. 'After a hearing and consideration of the parties' submissions, the court denies defendant's motion to dismiss,' wrote Superior Court Judge Deepika B. Shulka when handing down his decision Wednesday. Last September, Springfield-based attorney Jeffrey Morneau with Connor & Morneau representing the officers of the department filed a lawsuit against the city with three separate complaints. Count I alleged that officers attending the police academy should have been paid the same wages as a regular officer. Count II was that the city didn't pay the officers while they were attending the academy regular wages earned within seven days of the end of the pay period. Essentially, the second complaint is asking the court to find that the officers attending the academy should have been paid at least $21 an hour instead of $19 per hour within seven days of leaving the academy. And in Count III the officers alleged the city was obligated to pay them because 'valuable services were provided to the city' by the officers — it is called a claim for quantum meruit. In the court's decision to dismiss the first complaint of the lawsuit, the judge referred to case law and cited a 2008 decision and that she determined the officers had 'pleaded factual allegations plausibly suggesting (not merely consistent with) an entitlement' for relief. In this case, it would be back pay times three. The city had argued in its request for dismissal that the court shouldn't accept 'legal conclusions cast in the form of factual allegations' and that the officers used the collective bargaining agreement between the city and Westfield Police Officers Coalition as a justification for relief. While the city initially requested the court dismiss the second complaint, during a court hearing between the city and officers, according to the court documents, the officers agreed to seek payment for wages only while they were working in the academy, which was agreed to by the city. 'Therefore, the court leaves Count II undisturbed as pled,' Shulka wrote. For Count III, the city argued in its answer to the original complaint that the officers were bound to the CBA, and they are 'not entitled to recovery … where a valid contract that defines the obligations of the parties.' In the judge's decision, she noted the language of the CBA is 'not as clear as the city suggests.' She said that while the words 'ACADEMY RATE $19.00' does appear in the agreement, there is also language in the agreement that a student officer is a full-time police academy student; they are not covered by the contract.' The court also noted that the agreement between the city and the union specifically excludes student officers among the group of officers for whom 'the Union [is] the sole and exclusive bargaining agent with respect to wages, hours, and other conditions.' The judge wrote that the language of the CBA was 'ambiguous at best as to whether the student officers are bound by the CBA, what rights the student officers had to challenge it, and whether the CBA prescribed an hourly pay rate for student officers.' Based on that, the court also denied the city's request to dismiss Count III. Morneau said Wednesday the next phase of the lawsuit includes the city answering the court's decision, discovery begins, and depositions being taken. Morneau is also seeking the lawsuit be deemed a class action because of the potential the lawsuit will include at least 50 of the department's officers. 'The class allegations are brought on behalf of [the] plaintiff and all other members of the Westfield Police Officers Coalition who worked for [the city] … absent a class action, the class will continue to suffer injury, thereby allowing these alleged violations of law to proceed without remedy and allowing [the city] to retain the proceeds of its ill-gotten gains,' the lawsuit reads. The city of Westfield's Law Department declined to comment on the decision. Read the original article on MassLive.

Ozarks Tech approves 3% pay increase for employees to stay competitive
Ozarks Tech approves 3% pay increase for employees to stay competitive

Yahoo

time15-05-2025

  • Business
  • Yahoo

Ozarks Tech approves 3% pay increase for employees to stay competitive

The governing body of Ozarks Technical Community College approved a 3% pay increase for all full-time, part-time and adjunct instructors. The May 14 vote by the Board of Trustees will apply to anyone employed in their respective positions on or before March 31 of this year. "It's really heartening to be able to do this in light of some other institutions that are not giving raises this year or are very, very small," Ozarks Tech Chancellor Hal Higdon said in the meeting. "We've really tried to stay competitive in our local market." Higdon said Ozarks Tech must compete against Springfield Public Schools and Missouri State University, especially to fill staff positions. "This will allow us to either keep up with one or pass the other," he said. The Springfield-based institution streamlined its salary schedule this year and set aside funds to make targeted market adjustment for key positions, Higdon said. More: Ozarks Tech taps graduate, health sciences dean as its next provost According to the college, salary increases for individuals in externally funded positions — including roles paid for with grants — will be contingent on available funding and approval by the funding entity. The pay increase starts July 1. This article originally appeared on Springfield News-Leader: Ozarks Tech increasing pay for employees to stay competitive

Forbes Richest Person In Every State 2025
Forbes Richest Person In Every State 2025

Forbes

time30-04-2025

  • Business
  • Forbes

Forbes Richest Person In Every State 2025

For the third straight year, Forbes has scoured the nation to find the richest person in every state. We again found billionaires in all but three. The 54 entrepreneurs, investors and heirs on the 2025 ranking (including ties) are worth a record $2 trillion combined, up $400 billion since last year's list. Five states have a new no. 1—all because one rich resident has overtaken another, rather than the high-profile, out-of-state moves that have shaken things up in past years. Among the states whose wealthiest person changed in 2025 is Missouri, where the richest Black American, IT mogul David Steward (estimated net worth: $11.4 billion) of St. Louis-based World Wide Technology, has surpassed John Morris ($9.6 billion) of Springfield-based Bass Pro Shops. Meanwhile, in neighboring Arkansas, Bentonville-based Walmart heir Rob Walton ($113 billion) takes the title from his brother Jim Walton ($112 billion). The world's wealthiest woman, their sister Alice Walton ($104 billion), remains a distant second in Texas, behind the world's wealthiest person, Elon Musk ($388 billion), who moved to the Lone Star State from California in 2020. Across the country in Washington, former Microsoft CEO Steve Ballmer ($118 billion) beats out his old boss Bill Gates ($108 billion), after Forbes upped its estimate of the 2021 divorce settlement secured by Gates' ex-wife Melinda French Gates ($30.2 billion). French Gates now ranks as the third richest person in the Evergreen State, one spot ahead of MacKenzie Scott ($26.7 billion), whose ex-husband Jeff Bezos ($206 billion) of Amazon has been Florida's wealthiest resident since announcing his move from Washington to Miami in 2023. In Wisconsin, Diane Hendricks ($21.9 billion) is one of 10 women who are the richest residents of their respective states, up from nine last year. The Republican megadonor and cofounder of Beloit-based roofing giant ABC Supply, overtakes John Menard, Jr. ($21.5 billion), who founded the Eau Claire-based home improvement chain Menard's. And then there's New Jersey, where hedge fund tycoon John Overdeck ($7.4 billion) reclaims his state's top spot from cable TV mogul Rocco Commisso ($5.8 billion), an Italian immigrant who moved with his family to New York City at age 12 in 1962. While at least one of America's 868 billionaires can be found in almost every state, nearly two-thirds of them live in just four: California (194), New York (137), Florida (116) and Texas (81), where the competition for the top spot is particularly tough. That's especially true in the Golden State, which is home to four of the seven richest Americans, including Oracle's Larry Ellison ($175 billion) and Alphabet's Larry Page ($135 billion) and Sergey Brin ($129 billion), who are all too poor to make this year's list, given Palo Alto resident Mark Zuckerberg's $189 billion fortune. In contrast, 10 states have just one billionaire: Alabama, Idaho, Iowa, Kentucky, Maine, New Mexico, North Dakota, Rhode Island, South Dakota and Vermont. Alaska, Delaware and West Virginia are still the only states without a billionaire, though Brad Smith, the retired CEO of Intuit and current president of Marshall University, is knocking on the door in the Mountain State, with an estimated $900 million net worth. Smith has been West Virginia's richest person since the 2023 ranking, when he overtook the state's former billionaire governor and current U.S. senator Jim Justice, who Forbes now estimates is broke and buried under more than $1 billion of debt and other liabilities. Forbes Richest Person In Every State 2025

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