A Wenatchee-based private equity firm with an office in the Tri-Cities is now in receivership after state regulators allege its officers misappropriated investments through actions including making Ponzi-like payments and its founder using nearly $780,000 to pay for items such as a boat slip and down payments on a vehicle and private home.
Washington got a clear warning that its reliance on reserves and one-time maneuvers to balance the budget endangers the state’s strong credit rating, which could worsen financial challenges.
While CEOs and other executives are often the most well-paid and public faces at the top of financial institutions, they are beholden to those who sit in the board room and scrutinize their institution’s financial performance, potential risks and long-range goals for growth.
A Seattle-based cryptocurrency exchange company that serves the Tri-Cities area has resumed full operations after state regulators ordered it to stop collecting any new funds and refund customers, alleging the firm wrongfully claimed millions of dollars of wired funds as its own income.