Category Archives: Investing
September 2, 2010 – 5:37 am
File photo of the company’s headquarters overlooking the Navesink River. (Click to enlarge)
Homebuilder Hovnanian Enterprises slashed its net loss in its latest fiscal quarter, but still produced more red ink than Wall Street analysts were expecting, according to Bloomberg.
The Red Bank-based company racked up $72.9 million in losses in the period that ended July [...]
By redbankgreenman
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Also posted in Business, Economy, Government, Housing, Land Use & Zoning, Real Estate, Taxes, Wall Street
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Tagged earnings, homebuilder, homes, hovnanian, red bank nj, tax credit
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August 16, 2010 – 9:56 am
Forty-one-year-old financial advisor Stephen Severio of Fair Haven was sentenced to seven years in prison Friday after admitting that he defrauded clients out of more than $700,000, the Asbury Park Press reports.
Many of the 34 clients Severio admitting bilking were elderly, according to the Monmouth County Prosecutor’s office, which handled the case.
According to the Press, [...]
By redbankgreenman
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Also posted in Crime, Law & Justice, Wall Street
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Tagged advisor, Crime, fair haven nj, fraud, investment, john choma, merrill lynch, monmouth county prosecutor, sentencing, stephen severio
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Hovnanian’s headquarters overlooking the Navesink River at Maple Cove. (Click to enlarge)
The misery isn’t over at Red Bank-based national homebuilder Hovnanian Enterprises, despite a brief return to the black two quarters back.
The company reported a net loss of $28.6 million in its second fiscal quarter, which ended April 30, compared with $118.6 million [...]
Two major newspapers take a peek today into the world of technology-driven stock trading— and its connection to a whipsaw drop and rebound in prices earlier this month — by spotlighting a little-known Red Bank firm called Tradeworx.
In “humdrum” offices above the Restoration Hardware store on Broad Street, reporter New York Times Julie Crewell [...]
February 17, 2010 – 7:28 am
A stockbroker from Fair Haven is looking at seven years in prison under the terms of a plea deal he accepted yesterday for pocketing nearly $700,000 he swindled from 31 clients, the Monmouth County Prosecutor announced yesterday.
Here’s the text of a press release from the office of Prosecutor Luis Valentin:
On February 16, 2010, Stephen Severio, [...]
December 17, 2009 – 8:43 am
Hovnanian’s Red Bank HQ, as seen from the foot of Maple Avenue.
Hovnanian Enterprises reported a fourth-quarter net loss of $250.8 million yesterday.
That’s down from a net loss of $450.5 million in the final fiscal quarter of 2008, the Red Bank-based homebuilder disclosed.
In announcing its results, the publicly traded company said revenue in the quarter fell [...]
November 19, 2009 – 7:57 am
One day after he pleaded guilty to federal charges arising from an $8 million investment scam, Fair Haven resident Maxwell Smith was in state court Wednesday, owning up to more allegations.
The 69-year-old former financial adviser at Cantone Research in Tinton Falls faces up to 15 years on the state charges when he’s sentenced on March [...]
November 18, 2009 – 8:11 am
Maxwell Smith, a 69-year-old financial advisor and Fair Haven resident, pleaded guilty to fraud charges yesterday, admitting he stole at least $8 million from clients.
He faces up to 20 years in prison when sentenced by U.S. District Judge Mary L. Cooper in Trenton on February 26. Meantime, he’s free on $1 million bail, according to [...]
September 11, 2009 – 5:41 am
A former broker at the Red Bank office of Merrill Lynch was indicted by a Monmouth County grand jury yesterday on charges that he swindled $500,000 from more than two dozen clients.
Forty-year-old Steven Severio of Fair Haven is alleged to have persuaded investors to cash out of some holdings and roll over the proceeds into [...]
September 3, 2009 – 7:21 am
Hovnanian’s HQ, at the foot of Maple Avenue in Red Bank.
Homebuilder Hovnanian Enterprises has notched its third straight year in red ink, according to data released Wednesday.
The glimmer of good news for investors in and employees of the Red Bank-based company is that the latest quarterly deficit was smaller than the one recorded a year [...]
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