Occam wins contract
Santa Barbara-based Occam Networks has signed on another rural telecommunications company for its switching hardware, which helps copper- and fiber-based providers supply high-speed Internet, voice and video. Sebastian is based in Kerman in the Central Valley and has 10,000 access lines. Occam said the company will use Occam’s switches to speed up its copper-based network Read More →
Company owner arrested
A Lompoc man was arrested July 10 and charged with 147 felony counts of selling securities under a misrepresentation, grand theft and forgery. Santa Barbara County law enforcement officials booked Michael Lee Wilson of Pacific Coast Mortgage in county jail. Investigators searched his home and another business location in Lompoc, officials said in a Read More →
$75M estate
It’s been a bad year for California homeowners. Many have seen their property values plummet, and the luxury market is no longer insulated. The real estate market in and around Los Angeles has taken a hit, but one Ventura County luxury homeowner is adapting his strategy to fit the downturn. Instead of reducing the $75 Read More →
Insurance agent sentenced in annuity scheme
A former Santa Barbara life insurance agent has been sentenced to 90 days in jail and ordered to pay $2.1 million for misleading seniors in a scheme that left them paying penalties while he reaped $1 million in commissions. David Abraham, 48, of Santa Barbara, pleaded guilty to felony grand theft on July 9, the Read More →
Area investors acquire Bank of Santa Barbara
Bank of Santa Barbara is being sold to a group of investors headed by veteran Santa Barbara banker Eloy Ortega, the bank’s parent company said July 13. The exact price of the sale wasn’t disclosed. Ortega agreed to a cash payment of 1.6 times the tangible common equity of the $62 million Bank of Santa Read More →
Business bank scrambles to get capital
Banks large and small are feeling the pinch from the real estate downturn, and regulatory agencies have started asking banks to step up and amass more capital. While that may be relatively easy for some of the area’s big institutions, smaller community banks are handling the process differently. In Oxnard, Ventura County Business Bank President Read More →
Stimulus funds flood Tri-Counties
Funding from the American Recovery and Reinvestment Act — the federal stimulus bill — are starting to percolate into the Tri-Counties, with millions of dollars allocated to infrastructure and job training programs. • Congresswoman Lois Capps (D-Santa Barbara), said that the Bureau of Reclamation will make available $20 million in federal economic recovery funding Read More →
