Financier not at fault in daughter
[Editor’s note: An update is attached below.] The late financier Michael Klein wasn’t negligent in the crash that killed him, his daughter and a pilot when their plane slammed into the side of a volcano in Panama on Dec. 23, 2007, a jury found. The Santa Barbara Superior Court jury instead found that the pilot Read More →
Local economist: Real estate will unfreeze slowly
Luxury home prices are likely to remain frozen at current levels for a long time, a lingering effect of the panic that disrupted financial markets a year ago, a top economist said in Santa Barbara. Speaking on the anniversary of the collapse of Lehman Brothers, California State University Channel Islands economist Sung Won Sohn said Read More →
Employee arrested on suspicion of stealing almost $1M
A Ventura County woman has been arrested on charges of stealing more than $950,000 from Conejo Valley Women’s Group. Elizabeth Ann Jones, a 43-year-old Newbury Park resident, was arrested on Sept. 10 on suspicion of grand theft, forgery, computer fraud and aggravated white collar crime enhancement following an investigation by the Ventura County Sherrif’s Department. Read More →
Pacific Capital faces shareholder lawsuit
A New York law firm is fishing for clients in a shareholder class-action suit it filed against Pacific Capital Bancorp. Stull, Stull & Brody filed a complaint in federal court in Los Angeles on Sept. 9 seeking to speak on behalf of Pacific Capital Bancorp’s common stockholders from April 30 to July 30. Pacific Capital Read More →
Breaking news: Affinity Bank seized by regulators
In the first bank failure in the Tri-Counties in almost 20 years, Ventura-based Affinity Bank was seized by federal regulators Aug. 28. The Federal Deposit Insurance Corp. took Affinity into receivership and said San Diego-based Pacific Western Bank will assume Affinity’s ten branches and $922 million in deposits. Pacific Western also agreed to buy essentially Read More →
Legal discord over music festival
[Editor’s note: See correction below.] A battle of the band bookers is breaking out in Santa Barbara. The organizers of the West Beach Music & Arts Festival face a civil lawsuit from another concert organizer who demands nearly $500,000. Jackie Kane also alleges that the West Beach organizers froze her out of her share of Read More →
Breaking news: Pacific Capital aims for reverse stock split
Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust, wants to execute a reverse split of its stock to bolster its sagging stock price. The region’s biggest independent banking company said Aug. 17 that it will hold a special shareholder meeting in Santa Barbara on Sept. 29 to vote on the reverse split. The Read More →
