Six funds lost $2 billion

S.C. Attorney General Henry Dargan McMaster is investigating investment advisors who might have withheld information that caused investors to lose money in six mutual funds. McMaster’s office, in cooperation with the SEC and the states of Alabama, Kentucky, and Mississippi, has filed an administrative action against Morgan Keegan & Co., Morgan Asset Management and four employees. S.C. investors lost more than $3 million due to misrepresentations about the mutual funds. All told, the six mutual funds lost $2 billion.

Cayce strip

The first major remodeling of the Cayce Krispy Kreme store on 12th Street is complete, including the new Kool Kreme ice cream line and espresso–based drinks.

Insurance information

According to Colorado State University’s William Gray and Philip Klotzbach, their 2010 hurricane season forecast sees 15 named storms of at least tropical storm strength. Eight are expected to become hurricanes, and four of those, major hurricanes. With a historical average of 31 percent, the chance a major hurricane will hit the U.S. East Coast this year is 45 percent.

Crossing the halfway point

The Adesso condominium building at the corner of Main and Blossom is over 50 percent sold.

Good for $50,000

Come Friday at Five Points, April 16, 24 local charities will be awarded contributions totaling more than $50,000 from St. Patrick’s Day festival proceeds. The March 13 event drew more than 28,000 attendees.

That’s what we could use

Total grants to Greenville County beneficiaries from Hollingsworth Funds Inc. since 2001 have exceeded $22 million. Upon the death of Greenville’s John D. Hollingsworth in 2000, his estate of $290 million was transferred into Hollingsworth Funds Inc. The income is distributed under provisions in Hollingsworth’s will: about 45 percent goes to Furman University, 10 percent to the Greenville YMCA, and 45 percent to other Greenville County public charities.

Construction still down

The Carolinas Associated General Contractors has reported its construction barometer fell about 2.5 percent in the fourth quarter of 2009. South Carolina, though, declined less than North Carolina. The South Carolina Upstate was down three percent, but the Lowcountry was up one percent.

But Greenville home sales up—same for Charleston

In March, Greenville home sales picked up almost 18 percent compared to the same month in 2009. March home sales in the Charleston area increased 22 percent over last year.

Closed Friday, opened Monday

Federal regulators closed Myrtle Beach–based Beach First National Bank on Friday, April 9. On April 12, the bank opened under the ownership of Bank of North Carolina. Insured by the Federal Deposit Insurance Corporation, Beach First is the first S.C. bank to fail since Victory State bank closed in Columbia in 1999. The estimated cost to the FDIC is expected to be about $130.3 million. Bank of North Carolina plans to conduct business in S.C. as BNC Bank.

Record for the zoo

During April 5 through April 11, Riverbanks Zoo and Garden set a record of 63,513 guests. For all of 2009, the zoo and garden drew more than one million visitors.

Immedion plans to expand in Columbia

Expecting to begin operations here by August, Immedion LLC recently announced its move into 15,000 square feet of the SCRA USC Innovation Center. Immedion runs an enterprise–level data center in Greenville near the CUICAR campus. Interest in Immedion employment should be expressed through employment@immedion.com. For more information, visit www.immedion.com.

Scholarships for future accountants

The South Carolina Association of Certified Public Accountants will accept applications for its 2010–2011 scholarship program through June 1, 2010. In 2009, 18 of South Carolina’s brightest accounting students received $19,000 from SCACPA’s Education Fund. The recipients represented nine different South Carolina colleges and universities. Only South Carolina residents are eligible. For more information, call Glenna Minor at the SCACPA office, 791.4181 x 107, or email gminor@scacpa.org.

Millionth S.C. BMW

BMW Manufacturing Co. has manufactured and exported more than one million vehicles from its Greer, S.C. plant since 1992. Through 2009, BMW has invested $4 billion in S.C. More than 5,000 people are employed at the plant. Overall, the factory supports about 23,000 jobs and generates $1.2 billion in wages and salaries annually with the state.