Inside Long Island Business
Get the latest news and trends on Long Island companies and the people behind them.
LI man charged in alleged $7.5 million mortgage scam
An Old Westbury man has been charged with running a $7.5 million mortgage scam, prosecutors said Tuesday.
Mitchell Cohen, 54, was arrested Tuesday along with Erin Davis, 43, of Yonkers, according to Preet Bharara, U.S. Attorney in Manhattan. They each were charged with conspiracy to commit wire, bank, and mail fraud, and two counts of conspiracy to make false statements. The charges carry...
Read more »Homeowners seek help at Wells Fargo event
Photo credit: iStock
A Wells Fargo mortgage assistance event that started Tuesday at the Nassau Veterans Memorial Coliseum was expected to draw hundreds of homeowners seeking loan modifications.
Turnout for the two-day event was lighter than anticipated, with 300 people registered to attend Tuesday and about another 160 Wednesday. The bank had hoped at least 1,200 people would attend; it invited 40,000 homeowners...
Read more »Container Store hosting super fan contest ahead of LI debut
Photo credit: Handout
In less than four weeks, Long Island's own version of The Container Store will hold a grand opening at its Garden City location. To celebrate, the store is hosting a super fan contest to offer one lucky Long Islander the chance to spend opening day in VIP style.
Those who want to enter must go to The Container Store's Facebook page (facebook.com/containerstore) and leave a comment about why...
Read more »Henry Schein buys 3 firms with $61M in sales
Photo credit: Ed Betz
Henry Schein, the Melville-based distributor of health care supplies, today said it had acquired three companies that have combined sales of roughly $61 million. The company did not disclose how much it paid for the three companies, Ortho Technology, Inc., of Tampa, Fla.; Modern Laboratory Services of Bakersfield, Calif.; and Accord of Bangkok. Henry Schein, which posted $8.5 billion in sales last...
Read more »Bethpage acquires smaller credit union
Photo credit: Daniel Brennan
Bethpage Federal Credit Union said Monday that effective July 1 it had acquired the United Food & Commerce Workers Local 342 Federal Credit Union of Mineola.
The local’s 2,000 members automatically became Bethpage members.
The UFCW Local 342 Federal Credit Union’s only branch, in Mineola, was scheduled to close.
Bethpage has 26 branches, including one in Mineola. It is the...
Read more »Hi-Tech stock surging on Par Pharmaceutical buyout
Photo credit: Tom Decker, 2010
Share prices for Amityville-based drugmaker Hi-Tech Pharmacal have been surging through the trading day on news of a $1.9 billion buyout within the pharmaceutical industry.
Hi-Tech's stock is up over 11 percent Monday amid speculation about other companies in the same sector that may be acquired after the announcement of Par Pharmaceutical's buyout by private equity group TPG.
New Jersey-based...
Read more »Wells Fargo offers mortgage help at Coliseum
Wells Fargo will hold a workshop for distressed homeowners on Tuesday and Wednesday from 9 a.m. to 7 p.m. at the Nassau Veterans Memorial Coliseum, 1255 Hempstead Tpke. in Uniondale.
Wells Fargo representatives will be available to confidentially discuss homeowners’ questions and concerns about their mortgages. Homeowners can also find out whether they’re eligible for a loan modification under...
Read more »Discount retailer Daffy's going out of business
Photo credit: David Pokress, 2011
Discount retailer Daffy's Inc. is going out of business and will be shuttering its store doors through the fall, the company announced Monday.
Daffy's currently operates 19 stores in New Jersey, New York and Pennsylvania, with a majority of the stores located in New York City. The company is based in Secaucus, N.J. and employs more than 1,300 people.
There is one Daffy's store on Long...
Read more »Modest increase in NY manufacturing reported
Photo credit: Daniel Goodrich, 2010
Manufacturing in New York State grew modestly in July, according to the Empire Manufacturing Survey, a monthly report of state manufacturing released by the Federal Reserve Bank of New York.
The general business conditions index rose 5 points from 2.3 to 7.4, an uptick from analyst estimates of 4.0. It's also an improvement from June, when the index fell 15 points to 2.3, the lowest point...
Read more »Clever Devices acquires Digital Recorders
Clever Devices, a Woodbury transportation technology company, announced Friday that it has purchased Digital Recorders Inc.
The price of the transaction, which closed Friday, was not made public.
Digital Recorders is a North Carolina company that develops transportation solutions. It is a former subsidiary of DRI Corp., which filed for Chapter 11 bankruptcy in March. As part of its bankruptcy...
Read more »
