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Shoplifter gets probation in $500,000 shoplifting ring

BY HBSDealer Staff

A case that started with a group of Home Depot customers reporting two suspected shoplifters in Beaverton, Ore., has produced its first conviction. William Hazelwood, 35, pled guilty to one count of first degree theft and was sentenced to 1.5 years of probation and ordered to pay attorney fees, plus an assessment and surcharge, according to an article in The Oregonian. Hazelwood also received an order for drug abuse assessment, counseling and treatment from the Washington County Circuit Court.

Trials are pending for two other suspects arrested in the case, where authorities recovered nearly $500,000 of reportedly stolen goods, including two ski boats, three enclosed utility trailers, a 24-ft. RV, computers and equipment from local businesses and restaurants, appliances from new residential construction sites, and tools and equipment from various construction sites.

Police apprehended the three suspects on Dec. 26, after a group of Home Depot customers reported seeing two men wheeling a shopping cart full of merchandise through an emergency exit door. After watching the men load the goods into a waiting utility trailer, the witnesses took down a description of the car before it drove away.

When police caught up with the suspects, they found $1,200 worth of Home Depot merchandise in the vehicle and trailer.  

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Report: More than 860,000 foreclosures nationally in 12 months

BY Brae Canlen

According to a report by CoreLogic, a provider of information, analytics and business services, the United States saw more than 860,000 completed foreclosures between January 2011 and January 2012. There were 69,000 completed foreclosures in January 2012, 65,000 the previous month. In January 2011, the completed foreclosure rate was 80,000.

Approximately 1.4 million homes, or 3.3% of all homes with a mortgage, were in the foreclosure inventory as of January 2012, compared with 1.5 million, or 3.6% in January 2011. (The foreclosure inventory is the stock of homes in the foreclosure process.)  Nationally, the number of loans in the foreclosure inventory decreased by 145,000, or 9.5%, in January 2012 compared with January 2011.

“We are encouraged by the noticeable progress we are seeing over the last several months in the mortgage industry," said Anand Nallathambi, CEO of CoreLogic. "During the last several years the industry has faced enormous challenges working through difficult and complex issues. We are hopeful that these recent improvements are early signals of revitalization in the mortgage market."

The five states with the largest number of completed foreclosures for the 12  months ending in January 2012 were: California (155,000), Florida (86,000), Arizona (65,000), Michigan (65,000) and Texas (57,000). These five states account for 49.7% of all completed foreclosures nationally.

The five states with the highest foreclosure rates were: Florida (11.8%), New Jersey (6.4%), Illinois (5.3%), Nevada (5.0%) and New York (4.7%).

The five states with the lowest foreclosure rates were: Wyoming (0.7%), Alaska (0.8%), North Dakota (0.8%), Nebraska (1.1%) and Texas (1.3%).

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C.McAdams says:
Apr-23-2012 08:40 am

These are definitely good
These are definitely good news and it's great to see a positive progress in the mortgage market.Hopefully, these positive dynamic will proceed and soon we will see better and even more impressive results.Anyway, I'm always sad to hear about foreclosures because to me it's awful to loose a roof over head.860 000 foreclosures is not a small ammount and I try to understand why so many people face foreclosure.Maybe it doesn't worth to take a mortgage that you will not be able to pay off?Maybe a lot of people are too confident that they will be able to pay off the debt and take mortgages that they can not pay?I am sure that they should be more rational and take affordable mortgages that they are able to pay off to avoid foreclosure. http://cashadvancesus.com/

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Lampert’s ESL to assume Sears vendor payment obligations

BY HBSDEALER Staff

In a move to ensure that vendors continue to supply Sears its goods, Sears Holdings Corp.’s top shareholder ESL Investments, a hedge fund owned by Edward Lampert, has agreed to assume some payment obligations.

In a filing with the U.S. Securities and Exchange Commission on Wednesday and reported by Reuters, Sears said ESL made a deal on Jan. 26 with a financial institution to acquire 80% interest in an agreement designed to ensure payment to vendors in the event of a bankruptcy filing by a company.

In January, Reuters reported that business lender CIT Group would again stop providing loans to suppliers of Sears over concerns about the retailer’s financial well-being. 

As of Jan. 28, ESL held a participation interest of $93.3 million in the financial institution’s agreements relating to the company. Sears is neither a party nor will become a party to any of these agreements, according to the filing.

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