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Jobless rate up, equipment causing problems for ESC

November 23, 2009 By

South Carolina’s jobless rate last month was once again 12.1 percent, the same level hit in June. Between June and October the rate slid slightly, as more people stopped looking for jobs, at least temporarily.

Construction and manufacturing continue cut backs. The national unemployment rate last month rose above 10 percent for the first time in 26 years.

South Carolina workers are now eligible for almost two years of unemployment checks. President Obama signed a $24 billion economic stimulus bill this month that included another 20 weeks of benefits for jobless workers.

The new S.C. Employment Security Commission Interim Director Samuel Foster says each time a new round of extension unemployment checks is issued, it’s a strain on his agency, especially because of equipment that’s more than two decades old. [Read more...]

Filed Under: Business, Economy, News

SC State Parks shine during recession

November 23, 2009 By

At a time when businesses are folding, the South Carolina State Parks system is thriving, even witnessing increased revenues.

Department of Parks, Recreation and Tourism officials refer to the park system as their shining star. It has netted $23 million a year for the last three consecutive years. That’s more each year than the parks earned during any of the previous five years.

Phil Gaines directs the park system.  “Our revenues are up, visitation is up,” he said.  “That’s a reflection of our business-like approach, but also it’s the citizens of South Carolina realizing what a value it is to have state parks.  During these tough times, people can reconnect with their state.  This has been a tremendous opportunity for us to get people who traditionally do not come to state parks.”    [Read more...]

Filed Under: Business, News, Recreation & Entertainment

Man sentenced in $18 million Ponzi scheme

November 23, 2009 By

A man who was indicted in South Carolina and Tennessee for a Ponzi scheme has been sentenced to 24 years and four months in federal prison, and ordered to pay in restitution over $18 million.

Luis Hiram Rivas, age 56, pleaded guilty to wire fraud, bankruptcy fraud, and money laundering involving a Ponzi scheme between March 2007 and May 2008. Rivas operated offices, called trading centers, in Knoxville, Tennessee, Spartanburg, South Carolina, Panama City, Florida, and Tulsa, Oklahoma.

He successfully defrauded hundreds of individuals by saying he was an experienced and successful foreign currency trader, guaranteeing investors up to 96% annual return for three years, paid monthly on investments. Much of the investors’ money was never invested, but instead used to purchase luxury items for Rivas’  girlfriends which included houses, cars, furs, jewelry, limousine service, clothing and furnishings.

In addition to admitting to the Ponzi scheme, Rivas also pleaded guilty to bankruptcy fraud. When investors attempted to force Rivas into bankruptcy proceeding in 2008 in order to freeze his accounts, Rivas illegally moved funds to hide them from the U.S. Trustee.

Filed Under: Crime & Courts, News
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