Saving Investment – Nelshael http://nelshael.com/ Sat, 18 Sep 2021 23:12:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://nelshael.com/wp-content/uploads/2021/04/nelshael-icon-150x150.png Saving Investment – Nelshael http://nelshael.com/ 32 32 Hello Living receives $ 32 million in loans for mixed-use building in Brooklyn http://nelshael.com/hello-living-receives-32-million-in-loans-for-mixed-use-building-in-brooklyn/ Wed, 07 Apr 2021 23:17:11 +0000 http://nelshael.com/hello-living-receives-32-million-in-loans-for-mixed-use-building-in-brooklyn/
Josh Zegen, Co-Founder and Managing Director of Madison Realty Capital

NEW YORK — Hello Living has recapitalized its 15-story, 76,000 square foot mixed-use residential and commercial rental property located at 271 Lenox Rd. In Brooklyn. The property includes 55 rental units, 9,000 square feet of retail space on the ground floor and a parking garage. It is located near Prospect Park in the Prospect Lefferts Gardens area of ​​Brooklyn.

Madison Realty Capital provided a $ 28 million first mortgage and arranged a $ 4 million mezzanine loan provided by Bluestone Group. The deal was completed in less than two weeks, allowing Hello Living to quickly execute a time-of-essence partner buyout.

Josh Zegen, co-founder and CEO of Madison Realty, notes that his team organized a complex multi-party transaction that met Hello Living’s specific needs, within a tight deadline. He notes that the Hello Living project, which was completed last year, is almost fully leased. The development has 52 two-bedroom apartments and three three-bedroom apartments. Most of the accommodations have a private outdoor space. In addition, there is a roof terrace and a fitness center.

In a separate agreement, last month Hello Living entered into a $ 14.5 million loan also provided by Madison Realty. The refinancing was for a seven-story mixed-use residential property located at 1357 Flatbush Ave. in Brooklyn.

Last November, Hello Living also acquired a building at 1049 Washington Ave. in the South Bronx for $ 11 million. He plans to redevelop the property into a $ 50 million, 104 unit “Hello W” condominium. Founded in 2005, the real estate company has developed over a dozen properties in Brooklyn and has more in the works in New York City.

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Santa Clarita man pleads guilty to getting over $ 1 million in PPP loan scam http://nelshael.com/santa-clarita-man-pleads-guilty-to-getting-over-1-million-in-ppp-loan-scam/ Wed, 07 Apr 2021 23:17:10 +0000 http://nelshael.com/santa-clarita-man-pleads-guilty-to-getting-over-1-million-in-ppp-loan-scam/

A man from the Santa Clarita Valley pleaded guilty on Tuesday to federal charges that he fraudulently obtained more than $ 1 million in Paycheck Protection Program (P3) loans for shell companies, said responsible.

Raymond Magana, 40, of Santa Clarita, pleaded guilty to one count of fraud in connection with a major disaster or emergency benefits, funds he obtained by filing tax documents for bogus companies with fraudulent employee benefits, according to a Justice Department official (DOJ) press release.

According to its plea agreement, in May and June 2020, Magana submitted PPP loan applications to banks, applications containing false statements about the number of employees and the amount of salary expenses.

The PPP allows small businesses and other eligible organizations to receive loans with a two-year term and an interest rate of 1%. Businesses are to use the proceeds from the PPP loan for salary costs, mortgage interest, rent and utilities, officials said.

The PPP allows for the forgiveness of interest and principal if companies spend the proceeds of these expenses within a specified time frame and use at least a certain percentage of the loan for salary expenses.

See related: Garcia to Host Virtual PPP Small Business Webinar in Santa Clarita

On June 3, 2020, Magana submitted a PPP loan application to Customer’s Bank for $ 940,416 for The Building Circle LLC, a company registered in its name. In that request, Magana falsely stated that the company’s average monthly payroll was $ 376,167 and that it employed 40 workers.

Magana admitted to submitting fraudulent tax documents showing $ 4,402,000 in annual salaries paid to 40 employees in 2019 and $ 852,000 paid in employee salaries in the first quarter of 2020.

According to an affidavit filed with a criminal complaint in this case.

Investigators later determined that Pico Rivera’s address listed as the headquarters of The Building Circle was a 980 square foot single-family home that appeared to be a residence and not a business. Ultimately, the loan application was approved and $ 940,416 was paid to Magana’s front company on June 4, 2020, the affidavit states.

Magana also admitted that he applied for and received a PPP loan of $ 360,415 for Forward Builders LLC, another shell company, using false tax documents and false employee information, and falsely claiming 1.73 million. dollars in employee wages.

When a bank manager contacted Magana after one of the business accounts receiving PPP funds was frozen due to suspicious activity, he told the bank “We have all the documents, we have been approved” and he refused to agree to return the incorrectly obtained PPP. funds, states the affidavit.

Nonetheless, the bank froze the $ 940,416 in the defendant’s bank account so that Magana could not access it, the plea agreement says.

The actual loss from both approved and disbursed loans was $ 360,415, according to the plea agreement.

In December 2020, Steven R. Goldstein, 36, of Northridge, Magana’s business partner, pleaded guilty to a single count, charging him with fraud in connection with a major disaster or emergency benefits. Goldstein has admitted to fraudulently obtaining $ 655,000 in PPP loans for his businesses by submitting false tax documents and false employee information. Goldstein’s sentencing hearing is scheduled for March 30.

United States District Judge Stanley Blumenfeld Jr. has scheduled a sentencing hearing for May 11, at which time Magana faces a statutory maximum sentence of 30 years in federal prison.

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CBI hands Janta Glass Limited and others in bank fraud case http://nelshael.com/cbi-hands-janta-glass-limited-and-others-in-bank-fraud-case/ Wed, 07 Apr 2021 23:17:07 +0000 http://nelshael.com/cbi-hands-janta-glass-limited-and-others-in-bank-fraud-case/

The CBI accused Janta Glass Limited, its directors and others of allegedly causing an unwarranted loss of around 75 crore to UCO Bank by embezzling funds raised through loans.

The company has its office in Mumbai and factory premises in Vadodara, Gujarat. Among the 10 defendants are President Jayantilal Mehta, Managing Director Umesh Mehta and Deputy Managing Director Niraj Mehta, as well as three other companies.

It is alleged that the company, its directors, loan guarantors and unknown bank officials deceived the Nariman Point branch of UCO bank in Mumbai. They fraudulently opened accounts on behalf of sellers, falsified related party transactions, created false documents, and distorted sales and purchases.

According to FIR, the company’s loan account had started showing signs of strain since 2006, when it was restructured. However, things have not improved. Subsequently, it was declared a non-performing asset in March 2011 and transferred to the asset management branch. The outstanding amount as of March 31, 2020 was 74.91 crore.

The bank managed to recover around 20 crore yen through collection procedures and the sale of pledged assets. The loan account was declared fraudulent and reported to the RBI in April 2016.

A forensic audit in May 2017 found that using the details of Mr. Umesh Mehta’s PAN card, accounts were opened on behalf of various vendors based in Vadodara. The funds were transferred to these accounts and then to J. Foundation, J. Traders and other entities, which were held by the same promoter family group. This raised suspicions of embezzlement.

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Parkview Financial Provides $ 100 Million Loan to Convert Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno http://nelshael.com/parkview-financial-provides-100-million-loan-to-convert-harrahs-hotel-casino-to-mixed-use-project-in-downtown-reno/ Wed, 07 Apr 2021 23:17:05 +0000 http://nelshael.com/parkview-financial-provides-100-million-loan-to-convert-harrahs-hotel-casino-to-mixed-use-project-in-downtown-reno/

The approximately 1.4 million gross square feet Harrah’s Reno Hotel and Casino is being converted into the Reno City Center, a mixed-use project with 538 apartments and over 250,000 square feet of office and retail space. retail business.

RENO, NEV. – Parkview Financial has granted a loan of $ 100 million to Reno City Center, a subsidiary of CAI Investments, based in Las Vegas. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity.

Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and over 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross construction area, including three hotel towers of 17, 24, and 26 floors; a seven-story parking garage with additional parking at the top of the structure; casino and sports betting; congress and meeting areas; several restaurants and cafes; retail areas; administrative offices; support areas at the back of the house; and maintenance and storage areas.

Luxe General Consulting is carrying out the renovation, which is expected to be completed by summer 2022. When completed, the residential component will include a rooftop swimming pool, leisure terrace, outdoor plaza, fountain, and fitness center. in form, a theater hall, a bar and a games room. The 538 units will include a home office alcove, full kitchen with stainless steel appliances and quartz countertops, as well as built-in washers / dryers. The commercial part will provide retail space and office space – including bars, cafes, restaurants, a grocery store, gym and entertainment – in a park-like setting.

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Muskegon boxer’s ‘beast’ prepares for world title eliminator on Showtime http://nelshael.com/muskegon-boxers-beast-prepares-for-world-title-eliminator-on-showtime/ Wed, 07 Apr 2021 23:17:00 +0000 http://nelshael.com/muskegon-boxers-beast-prepares-for-world-title-eliminator-on-showtime/

Raeese Aleem would rather box in an empty arena than not fight at all. Muskegon’s “The Beast” is just happy to have another fight amid the COVID-19 pandemic and the opportunity to get closer to a world title shot.

The undefeated super bantamweight, who now lives and trains in Las Vegas, will make his second TV appearance on Showtime this Saturday night. Aleem (16-0, 10 KOs) will face undefeated compatriot Tramaine “The Mighty Midget” Williams (19-0, 6 KOs) in a world title eliminator from Mohegan Sun Arena in Uncasville, Connecticut, where fans will not be allowed. due to COVID restrictions.

The Aleem-Williams fight is a joint main event feature between Stephen Fulton Jr. (18-0, 8 KOs) and Angelo Leo (19-0, 9 KOs) for the vacant WBO Junior Featherweight World Championship. The other co-function pits Joe George (10-0, 6 KOs) and Marcos Escudero II (10-1, 9 KOs) in a light heavyweight clash. Action is scheduled to begin at 9 p.m. Saturday on Showtime.

Aleem’s fight, a scheduled 10 round, will be his first since the start of the pandemic. February 14th, he had a smashing television debut with a fourth round TKO from San Antonio’s Adam Lopez as a co-feature for Showtime’s “ShoBox: The New Generation”. Saturday’s event will be the first live boxing show on Showtime since March 13.

“I wasn’t even sure I intended to fight again this year. Many fighters will have the chance to fight this year (due to COVID restrictions). They really only fight the best fighters, so I’m happy to be in this group and in this conversation, ”Aleem said in a phone interview with MLive.

“It will be a little different because as a fighter you can sometimes feed off the energy of the crowd and things like that – for any sport, be it basketball, soccer, boxing. I don’t think it’s going to have an impact on me because it’s going to continue as usual, but it will be a little different: walking into an empty arena with just me and the guy looking at me from the other side of the ring. .

Muskegon’s Raeese Aleem is victorious after his fourth round TKO of San Antonio’s Adam Lopez in a super bantamweight fight as a co-feature of Showtime’s “ShoBox: The New Generation” on Friday, February 14, 2020, at 2300 Philadelphia Arena. (Courtesy Amanda Westcott, via Showtime)

According to BoxRec.com, Aleem is ranked No. 24 in the world in the super bantamweight division (122 pounds). Williams is ranked No. 15, while Fulton and Leo are No. 7 and 9 respectively. Among the US fighters in their division, Aleem is ranked No. 8 while Williams is No. 7.

Aleem, 30, is a 2009 Muskegon High School alumnus who practically grew up in Ravenna and also dated Oakridge for a time. He’s a humble guy and he embraces the outsider mentality, but he’s also confident in his abilities.

The 5-foot-6 Aleem, a right-hander with a 63½-inch reach, will have two inches on his opponent. Williams, 27, from New Haven, Connecticut – located about 45 minutes from the venue of Saturday’s fight – is a southpaw with a reach of 68 inches. This is the first fight for Williams since his 10-round victory over veteran contender Yenifel Vicente last July.

“It’s a huge, huge opportunity. I’m passing this fight, my next fight will be for a world title, but even having this fight – being able to fight for a world title eliminator – it’s a huge, huge opportunity and I’m blessed for that, ”says Aleem.

“(Williams is) a great fighter. You know he’s undefeated, he’s a dog, quick hands, quick feet, he’s really smart. You know, his CV speaks for itself. This is going to be the toughest fight of my career, my toughest test yet, and I wouldn’t have done it any other way. I’m excited about it. I don’t just want to win, I want to dominate. For me, beating a guy like this is going to really elevate my career. “

Aleem is trained by Bobby McRoy and promoter by Marshall Kauffman of Kings Promotions. In Muskegon, Aleem worked for several years with longtime trainer Terry Markowski, whom he considers to be the biggest influence of his boxing career.

Being from a small town like Muskegon, Aleem had to scratch and seize opportunities while remaining patient at the same time. He noticed his career started to take off after moving to Las Vegas, the boxing mecca in 2017.

Aleem appears to have a lot of momentum for Saturday night’s fight. He intends to continue driving.

“It’s taken since I turned pro to get to this moment now. It’s been tough, but it’s fight after fight after fight, getting better and better – doing performances like I did in February and all that. It’s been hard, but it’s worth it. Lots of preparation, a lot of focus and really never giving up, ”he said.

“Every fighter is trying to fight on the big stage, you know, to fight in front of thousands, millions of people; be able to fight for a world title eliminator; be able to fight for a world title; be able to fight 10 rounds, 12 rounds. You know, that’s what every fighter strives to achieve, but not every fighter is able to get there. Only the best fighters can really do it, and then they can excel. He feels good. I’m just ready for war.

Read more:

Muskegon’s ‘Beast’ boxing pushes for next fight on path to world title

Muskegon’s ‘the Beast’ aims to be the world’s best super bantamweight

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COVID-19 a factor in the closure of the former Sunbury textile factory; 101 employees lose their jobs http://nelshael.com/covid-19-a-factor-in-the-closure-of-the-former-sunbury-textile-factory-101-employees-lose-their-jobs/ Wed, 07 Apr 2021 23:16:58 +0000 http://nelshael.com/covid-19-a-factor-in-the-closure-of-the-former-sunbury-textile-factory-101-employees-lose-their-jobs/

SUNBURY – The COVID-19 pandemic has sealed the fate of the former Sunbury textile factory which will leave 101 jobless when it closes later this summer.

The market for non-performing woven fabrics was in decline before the pandemic, said David Swers, president of Glen Raven Custom Fabrics.

But orders for its flagship Sunbrella performance fabrics used in the shade, marine and furniture markets have been negatively affected by the coronavirus, he said.

Although there has been a slight increase in orders as the country begins to reopen, there is uncertainty over the full recovery of the textile industry, he said.

The factories in South Carolina and North Carolina have the capacity to absorb what is woven in Sunbury, Swers said. For this reason, none of the 101 employees will be retained, he said.

The main manufacturing facility for Glen Raven’s custom fabrics division is in Anderson, South Carolina, where the yarn is spun and the fabrics are woven.

The shutdown is hurting him deeply, Swers said, as Sunbury employees have done everything they are asked to do.

All returned when the plant reopened after being closed by Governor Wolf’s order shutting down non-essential businesses, he said.

“These are tough decisions and are not taken lightly,” he said. “We have a great and dedicated team of hard working employees and we appreciate their contributions over the years. “

Glen Raven Inc., which has 61 sites in 17 countries, had a partnership with the previous owners from 1994 until it bought the plant three years ago.

Manufacturing of non-performing fabrics continued with the change in ownership, but with the plant shutdown Glen Raven will stop producing them, Swers said.

The expected closing date is August 4, but he said it could be extended depending on orders. Customers of non-performing fabrics have been notified of the shutdown in case they wish to place orders, he said.

Plant management is working with local economic development officials to explore options for the property, he said.

It is not known what part of the equipment will be transferred to other Glen Raven facilities, Swers said.

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House Extends Tighter Oregon Foreclosure Moratorium | Local http://nelshael.com/house-extends-tighter-oregon-foreclosure-moratorium-local/ Wed, 07 Apr 2021 23:16:57 +0000 http://nelshael.com/house-extends-tighter-oregon-foreclosure-moratorium-local/

“Banks and credit unions continue to work individually with their borrowers to continue to ensure they can avoid foreclosure,” Rep. Daniel Bonham, a Republican from The Dalles, said when promoting the surrogate. . “The share of delinquent and delinquent mortgages continues to decline as the economy improves.”

According to the Mortgage Bankers Association, he said, Oregon’s foreclosure rate was 4.96%, which places it 48th among the 50 states and in Washington, DC.

“If federal financial aid is disbursed correctly, a moratorium on foreclosures beyond June 30 will not be necessary,” Bonham said. “We will move away from disputes over foreclosures and towards real solutions that are finally available to us.”

He and a half-dozen Republicans also opposed the main bill on the grounds that it was an unconstitutional breach of contracts. Some of them compared it to attempts by the legislature to change Oregon’s public pension system, which the Oregon Supreme Court ruled cannot be changed retroactively.

Holvey said the bill does not allow borrowers to waive mortgage payments. He said if the bill is unconstitutional, so are federal programs to prevent foreclosures.

“The risk of not passing this bill is a risk to Oregonians, not a risk to a lender’s constitutional rights on Wall Street,” he said. “We haven’t compromised their ability to collect what is owed to them. It’s just a matter of timing in relation to the foreclosure process.”

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President wants to increase enrollment in higher education http://nelshael.com/president-wants-to-increase-enrollment-in-higher-education/ Wed, 07 Apr 2021 23:16:54 +0000 http://nelshael.com/president-wants-to-increase-enrollment-in-higher-education/

GHANA

Concerned about the low gross level of tertiary education enrollment in Ghana, the government is implementing sweeping measures to increase enrollment from the current 18.8% to 40% by 2030, including the creation of an open university and changing student loan requirements.

In his State of the Nation address to parliament on March 9, President Nano Addo Dankwa Akufo-Addo said that, 64 years after independence, “we still do not have the critical mass of graduates from the higher education which is necessary for our socio-economic transformation. .

“We must therefore introduce measures to consciously increase the proportion of our population with relevant higher education to accelerate the transformation of our country,” he said, describing the 40% target.

“This will be achieved by dramatically increasing enrollment in existing public and private universities and by creating an open university. We expect a record number of registrations over the next four years, ”he said.

Growing registrations

As part of the decision to increase the enrollment rate, President Akufo-Addo said the government would remove the “guarantor requirement” that made it difficult for most students to apply for loans through the fund program. trustee for student loans.

In this system, an active person provides a guarantee for any student who applies for a student loan.

The president said the government is committed to fostering the growth of fields related to science, technology, engineering and mathematics, with an emphasis on engineering.

For this reason, Akufo-Addo said, the government would continue to develop 20 centers and eight model science high schools across the country.

“These institutions will be equipped with state-of-the-art equipment and laboratories, which will facilitate teaching and learning in all fields, including artificial intelligence and robotics,” he said.

The initiatives announced by Akufo-Addo come shortly after the announcement of the QS World University Rankings on March 4, which showed that Ghanaian higher education is doing well in areas such as forestry and agriculture as well. than health sciences.

Technical and vocational education

Akufo-Addo thanked Parliament for passing the Education Regulatory Bodies Act of 2020 (Act 1023), which he said established the Commission for Technical and Vocational Education and Training and the technical and vocational education and training (TVET) service, adding that, “all these [initiatives] will help streamline TVET delivery and avoid overlap and duplication ”.

The government will also build 32 TVET institutions across the country.

In line with the government’s commitment to tackle the problem of youth unemployment through TVET, the government will begin with the implementation of the Ghana Jobs and Skills Project, which aims to accelerate the development of competency-based training programs this year.

Within the framework of the national qualification framework for TVET, 100 trades or professions at different levels of qualification will be established; 25,000 beneficiaries will be trained and entrepreneurial support will be provided to around 50,000 people.

Akufo-Addo said the government will also implement Ghana’s labor market information system and modernize the district’s public employment centers and services.

Exam integrity

Another key objective in efforts to improve the quality of education and ensure that students become competitive globally is to maintain the integrity of Ghana’s examinations and assessment. New measures to tackle exam leaks and malpractice are on the cards.

The president said the first cohort of students under the free high school policy implemented in 2017 passed their final exams last year.

About 60% of the applicants achieved good grades in all major subjects, including English and Mathematics, which qualified them for higher education.

He recognized that teachers are at the center of any education reform and prioritizing the well-being of teachers remains a key government goal.

“After the reinstatement of teacher training allowances, the government now pays professional allowances to teaching and non-teaching staff.

“I am pleased to announce that the government is facilitating the acquisition of 280,000 laptops this year for members of the Ghana National Teachers Association, the National Association of Graduate Teachers and the Concerned Teachers Coalition.” said Akufo-Addo.

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Generation of unemployed: another class of graduates faces a future marked by the pandemic http://nelshael.com/generation-of-unemployed-another-class-of-graduates-faces-a-future-marked-by-the-pandemic/ Wed, 07 Apr 2021 23:16:49 +0000 http://nelshael.com/generation-of-unemployed-another-class-of-graduates-faces-a-future-marked-by-the-pandemic/

The job market is starting to roar, but for anxious seniors like Bao Ha, it’s a whole different reality.

“I probably applied for 130 or 40 jobs or something,” Ha says. “I haven’t even received a return email or an interview.”

Ha soon graduated from Macalaster College in Minnesota, and between his anthropology dissertation and attempting to verify items on his terminal bucket list, he spent hours writing cover letters and browsing job vacancies. ‘use.

And now the self-doubt has started to set in.

“Maybe my cover letter sucks; maybe my CV sucks,” he says.

By many signs, the labor market is coming back: The employment report was a blockbuster, showing more than 900,000 jobs created with a strong recovery in previously struggling industries like the restaurant business.

The problem for students like Ha is that youth unemployment remains stubbornly high. Although much better than the 27.4% rate in April of last year, the unemployment rate for 16-24 year olds actually increased, reaching 11.1% in March. This was significantly above the overall unemployment rate of 6%.

This is no surprise to Elise Gould, senior economist at the Economic Policy Institute. When the economy collapses, the job market tends to be worse for young people, she says.

The reality is that there may be a lot of cheaper college graduates to hire, but in an economy still recovering from major layoffs, there are also a lot more experienced workers desperately looking for jobs.

“They will choose, other things being equal, more experienced people,” Gould says of employers. “So young workers are being left behind and many are going to have a hard time starting their careers.”

Erica Schoenberg would know.

She was part of the class of 2020, which had the misfortune of graduating with the full force of the pandemic.

A year after Schoenberg watched her virtual Trinity University graduation ceremony from the sofa in her living room, she’s back with her parents because she can’t find a full-time job.

Needing an income and something to occupy the day, she took a part-time job in a fabric store and she also teaches at the Hebrew School through Zoom.

We are a long way from the publishing career she imagined, and Schoenberg is worried about the void in her CV, which is growing longer by the day.

“My mom said she thought I could put recent graduates on hold until the next few people did,” Schoenberg says.

The difficulties in finding that first job are magnified for young people of color, especially those without a university degree. Many worked in industries such as hospitality and retail, where millions of people lost their jobs.

Guadalupe Avalos is a student at Cass Tech High School in Detroit. Last April, she only had a few months left to work part-time as a barista before the cafe closed and let her go. She didn’t even manage to master the espresso machine.

“I was just learning to use that one,” she said.

Avalos asked about jobs in her neighborhood, like a nearby pizzeria and grocery store, but she kept getting turned down.

“Yes, there was a job at a McDonald’s, but it was 20 minutes away and I didn’t have that kind of transportation available to me,” she says.

Finding a job is important for Avalos: it could determine whether she will be able to afford board and lodging at university next fall.

“I really, really want to move out and go to a college dorm, but if I don’t have that money, maybe I should stay home,” she says.

And this indicates a reality for many young people. Not getting that first dream job, whether in high school or college, can end up derailing the experience of a lifetime.

Economist Gould says the 2008 global financial crisis could be an inaccurate comparison to the pandemic-stricken economy. But one thing it has shown is how difficult it is to recover from the failure of a career start on the wrong foot.

“It took many years for some of these young high school and college graduates to gain a foothold in the job market, down the path they were trained to take, pay off their student loans, start a family, invest. and buy a house, ”she said.

Ha in Minneapolis has even more chances of finding that first job. He is the first generation in his family to graduate from college, and soon his parents will attend his graduation social distancing to see him graduate.

And while Ha isn’t sure what his future holds, he still hopes all the student loan debt, study hours, and hundreds of cover letters sent out will be worth it in the end.

“I didn’t give up,” he says. “I will continue to apply until something happens.”

Copyright 2021 NPR. To learn more, visit https://www.npr.org.
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Tausight Closes $ 20 Million Series A Funding to Discover and Help Secure Protected Health Information (PHI) http://nelshael.com/tausight-closes-20-million-series-a-funding-to-discover-and-help-secure-protected-health-information-phi/ Wed, 07 Apr 2021 23:16:46 +0000 http://nelshael.com/tausight-closes-20-million-series-a-funding-to-discover-and-help-secure-protected-health-information-phi/

BOSTON–() –Tausight announced today that it has raised $ 20 million in Series A funding to help solve one of the most difficult responsibilities of healthcare CIOs and CISOs: ensuring the confidentiality, integrity and availability of healthcare information protected (PHI) patients. The tour de table was co-led by existing investors Polaris Partners and Flare Capital Partners, alongside a new investor .406 Companies.

Founded by David Ting, co-founder and former CTO of Imprivata and former member of the United States Health and Human Services Cyber ​​Security Working Group, Tausight will help CIOs, CISOs and their IT organizations better secure clinical workflows as clinicians access and use RPS. The company will use the funding to expand its go-to-market team and further develop its healthcare-specific solution to expose hidden vulnerabilities in clinical workflows that can put patient data at risk.

“As attacks on industry accelerate and healthcare becomes decentralized, Tausight is taking a unique approach to protect clinical workflows involving PHRs to improve patient safety,” said David Ting , founder and technical director of Tausight. “By analyzing in real time how patient data is stored, used and transmitted in clinical environments, healthcare organizations are better able to proactively address vulnerabilities that could lead to a potential costly cyber incident. ”

As healthcare providers embrace digital transformation, virtual care, and cloud-driven strategies, the underlying IT infrastructure is increasingly decentralized, creating many other gaps that can lead to increased risk for private health insurance. Tausight’s mission is to help healthcare CIOs and CISOs understand in real time the risks inherent in the way PSRs are used so that threats can be eliminated.

“Existing cybersecurity solutions address critical aspects of securing the healthcare IT system, but do not adequately address the hidden vulnerabilities found in clinical workflows. Tausight was created to fill this gap and solve this vital problem, ”added Dave Dickinson, CEO of Tausight.

For more information on Tausight and the Hidden Vulnerabilities in Clinical Workflows, please visit www.tausight.com.

Quotes in support of investors

“Despite the significant investments by healthcare providers in cybersecurity solutions, PHIs continue to be exposed to record rates,” said Dave Barrett, Managing Partner, Polaris Partners. “There is a significant and critical market need for CIOs and CISOs to find the data of at-risk patients and preventively protect their institutions and patient populations. We are delighted to partner with Tausight since its inception to seize this fascinating opportunity.

“Healthcare organizations are at a disadvantage in the race to protect patient data from malicious cyber attacks and accidental breaches,” said Bill Geary, co-founder and general partner of Flare Capital Partners. “The rapid decentralization of healthcare with more remote workers and a growing reliance on cloud applications have created significant vulnerabilities for PHI. Tausight’s hyper-focus on solving the unique challenges healthcare organizations face will usher in a new paradigm for how patient data is protected.

“We have known and admired David Ting for years and have followed him closely after he founded Tausight and raised a fundraiser with investors we respect. Tausight fits perfectly with our strategy as it sits at the intersection of cybersecurity and digital health – two fundamental verticals on which we have built our foundations since starting the company, ”said Greg Dracon, partner, .406 Ventures. “By focusing on how PHIs move and become vulnerable throughout the clinical workflow, Tausight disrupts the status quo by creating a solution focused on the unique challenges facing the healthcare industry. We believe Tausight has the team and the technology to create long-term value for its healthcare customers and partners. ”

About Tausight

Tausight’s mission is to solve one of the most difficult responsibilities of healthcare CIOs, CIOs and their IT organizations: ensuring the confidentiality, integrity and availability of patient RPS. Please visit us at www.tausight.com and follow us on LinkedIn and Twitter.

About Polaris Partners

Polaris Partners has a history of over 20 years of partnering with regular entrepreneurs and world-class innovators who improve the way we live and work. The multibillion-dollar company manages specialized and diversified funds in healthcare and technology with investments at all stages. Polaris has offices in Boston, San Francisco and New York. Learn more about polarispartners.com.

About Flare Capital Partners

Flare Capital Partners strives to help build leading health technology, digital health and health services companies to improve health outcomes and expand access while lowering costs for healthcare professionals. care. We work in partnership with inspiring entrepreneurs who seek to transform the healthcare industry by developing innovative and impactful products and services. Flare Capital is a team of proven health technology investors and senior operating executives known for their thought leadership and unprecedented strategic industry resources. Our company has raised some of the largest dedicated venture capital funds in the industry focused on early stage opportunities in healthcare technology innovation, and our investors include leading healthcare companies, investors major institutions, major family offices, foundations and sovereign wealth funds. We are investors over the full lifecycle of our portfolio companies, as we support and work alongside entrepreneurs throughout their business creation journey. Some portfolio companies include Aetion, Aspen RxHealth, Luminous heather, Coher Health, Eden Health, Health Truth, Iora Health, Somatus, Tausight and VisitPay. Learn more about Flare Capital Partners and follow us on Twitter @flarecapital.

About companies .406

.406 Ventures is a Boston-based startup venture capital firm investing in digital health and enterprise technology companies founded by visionary entrepreneurs. The company was founded in 2005 and manages over $ 1 billion in four main funds and two opportunity funds. The team is made up of entrepreneurs and operators who have become investors to apply real world experience and strong business creation skills to create value for entrepreneurs and LPs. The company typically leads or co-leads early stage investment rounds in changing companies and world-class operators, who grow rapidly and embody the successful entrepreneurial DNA with their passion, creativity and stamina. Learn more about 406ventures.com.


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