Connect with us

Business

MacPrivate Equity CEO Refutes Allegations Amid Legal Battle

Published

on

Matthew McCafferty, President and CEO of MacPrivate Equity, has vehemently denied allegations following a lawsuit filed by a lender, asserting that all transactions between the company and the plaintiff were conducted transparently and ethically. The dispute traces back to what McCafferty describes as suspicious requests by Alex Gibson, the lender in question, which led to disagreements over payments.

Gibson’s legal action accuses McCafferty and his firms, including Mac Private Equity and MPE Clearing & Holdings, of masquerading operations that resulted in considerable financial detriment to investors, Gibson among them. These allegations have been labeled as baseless by McCafferty, who expressed astonishment upon learning of the lawsuit, noting that he had not yet been served with the official documents.

McCafferty critiques the lawsuit for omitting critical information and misrepresenting the chronological order of events leading to the financial disagreement. At the heart of the controversy is the reason behind the dissolution of their business relationship, with conflicting accounts from both parties. McCafferty claims the decision to end the relationship was his, citing discomfort in continuing business with Gibson, especially after an unusual request involving a significant cash transaction raised anti-money laundering (AML) concerns.

McCafferty elaborated on the complexities surrounding the compliance issues, pointing to Gibson’s failure to adhere to AML procedures as a critical juncture in their professional relationship. The situation escalated when Gibson, after a period of silence, through his attorney demanded a payment significantly exceeding the original sum, which McCafferty rejected as unreasonable.

In defense against the Ponzi scheme accusation, McCafferty highlighted his firms’ substantial assets, including real estate investments and ownership in a well-known local establishment, St. Thomas Social. This, he argues, demonstrates the companies’ financial stability and capacity to fulfill their obligations.

The dispute is set to move to court, where Gibson will be tasked with proving his claims, including the legality of the initial loan funds. McCafferty, firm in his stance, is prepared to countersue to safeguard the reputation of his businesses and personal integrity, signaling a forthcoming legal showdown that promises to scrutinize the veracity of the allegations extensively.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

SBA Launches T.H.R.I.V.E. Training Program for Small Business Owners in 2024

Published

on

The U.S. Small Business Administration (SBA) has unveiled the T.H.R.I.V.E. (Train, Hope, Rise, Innovate, Venture, Elevate) training program, set to begin in 2024. This initiative, evolving from the previous Emerging Leaders program, is tailored to bolster the expansion and longevity of small businesses throughout the United States, including those in the U.S. Virgin Islands.

Starting on June 18 and concluding on December 10, 2024, T.H.R.I.V.E. offers a blend of online and in-person sessions. The curriculum is designed to enhance leadership skills, strategic financial management, market innovation, and the development of a vibrant company culture. Participants will engage in an interactive format, receiving guidance from experts and creating a comprehensive three-year strategic growth plan.

Isabel Casillas Guzman, the 27th Administrator of the SBA, stressed the importance of the program. “The T.H.R.I.V.E. Emerging Leaders Reimagined initiative arms budding small business leaders with the essential tools and knowledge, providing them access to top economic minds, which is crucial for competing in the global market,” she noted.

To qualify, businesses must have been operational for at least three years, generate minimum annual revenues of $250,000, employ at least one person besides the owner, and the owner must participate throughout the six-month program duration.

Josué E. Rivera, SBA’s district director for Puerto Rico and the U.S. Virgin Islands, emphasized the training’s collaborative approach. “Our innovative cohort model not only fosters a network of support but also connects participants with leading figures in the industry and government. This approach is instrumental in cultivating business growth and sustainable practices,” Rivera said.

Wayne Huddleston, SBA senior area manager for the U.S. Virgin Islands, highlighted the program’s local impact. “For small business owners in the U.S. Virgin Islands, this program offers crucial tools and knowledge to help them diversify their revenue streams and expand their operations. I urge interested entrepreneurs to apply before the April 28 deadline, as space is limited,” he urged.

Entrepreneurs from the U.S. Virgin Islands interested in the 2024 T.H.R.I.V.E. cohort can obtain more information and apply by visiting the SBA’s official website or by contacting the SBA’s St. Croix office at 340-473-7945. Applications are open until April 28, 2024.

Continue Reading

Business

Leadership Transition at RTPark as CEO Peter Chapman Announces Departure

Published

on

The Research and Technology Park (RTPark) is set for a new chapter in leadership as CEO Peter H. Chapman has announced he will be stepping down after a dynamic and impactful six years at the helm. Chapman, credited with steering RTPark through a period marked by strategic innovations and robust growth, will see his contract conclude without renewal. His future endeavors will concentrate on his venture, Urban Policy Innovations (UPI), an economic development and real estate advisory firm, as revealed in a recent RTPark press release.

Chapman’s era at RTPark is distinguished by remarkable financial achievements and the enhancement of the community’s socio-economic landscape in the Virgin Islands. Under his guidance, RTPark was distinguished with the 2020 Economic Development Organization of the Year award by the International Economic Development Council. The park’s business portfolio witnessed a substantial 275% growth, while its revenues soared by over 300%, obliterating a $4 million debt accumulated before Chapman’s leadership in 2018. Notably, RTPark’s support for the University of the Virgin Islands (UVI) saw a dramatic increase, contributing $3 million in 2023—a more than 300% rise since 2018, cumulating to approximately $14 million in support since RTPark’s inception.

Reflecting on his tenure, Chapman expressed his dedication to the economic diversification efforts of the RTPark and the broader Virgin Islands community. “Leading the RTPark has been a privilege, and I am thankful for the trust and opportunity granted by the RTPark Board of Directors and the organization’s visionary founders,” he remarked.

Chapman attributed the success of RTPark to a vigorous economic development strategy that propelled tech sector growth and diversified revenue streams. This approach included enticing new enterprises, nurturing startups, developing the workforce, facilitating access to capital, and enhancing infrastructure. He also acknowledged the crucial role of RTPark-affiliated companies in fueling the organization’s expansion and its significant investments in UVI.

As Chapman prepares for his departure, he remains devoted to a smooth transition and the continued prosperity of RTPark’s projects. He hinted at his potential involvement in special economic development projects within the Virgin Islands post-RTPark, expressing gratitude for the opportunity to serve and his anticipation for RTPark’s future trajectory.

“The collective achievements during my tenure are a reflection of the collaborative effort and commitment of our team, partners, and the community. I am proud of our accomplishments and eager to witness RTPark’s ongoing success,” Chapman concluded.

Continue Reading

Business

Launch of GERS Personal Loan Program: A New Opportunity for Government Employees

Published

on

The Government Employees’ Retirement System (GERS) has officially announced the opening for expressions of interest in its newly relaunched personal loan program, sparking excitement among its members. Following a resolution in January by the GERS Board of Trustees, $20 million has been earmarked to fuel this initiative, aimed at providing financial assistance to its members. This revival splits the allocated funds equally between the St. Croix and St. Thomas-St. John administrative districts.

Eligibility for this financial opportunity is extended to active members who have contributed for a minimum of two years. They can apply for loans up to $10,000, repayable over a span of five years or before the borrower reaches the age of 70, at an interest rate of 8%.

Members interested in availing themselves of this opportunity are encouraged to express their interest through an online loan interest form or by personally visiting GERS offices. The deadline for submission is set for April 18, before noon. An application fee of $50 is required as part of the process, as stated by the agency.

Following the initial expression of interest, the pre-qualification stage will commence. Successful candidates will then be notified to arrange interview appointments, proceeding in the sequence in which their expressions of interest were received. This structured approach ensures a transparent and orderly process, allowing members to step closer to financial empowerment through the GERS personal loan program.

Continue Reading

Trending