Latest news with #SeanClark
BBC News
22-05-2025
- Business
- BBC News
Thurrock Council elects Labour leader Lynn Worrall
A council that was bankrupted after a series of failed solar farm investments has elected a new Worrall has taken charge of Thurrock Council in Essex and said it was a "responsibility I take extremely seriously".She replaced her Labour colleague John Kent, who announced his resignation last month and blamed the "disastrous Conservative borrowing and investment policy" for the authority's "precarious position".Speaking after a council meeting on Wednesday, where a new cabinet was also chosen, Worrall said she was "committed to being open, honest and transparent". She continued: "The strongest asset this borough has is our wonderful communities; my job is to make sure that those communities have a voice in all that we do and are given all that they need to thrive and grow right here in Thurrock."Since May 2024, Worrall had been the council's deputy leader. Massive debts Thurrock Council went through a major financial crisis following a series of failed investments in solar announced a budget gap of nearly £500m and issued a Section 114 notice - the local authority equivalent of authority's former chief finance officer, Sean Clark, resigned from his role in January 2023, leaving them with debts of about £ was later barred from the Association of Chartered Certified Accountants for at least five Financial Reporting Council (FRC) said he "recklessly provided misleading information to council members, and therefore to the public". When Kent announced his resignation, he said the council still had debts of about £900m and needed to borrow £74m to meet its budget this offered his "unequivocal support" to his will remain in the cabinet, overseeing arts, culture and said it was a "real honour" to take over and said she would make sure all "voices are heard" and "reflected in all that we do". Follow Essex news on BBC Sounds, Facebook, Instagram and X.
BBC News
09-05-2025
- Business
- BBC News
Thurrock Council's ex finance officer barred from accountancy
The former chief finance officer of a council that went effectively bankrupt has been banned from working in local accounts Clark resigned from his role in January 2023 at Thurrock Council, leaving them with a £1.5bn has been barred from the Association of Chartered Certified Accountants (ACCA) for at least five years by the Financial Reporting Council (FRC).The FRC report said Mr Clark had "recklessly provided misleading information to council members, and therefore to the public". The council's debts started adding up after a series of failed investments, largely in solar 2022, the authority declared itself as effectively bankrupt. Under Mr Clark's watch, Thurrock Council had approved an investment strategy, borrowing on a short-term basis, primarily from other local authoritiesThose funds were then used to make longer-term commercial investments, which eventually exceeded £1bn - more than six times the council's annual budget. In order to pay off some of the debt, the council had to sell investments, which included interests in solar farms. It also increased council tax by 9.99% in former finance officer said "conduct fell significantly short of the standards reasonably to be expected of a member of the ACCA", according to the councillor John Kent, Leader of Thurrock Council, said: "Thurrock residents rightly expect answers about the financial failures of the past."We welcome this report from the Financial Reporting Council (FRC), which identifies a number of failures by a former member of staff linked to the failed investments, which they say amounted to misconduct." Follow Essex news on BBC Sounds, Facebook, Instagram and X.
Times
08-05-2025
- Business
- Times
Finance chief of bankrupt Thurrock council barred from practising
Sean Clark, the former finance director of Thurrock council who oversaw a disastrous £1 billion investment strategy that pushed the council to the brink of bankruptcy, has been banned from the accountancy profession for five years. The Financial Reporting Council (FRC) had been investigating Clark, 58, for the past 16 months. In addition to his five-year exclusion from the profession, the industry regulator has also given him a severe reprimand for his conduct, which it said 'fell significantly short of the standards' it expects from chartered accountants. The FRC typically imposes financial penalties on any accountants found guilty of misconduct but it decided not to do so in this case, reflecting Clark's 'existing financial resources and future employment prospects'. He had been earning £140,000 a
Associated Press
14-03-2025
- Business
- Associated Press
Clark Capital's NTBIX Wins Fourth Lipper Award
Navigator Tactical Fixed Income Fund is Named Best 10-Year Fund in Alternative Credit Focus Funds Category Philadelphia, Pennsylvania--(Newsfile Corp. - March 14, 2025) - Clark Capital Management Group, an independent asset manager founded in 1986, announced that it has been awarded a 2025 LSEG Lipper Fund Award. The firm's Navigator® Tactical Fixed Income Fund (Ticker: NTBIX) was named Best 10-Year Fund in the Alternative Credit Focus Funds category. The fund was recognized for its 'consistently strong risk-adjusted 10-year performance relative to its peers.' 'We are honored to receive this recognition, which represents the fund's fourth Lipper Award,' said Sean Clark, CFA®, Chief Investment Officer. 'I'm proud of our team and believe this award is a testament to their disciplined investment approach, which they have applied consistently since the inception of the fund.' NTBIX is managed by Sean Clark, CIO, Alexander Meyer, Head of Fixed Income and Senior Portfolio Manager, Robert Bennett, Head of Cross Asset Management and Senior Portfolio Manager, and a team of portfolio managers responsible for research and implementation. Due to demand, the fund has experienced significant year-over-year growth, with assets under management of $8 billion as of February 28, 2025. Sean Clark believes that the fund's tactical approach can help investors navigate shifting market conditions. 'We believe a tactical approach, especially in today's changing market environment, may help investors take advantage of opportunities across the fixed income credit spectrum while also managing risk.' 'We are incredibly honored to be recognized for this award once again,' said Brendan Clark, Chief Executive Officer. 'I view this award as a reflection of our team's diligent commitment to helping advisors and their clients.' About Clark Capital Management Group Clark Capital Management Group is an independent asset management firm providing institutional investment strategies for individual investors, corporations, foundations, and retirement plans. The firm was founded in 1986 by Harry Clark, Executive Chairman, and has been entrusted with over $40.7 billion* in assets. Our investment philosophy is driven by a single-minded focus: to add value for our collective clients. This focus enables us to seek risk-adjusted returns over full market cycles through a disciplined process focused on three principles: meaningful diversification, opportunistic asset allocation, and personalized risk management. It compels us to maintain a long-term perspective and provide innovative investment management strategies that enable advisors to help clients achieve their goals and objectives. For more information, visit and follow @ClarkCapital on X. *As of December 31, 2024; includes assets under management and sub-advised assets. Important Fund Risk Information Awards and rankings are only one form of performance measurement. For current performance information, please call toll free 800.766.2264 or visit An investment in the Tactical Fixed Income Fund (the 'Fund') is subject to risks, and you could lose money on your investment. There can be no assurance that the Fund will achieve its investment objective. Past performance is no guarantee of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information about the Fund are contained in the prospectus, which can be obtained by calling 800.766.2264. The prospectus should be read carefully before investing. The Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Clark Capital Management Group, Inc. and Northern Lights Distributors, LLC are not affiliated. About the LSEG Lipper Fund Awards The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see CONTACT: Patty Quinn McAuley
Associated Press
06-02-2025
- Business
- Associated Press
Beeline Labs Announces First Capital Raise for Cutting-Edge AI Sales Solution in Magic Blocks
Beeline Reveals Seed Equity Stake and Long-Term License with MagicBlocks Providence, Rhode Island--(Newsfile Corp. - February 6, 2025) - Beeline Labs, Inc., a wholly-owned subsidiary of Eastside Distilling, Inc. (d/b/a Beeline Holdings) (NASDAQ: BLNE), a pioneering mortgage technology company with an all-digital, AI-driven lending platform announces a major milestone: the first capital raise for MagicBlocks. This marks a pivotal moment for the Company as it continues to shape the future of AI-driven sales solutions in the mortgage industry and expands its reach to a broader global audience across multiple industries. Revolutionizing AI-Powered Sales MagicBlocks has rapidly emerged as a market leader in deploying highly customizable AI sales agents for mortgage origination. The Company has also secured new customer trials across various industries demonstrating its technology's adaptability and effectiveness. Built on an advanced ensemble of language models and proprietary software, MagicBlocks enables businesses to convert leads into sales more efficiently-at a higher success rate and lower cost. The Company's founders, Jay Stockwell and Sean Clark, along with Beeline, retain equity ownership, ensuring a long-term partnership focused on ongoing innovation. 'Building a virtual AI sales department that stays on-brand, understands financial nuances, and navigates complex sales processes requires deep expertise,' said Jay Stockwell, Beeline co-founder and founder of MagicBlocks. 'We've developed something truly special-a platform that empowers companies to generate more business with greater efficiency.' Beeline Labs's CEO and co-founder, Nick Liuzza, added: 'The MagicBlocks platform is live and ready for companies to build and customize their own AI-driven sales strategies. This milestone is a huge leap forward for Beeline Labs, as we expand our AI-powered SaaS offerings, driving recurring B2B revenue. Beeline isn't just a mortgage innovator-we're a technology company at our core.' Liuzza also highlighted Beeline Labs' expanding portfolio, noting, 'With BlinkQC set to generate revenue in March, MagicBlocks marks our second major SaaS opportunity in the mortgage tech space-already driving results.' Plug-and-Play AI Sales Departments for Any Industry What sets MagicBlocks apart is its ability to let companies quickly deploy their own AI sales departments-without having to build custom software. With simple natural language instructions, businesses can go live at a fraction of the cost of building their own AI Agent, using a flexible monthly subscription model based on features and usage. This capital raise solidifies MagicBlocks as an independent company, while Beeline retains a significant equity stake and long-term licensing rights. MagicBlocks' technology is also embedded within Beeline's home loan customer experience via Bob, the mortgage industry's first AI chatbot in Beeline's Bob AI Sales Strategy, ensuring continuous innovation within Beeline's ecosystem. Jess Kennedy, Beeline Labs's Chief Operating Officer, emphasized the impact: 'MagicBlocks has completely transformed our go-to-market strategy at a crucial time for the mortgage industry. Delivering high-level service while reducing costs is more important than ever, and MagicBlocks gives us a powerful advantage.' With this funding, MagicBlocks is positioned to accelerate AI-driven sales innovation across multiple sectors, redefining how businesses engage and convert leads in an evolving digital landscape. Beeline Labs Continues to Drive AI Innovation MagicBlocks is the second major product launch from Beeline Labs, following the recent unveiling of BlinkQC-an AI-powered mortgage Quality Control (QC) solution designed to streamline compliance and auditing for lenders. About Beeline Labs and MagicBlocks Beeline Labs is a wholly owned SaaS company developing cutting-edge mortgage software designed to lower costs, increase efficiency, and create better outcomes for mortgage and title consumers and investors. Beeline Labs is committed to rolling out new products and strategic partnerships. To learn more about the company, visit MagicBlocks. About Beeline Holdings Beeline Holdings is a technology-driven mortgage lender and title provider building a fully digital, AI-powered platform that simplifies and accelerates the home financing process. Headquartered in Providence, RI, Beeline Financial Holdings, Inc. is dedicated to transforming the mortgage industry through innovation and customer-focused solutions. It is a wholly-owned subsidiary of Beeline Holdings and owns Beeline Labs. Important Cautions Regarding Forward-Looking Statements Certain matters discussed in this press release may be forward-looking statements that reflect our expectations or anticipations rather than historical fact. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions, general competitive factors, the Company's ongoing financing requirements and ability to achieve financing, acceptance of the Company's products in the market, the Company's success in obtaining new customers, the Company's ability to execute its business model and strategic plans, and other risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ('SEC'). A detailed discussion of the most significant risks can be found in the 'Risk Factors' section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company's Current Report on Form 8-K filed with the SEC on November 21, 2024 and the Company's Current Report on Form 8K/A filed with the SEC on Form 8-K/A on December 19, 2024. The Company assumes no obligation to update the cautionary information in this press release.
