Top Lets Get to Work donor lays off nearly 500 employees One of the biggest supporters of Gov. Rick Scotts Lets Get to Work political committee has put nearly 500 people out of work. Treasure Island businessman Bill Edwards donated $500,000 to Scotts campaign in March. He abruptly laid off 476 employees from a mortgage business on Monday, according to a Tampa Bay Times report, the same day the Times & Herald highlighted his donation to Scott. A bare-bones staff of 40 people will remain at the St. Petersburg-based Mortgage Investors Corp. to help wind down operations at the company, which had a presence in 26 states. RELATED NEWS/ARCHIVE Allison Tants plans for the Fla Dem party 9 Months Ago Rick Scott lays out agenda in private speech to business groups More than a Year ago Bushs foundation backs Bennett 2 Months Ago Gov. Scott will ask lawmakers to spend more on schools More than a Year ago Rick Scott inauguration includes candle light dinner for donors More than a Year ago The mortgage company, which refinances home loans for veterans, is among the Treasure Island entrepreneurs many business interests. He said new federal regulations under the Frank-Dodd Act caused the company to shrink because it does not have the technology to comply. Edwards donated to Scotts campaign via a lump sum check written by his trust fund. Of the 476 who were laid off nationwide, 256 worked in the companys Florida headquarters. In June, the company paid a record $7.5 million fine for violating the federal Do No Call rule. In July, Edwards laid off 325 people by blaming it on reduced demand because of rising interest rates. Earlier this year, Edwards tried to resell Mortgage investors Corp. but the deal fell through. Read more about the companys shuttering here. TW tampabay/blogs/the-buzz-florida-politics/top-lets-get-to-work-donor-lays-off-nearly-500-employees/2147317
Posted on: Wed, 16 Oct 2013 16:01:23 +0000
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