EVENTS
The Business Journal’s 17th annual Excellence in Entrepreneurship Awards honored five honorees chosen from 84 nominees: Joni Rogers-Kante of SeneGence International Inc. in Foothill Ranch; Anderee Berengian of Cie Digital Labs in Irvine; Julie Zimmerer of 24/7 Family Home Care and Veteran Services in Dana Point; and Vic Merjanian of Titan Health & Security Technologies Inc. in Newport Beach. The Business Journal will profile the entrepreneurs in its March 26 issue.
— Meghan Kliewer
FINANCE
Santa Ana’s Banc of California Inc. reported it may have been the victim of a $13.7 million fraud. It granted a $15 million line of credit on Feb. 1 to an unnamed borrower who provided false documents, the bank said in a filing with the Securities and Exchange Commission. On March 9, it received information on the alleged fraud and closed the account. The bank is recording a first-quarter $13.7 million loan loss provision. It estimated the charge-off will not have a material impact on regulatory capital ratios.
— Peter J. Brennan
Bond manager Bill Gross is selling his rare-stamps collection, the Wall Street Journal reported. The Pacific Investment Management Co. co-founder, now with Janus Capital, plans to part with his stamps via a series of auctions, the first of which is scheduled for September. Some specimens are valued in the hundreds of thousands of dollars, at least one of them at up to $1 million, the paper said.
— Hannah Mitchell
HEALTHCARE
Providence St. Joseph named Victor Jordan chief operating officer of Providence St. Joseph Health Southern California, effective March 26. He’ll report to regional chief executive Erik Wexler and be responsible for day-to-day operations of the system’s hospitals and medical foundations. Jordan was previously executive vice president and chief financial officer of the seven-hospital Detroit Medical Center.
— Sherry Hsieh
LAW
Justice Department lawyers said they plan to try medical-device executive Jim Mazzo a third time on charges he violated insider trading rules after two prior efforts ended in hung juries. Ten of 12 jurors in Mazzo’s second mistrial last month favored acquitting him on at least 19 of 20 counts. In the first trial, the jury hung 8 to 4 for conviction of the co-founder of Allergan spinoff Advanced Medical Optics in Santa Ana.
— Pete Weitzner
RESTAURANTS
Juice It Up was sold to SJB Brands LLC, a partnership of Dover Shores Capital LLC, Britt Private Capital LLC and Jupiter Holdings LLC. The juice and smoothie chain will stay in Irvine, a spokesperson said. Purchase price and other details of the sale were undisclosed. The Newport Beach investors are Britt Capital and Jupiter Holdings. Juice It Up owner and Chief Executive Frank Easterbrook was replaced by Chris Braun of Dover Shores Capital, a press release said.
— Paul Hughes
Habit Restaurants Inc. Chief Marketing Officer Matt Hood plans to leave the fast-casual burger chain for another job, the company said. He’s been CMO at Habit since August 2014 and was part of the management team that took the chain public.
— Paul Hughes
SPORTS
Hoag Memorial Hospital Presbyterian assumed the title sponsorship of Orange County’s only PGA Tour event, renaming it the Hoag Classic. The senior circuit showcase was known as the Toshiba Classic for more than 20 years. Executive and philanthropist Paul Folino was named chairman, replacing Ira Garbutt. Hoag Charity Sports, a unit of the Hoag Hospital Foundation, will continue to produce the tournament. Proceeds will benefit the Mary & Dick Allen Diabetes Center and other Hoag programs.
— Chris Casacchia
TECHNOLOGY
President Donald Trump scuttled Broadcom Ltd.’s attempted hostile takeover of San Diego-based rival Qualcomm Inc., signing a presidential order prohibiting the bid due to national security concerns. The Committee on Foreign Investment in the U.S. had recently put the brakes on the proposed $117 billion takeover. It ordered a rare national security review of the deal, citing concerns the U.S. would lose to China the lead in the race for 5G supremacy and in doing so compromise national security. The chipmaker, which recently filed to redesignate its headquarters from Singapore to the U.S., maintains a sizable OC operation (read more in Technology column, page 14).
— Chris Casacchia
