News in brief

Bitcoin mining firm hit with state order

Arkansas Securities Commissioner Eric Munson has issued a cease-and-desist order against an online bitcoin mining company after it promised one Arkansas investor, among other things, a $24,700 return on a $2,000 investment.

The order on Thursday said the legalbitcoinmining.com, reportedly based in San Diego and registered in Panama, used its website and a fictitious social media account to solicit Arkansans to purchase unregistered investment plans and contracts.

The company induced investors through a variety of investment plans for purchase, offered to manage and trade investor accounts, used "supposed investor testimonials" and held itself out as offering the "best mobile trading platform" with a website that had the "world's most convenient trading interface," according to a news release.

A company representative who spoke with the Arkansas investor said the company could fully guarantee "amazing profit" and "extraordinary returns."

"Con artists, like LBM, will take all measures to defraud investors," Munson said. "Always ask if the agent, business, and the security are registered with the Arkansas Securities Department."

-- Noel Oman

Apartment complex in LR brings $29.9M

A 260-unit luxury apartment complex in west Little Rock has sold for $29.9 million.

Chenal Pointe (Little Rock) Owner, LLC, was the buyer of Chenal Pointe at The Divide, a 15.2-acre development built in 2012 at 6400 The Divide Parkway, which is off Cantrell Road and Chenal Parkway.

The limited liability company is affiliated with ApexOne, a Houston-based real estate investment firm specializing in high-end apartment developments.

The seller was 6400 TDP, LLC, which is led by Derek Alley, managing director at VCC, the Dallas-based contractor.

The development includes 11 residential buildings of three stories, a clubhouse and eight garage buildings. Balfour Beatty Communities assumed management services at closing, Apex One said.

The vacancy rate for U.S. apartments rose to 5% in the third quarter from 4.6% a year ago, according to a Moody's Analytics report. The firm expects vacancies to rise to 5.4% by the end of the year.

-- Noel Oman

State index closes with 1.8-point gain

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 442.06, up 1.8.

Most U.S. stocks rose Friday after the Trump administration revived hopes for a spending package.

Shares of Bank OZK rose 3.8% and Simmons First National Corp. shares rose 2.2%.

USA Truck shares fell 4%.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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