Bethesda man indicted in penny stock fraud – Anthony Thompson, 38, of Bethesda, was one of eight people indicted Sept. 11 on charges of defrauding investors of more than $290 million. Prosecutors say Thompson and the others allegedly hyped penny stocks they owned using emailed newsletters and then sold the stocks for a profit after readers bought them, causing the stocks’ value to plummet, according to the New York Times. Thompson was arraigned on grand larceny charges in State Supreme Court in Manhattan and released on $1 million bail. Thompson’s lawyer claims he was using his newsletter, FreeInvestmentReport.com, only to advertise the companies he wrote about and that he disclosed his motives to investors, according to the Times. Prosecutors said the eight defendants netted more than $30 million in the stock scheme.
Naked Pizza out– It appears renovations won’t be happening after all at Naked Pizza on Del Ray Avenue. Last week, the pizza shop closed and at the same time announced it would undergo renovations. Now, the building appears to be for lease, which is likely the end for the restaurant. A “for lease” sign was posted on the outside of the restaurant, according to local blogger Robert Dyer. A company representative didn’t respond to multiple requests for comment.
&pizza begins rapid expansion after infusion of cash – The Washington Business Journal reports that &pizza, the D.C.-area fast-casual pizza chain, will use a $1.9 million investment to open four new restaurants in the region. One of those will be the previously announced location in Federal Realty’s Pike & Rose development on Rockville Pike. The restaurant chain opened its fourth location in Bethesda in May and already is working to open others in Gaithersburg, Germantown, Washington, D.C., and in Springfield, Va., which would be its first Virginia location. The Business Journal notes, however, that &pizza is beginning to feel the heat from other competitors in the fast-casual pizza business, including the rapidly expanding Blaze Pizza, which recently opened at Westfield Montgomery Mall in Bethesda.