Sentenced: A Baton Rouge subcontractor has been sentenced to six-and-a-half years in prison for defrauding a contractor out of more than $800,000 to construct Impact Charter School in Baker, the U.S. attorney’s office says. Nathian D. Hossley, 51, pleaded guilty in October 2016 to multiple counts of wire fraud and money laundering. His company, First Millennium Construction, was hired as a subcontractor on the project. Hossley also must pay restitution to Bouma Construction—the Michigan firm hired to manage the school’s construction—and MidSouth Bank in the amounts of $261,339.16 and $44,000, respectively. He will serve three years of supervised release after serving time in prison. Read a Business Report cover story on Hossley here.
On display: LSU is displaying “Geaux Streauxs” billboards in four locations around Houston in support of Tigers and current Houston Astros Alex Bregman and Will Harris, who are facing the Los Angeles Dodgers in the World Series. Bregman, the Astros’ starting third baseman whose homer accounted for the team’s only run in a 3-1 series-opening loss, played for LSU from 2013-15. Harris, a pitcher and infielder for the Tigers from 2003-06, is one of Houston’s top relief pitchers. Read more.
In short supply: The Mortgage Bankers Association predicts U.S. lenders will issue a smaller amount of mortgages in 2018 because of a sharp drop in refinancing demand, Reuters reports. Total mortgage originations are forecast to decline to $1.60 trillion next year, lower than the expected $1.69 trillion this year. Home borrowing costs will likely rise as the Federal Reserve is expected to raise interest rates three times next year and twice in 2019, but they would remain near the low end of their historical range. Read more.
