The story, which revealed that Simmons’ résumé was well padded, drew a firestorm of criticism — which subsided when others confirmed that Simmons was not who he claimed to be.


6/20/1988 - Cooking the Books
First Federal hid its loan problems until it could issue $34 million in stock

Readers learned how First Federal of Arkansas in Little Rock hid its loan problems until it could issue $34 million in stock.

In documents obtained by Arkansas Business, the Federal Home Loan Bank Board found more than $200 million in substandard assets in the S&L’s commercial loan portfolio.

Arkansas Business also reported discrepancies with First Federal’s earning statements in 1986.

1/23/1995 - Stall Game Continues at Walton Arena
Subcontractors in State Apply Courtroom Press to Collect $290,000

On the surface, everything was hunky-dory at the new Bud Walton Arena on the campus of the University of Arkansas at Fayetteville. The Razorbacks basketball team had won the 1994 National Championship, and the $30 million showplace was the talk of its collegiate peers.

Behind the scenes, however, a line of angry subcontractors who had worked overtime to complete the project on schedule — saving Hubert Hunt & Nichols Inc. of Indianapolis big-money penalties — were making claims for unpaid services.

The story was recognized nationally by the Association of Area Business Publications as one of the year’s biggest scoops.

5/19/1997 - Jones Trust 'Frost'-Bitten?
Spurned Trust Accountant Pocketed $350,000 in FY '94

Arkansas Business and its new sister publication, Northwest Arkansas Business Journal, were the first to report that Springdale philanthropist Bernice Jones had fired her longtime friend and trusted accountant, H.G. “Jack” Frost Jr., over suspicions of embezzling from the Harvey and Bernice Jones Charitable Trust, of which he was a co-trustee.

Eventually, it would be determined that Frost had stolen $1.8 million from the trust. He was found guilty and sentenced to 70 months in federal prison.

8/3/1998 - Oops! Arena Workers Miss Mark by Six Inches
Error in Laying Concrete Puts Project Behind

When the planned opening of Alltel Arena in October 1999 was canceled just hours before the inaugural NBA exhibition game because of problems in the concrete risers, readers of Arkansas Business had a sense of déja vu.

The previous year, in an award-winning story, AB broke the news that the construction was more than a month behind schedule because of a geometric error in pouring a row of pillars and connecting beams.

10/28/2002 - Howell's Debts May Total $60M
Investor Died in Beverly Hills After Being Missing for Weeks

This October 2002 report was the first to reveal the magnitude of the investment scheme run by M. David Howell Jr. of Little Rock, who had been found dead a few days earlier in a Beverly Hills hotel room.

Even this headline proved an understatement; actual claims against Howell’s estate eventually topped $80 million.

The next month, Arkansas Business would be the first to report that Hot Springs banker Richard T. Smith had co-signed millions of dollars worth of Howell’s promissory notes.

12/2/2002 - LR Lawyer, Client Face Grand Jury

Arkansas Business reported that Little Rock tax lawyer Keith Moser and his client, Dan F. Whitt of Maumelle, were targets of a federal grand jury investigation in Detroit over an alleged kickback scheme.

Whitt and his son, David Whitt of Little Rock, would plead guilty in 2003; Moser was scheduled to plead guilty last month but went missing instead.

In February 2004, Arkansas Business would be the first to reveal that an Arkansas tax fraud charge against Moser was related to the 1996 sale of Cellular One by Little Rock attorney Ted Skokos, who has not been charged.