Beverly Hills man loses hire cash in suspected USPS examine fraud

Erik Hatchett has lived in his Beverly Hills home for five years and pays his rent with a check until he says his check for $ 9,000 was cashed at another bank in July.

“I know a lot of people like to make digital payments and the like, but you know we’re kind of old-fashioned, we like to write the check and have a hard copy of the check,” said Hatchett.

Hatchett tells KTLA that he mailed his check on July 6th and it was cashed at a Bank of America on the morning of July 7th.

Hatchett has since contacted the Chase Bank fraud department and filed a police report.

Kacey Montoya reports for the KTLA 5 news on September 1, 2021.

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Workhorse Group drops almost 50% after EV firm is handed over for USPS contract

Workhorse W-15 electric pickup.

Source: workhorse

Shares of Workhorse group fell more than 50% on Tuesday after the company was turned over on a key U.S. Postal Service contract.

Amid the heightened volatility, the stock halted multiple times in the last half hour of trading before finally ending the session with a 47.5% loss. In extended trading, the stock fell another 10%.

The US Postal Service awarded Oshkosh Defense the first part of its 10-year multi-billion dollar contract to modernize its fleet of postal delivery vehicles. The initial investment will be $ 482 million.

Workhorse makes electric vehicles that focus on last mile delivery. The company currently has partnerships with UPS and FedEx Express, among others.

The contract award decision for the US Postal Service was made after a series of delays over several years. The deal was seen by the street as an upward catalyst for the Workhorse Group ahead of sales.

In a recent announcement to customers, BTIG said that Workhorse’s securing of part of the USPS contract was part of the company’s base case. The company has a Buy recommendation for the stock.

Though the stock almost halved on Tuesday, stocks are still up 347% over the past year.

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