Ivy Industries, a Charlottesville-based wood-molding manufacturer, closed late last week. Former members of the company's senior management have been accused of participating in a check-kiting operation.
The company's former CEO, John C. Reid, admitted nearly two weeks ago to involvement in a check-kiting operation that robbed Albemarle First Bank of more than $2.4 million.
The company laid off 10 employees in Charlottesville as well as approximately 100 in its Beverly, W.Va. facility Friday.
Guaranty Bank repossessed the company's property and assets Friday.
The city has assessed the value of the company's real estate at nearly $4 million.
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From the Archives: 1990s
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