August 25, 2000
Huntington grows its insurance presence
The Ohio bank buys a general insurer in Florida as it seeks to develop a deeper relationship with customers.
DIGITAL LIGHTWAVE FOUNDER RESIGNS BOARD SEAT: Clearwater-based Digital Lightwave Inc. said company founder and majority stockholder Bryan Zwan resigned as a director. Zwan founded the maker of fiber-optic diagnostic equipment in 1990. He served as president, chief executive and chairman for most of the 1990s, and as a non-executive director from July 1999 to Aug. 22. After a successful public offering of Digital Lightwave, Zwan's stake in the company exceeds $1-billion even though he has sold off shares worth more than $200-million in the past year. Zwan, a member of the Church of Scientology, said he plans to spend more time pursuing other interests. He still faces a lawsuit that alleges financial fraud brought by the Securities and Exchange Commission. The SEC suit alleges Zwan was behind a scheme in 1997 to recognize revenue at Digital Lightwave based on fraudulent billings. Zwan is contesting the SEC lawsuit, while Digital Lightwave previously settled its own litigation with the SEC. Robert F. Hussey, an investment portfolio manager who formerly ran a cable TV company, will fill the vacancy created by Zwan's resignation.
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