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Federal prosecutors in Philadelphia said that between 1996 and Forte collected investment money from nearly 80 individualws using a fraudulent scheme in which the he claimed that he was tradinb in stock index futures through a partnership named JosepjForte LP. Prosecutors said 53, of Broomall, Pa., used his scheme to collecft roughly $80 million from investors, paying some investors on their investments by using money contributed byotheer investors. Prosecutors said Forte reporteds fabricated investment returns between 18 percent and 38 whenin fact, he consistently lost money on his trades.
Prosecutorss said Forte paid himself millions of dollars in salariee and fees and used his profits to make numerouszfinancial transactions, including taking out a $500,000 Commercr Bank [now TD Bank] loan by misrepresentingg the value of Joseph Fortre LP. Sentencing is scheduled for Oct. 2. He facese possible prison time, fines and payinfg full restitution to the victims ofhis crimes, and forfeiturse of all property that constitutes or is derivefd from his criminal proceeds.
The case was investigated by the Unitefd States PostalInspection Service, the Federall Bureau of Investigations, the Delaware County Districty Attorney’s Office, the Securitieds and Exchange Commission, and the Commoditiees Futures Trading Commission. It is being prosecutecd by Assistant United States Attorney Joe Forte was charged in a civil case in earlyg January by the Securities andExchange Commission, which obtained an emergenc y court order freezing his assets.
пятница, 11 мая 2012 г.
четверг, 10 мая 2012 г.
P&G moving Iams headquarters to Mason - Business First of Columbus:
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Kris Parlett, spokesman for Procter and Gamble PG) Pet Care, which includes Iams and said the company and its 240 employees would be movinhg in October to the Mason business where other personal healtbh care divisionsof P&G and more than 2,000 employeews are housed. “It will make it easier to collaborate and increase Parlett said. Nobody will be laid of as a result ofthe company’x current headquarters On Poe Avenue closing. all 240 employees will be offered there same positiondin Mason. P&G acquired Iams in 1999. Since sales of its Iams and Eukanuba brandsa have morethan doubled, according to the company.
“Oufr home address is changing but not our commitmenrt to improvingthe well-being of all dogs and cats,” said Dan vice president of P&G’s pet care business in North in a statement released Thursday. “If this will help us do an even better job of connectint with our colleagues in health care to bring great innovation topet care.” A company spokespersoj confirmed that 250 employees at the Iams-Eukanuba manufacturinbg and R&D complex in Preble County will not be part of the The news of the move came as a surprisr to Vandalia officials Thursday, who said they had been working vigilantly behindf the scenes to keep Iams local.
“Wheb P&G purchased Iams, we knew at that pointt this was a possibility some saidRich Hopkins, director of communication s for the city. “But we are surprised today that the announcemenfwas made.” Hopkins said Iams was one of the top employers in Vandalia, though he could not say how much income was generaterd by the company. The city will have a press conferenc at3 p.m. Thursday to further discuss the implicationd ofthe move. Meanwhile, the community is stilp pursuingtwo projects, includiny an $81 million distribution center, whichg would bring 700 jobs and New-York based aerospacr company that could brint 130 jobs. “This is bad news for any Hopkins said.
“We have two projectzs in the pipeline now that could brin up to 900 employees to the so it’s not all glook and doom here.”
Kris Parlett, spokesman for Procter and Gamble PG) Pet Care, which includes Iams and said the company and its 240 employees would be movinhg in October to the Mason business where other personal healtbh care divisionsof P&G and more than 2,000 employeews are housed. “It will make it easier to collaborate and increase Parlett said. Nobody will be laid of as a result ofthe company’x current headquarters On Poe Avenue closing. all 240 employees will be offered there same positiondin Mason. P&G acquired Iams in 1999. Since sales of its Iams and Eukanuba brandsa have morethan doubled, according to the company.
“Oufr home address is changing but not our commitmenrt to improvingthe well-being of all dogs and cats,” said Dan vice president of P&G’s pet care business in North in a statement released Thursday. “If this will help us do an even better job of connectint with our colleagues in health care to bring great innovation topet care.” A company spokespersoj confirmed that 250 employees at the Iams-Eukanuba manufacturinbg and R&D complex in Preble County will not be part of the The news of the move came as a surprisr to Vandalia officials Thursday, who said they had been working vigilantly behindf the scenes to keep Iams local.
“Wheb P&G purchased Iams, we knew at that pointt this was a possibility some saidRich Hopkins, director of communication s for the city. “But we are surprised today that the announcemenfwas made.” Hopkins said Iams was one of the top employers in Vandalia, though he could not say how much income was generaterd by the company. The city will have a press conferenc at3 p.m. Thursday to further discuss the implicationd ofthe move. Meanwhile, the community is stilp pursuingtwo projects, includiny an $81 million distribution center, whichg would bring 700 jobs and New-York based aerospacr company that could brint 130 jobs. “This is bad news for any Hopkins said.
“We have two projectzs in the pipeline now that could brin up to 900 employees to the so it’s not all glook and doom here.”
вторник, 8 мая 2012 г.
Analyst: YRC bankruptcy is
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The Overland Park trucking company’s ongoing negotiations with the uniomn are at risk of analyst Art Hatfield said ina note. “Givemn the developments with the negotiations between the two parties and the increasingb uncertainty pertaining to the outcomee ofthose negotiations, we believe a bankruptcy at YRC Worldwide is still likely in the near to he wrote. While the parties have kept quiett aboutthe talks, YRC reportedly wants to end its unio n pension payments for 14 months, which would provide savings of $500 and not make up for them.
Whiles that proposal would offer YRC significant and badly needed liquiditu duringthe period, it “would face a touguh and challenging road to becominfg a reality,” Hatfield “From what we know, YRC wouldf not be conceding anything materiao to the pension planas and/or its Teamsters employees under the he wrote. “Additionally, if the proposal goes on to a vote tothe Teamster-representedf employees at YRC, we believe the likelihood of a favorablew vote would be low at given that the employeea would be the ones to feel the brunt of these terminated paymenta over the long term ...
and that security provisiond and protections for Teamsters employees are not part of the concessionss made by thecompany (to our knowledge).” In Hatfield wrote, the Teamsters probably want paymentr deferrals instead, which would be difficult for YRC becaus e its lenders probably would be reluctanrt to let the company tie up assetas or real estate as collateral. And YRC probably has little left to offeras collateral, he Hatfield changed his rating on YRC shareas from “Market Perform” to “Not Rated.” YRC began the recent concessions talks with the Teamsters on June 29.
The pricew of YRC stock (Nasdaq: plunged Wednesday, dropping as low as 89 cents to hita 52-weel low. The previous 52-week low was $1.20 on Nov. 20, accordintg to . YRC closed on Wednesday at 89 cents, down 35 cents, or 28 on volume of 20.2 million shares. The stock’s averagse daily volume the past threer monthsis 3.6 million Overland Park-based YRC, which has roughl 49,000 employees — more than half of them union membersx — has been weighed down by debt and a lengthty freight recession, and lost $257.4 milliobn in the first quarter. It has integrater subsidiaries, shut down laid off workers and sold property to try to cut coste andmaintain liquidity.
Early this year, Teamstere members agreed to a 10 percen t wage cut and suspensionof cost-of-living adjustmentzs through 2013 in exchange for a 15 percent staker in the company. YRC also has been negotiating to defer union pension fund payments using company real estat as collateral and on June 18 securesd an agreement with the largest pension fund todeferr $83 million in payments. The union has said it also is reachingf out tostakeholders — such as pension fundss and YRC’s lenders — to address the cash YRC ranks No. 2 on the Kansas City BusinesdsJournal ’s list of area public companies.
The Overland Park trucking company’s ongoing negotiations with the uniomn are at risk of analyst Art Hatfield said ina note. “Givemn the developments with the negotiations between the two parties and the increasingb uncertainty pertaining to the outcomee ofthose negotiations, we believe a bankruptcy at YRC Worldwide is still likely in the near to he wrote. While the parties have kept quiett aboutthe talks, YRC reportedly wants to end its unio n pension payments for 14 months, which would provide savings of $500 and not make up for them.
Whiles that proposal would offer YRC significant and badly needed liquiditu duringthe period, it “would face a touguh and challenging road to becominfg a reality,” Hatfield “From what we know, YRC wouldf not be conceding anything materiao to the pension planas and/or its Teamsters employees under the he wrote. “Additionally, if the proposal goes on to a vote tothe Teamster-representedf employees at YRC, we believe the likelihood of a favorablew vote would be low at given that the employeea would be the ones to feel the brunt of these terminated paymenta over the long term ...
and that security provisiond and protections for Teamsters employees are not part of the concessionss made by thecompany (to our knowledge).” In Hatfield wrote, the Teamsters probably want paymentr deferrals instead, which would be difficult for YRC becaus e its lenders probably would be reluctanrt to let the company tie up assetas or real estate as collateral. And YRC probably has little left to offeras collateral, he Hatfield changed his rating on YRC shareas from “Market Perform” to “Not Rated.” YRC began the recent concessions talks with the Teamsters on June 29.
The pricew of YRC stock (Nasdaq: plunged Wednesday, dropping as low as 89 cents to hita 52-weel low. The previous 52-week low was $1.20 on Nov. 20, accordintg to . YRC closed on Wednesday at 89 cents, down 35 cents, or 28 on volume of 20.2 million shares. The stock’s averagse daily volume the past threer monthsis 3.6 million Overland Park-based YRC, which has roughl 49,000 employees — more than half of them union membersx — has been weighed down by debt and a lengthty freight recession, and lost $257.4 milliobn in the first quarter. It has integrater subsidiaries, shut down laid off workers and sold property to try to cut coste andmaintain liquidity.
Early this year, Teamstere members agreed to a 10 percen t wage cut and suspensionof cost-of-living adjustmentzs through 2013 in exchange for a 15 percent staker in the company. YRC also has been negotiating to defer union pension fund payments using company real estat as collateral and on June 18 securesd an agreement with the largest pension fund todeferr $83 million in payments. The union has said it also is reachingf out tostakeholders — such as pension fundss and YRC’s lenders — to address the cash YRC ranks No. 2 on the Kansas City BusinesdsJournal ’s list of area public companies.
воскресенье, 6 мая 2012 г.
Quebec Liberals reach tentative deal with striking students on tuition, extra fees - National Post
lehoquvuhu.wordpress.com
National Post | Quebec Liberals reach tentative deal with striking students on tuition, extra fees National Post The three main leaders of Quebec's 12-week tuition strike explained Saturday night that the tentative agreement they reached with the government c » |
пятница, 4 мая 2012 г.
Feds to Alabama: Immigration law could have harsh, lasting effect - Los Angeles Times
lyubomiradete.blogspot.com
USA TODAY | Feds to Alabama: Immigration law could have harsh, lasting effect Los Angeles Times By Michael Muskal Even as the Supreme Court is deciding what to do about Arizona's tough law on illegal immigration, the Justice Department has warned Alabama that its law could have “continuing and lasting†consequences for Latino children. Justice Department: Ala. law hurting Hispanic students Feds: Ala. immigration law caused spike in student absences Justice Department Says Alabama Immigration Law Hurting Hispanic Students |
четверг, 3 мая 2012 г.
Israel's move toward early vote may shelve any attack on Iran - Los Angeles Times
viktorsejbgif.blogspot.com
Haaretz | Israel's move toward early vote may shelve any attack on Iran Los Angeles Times Though no final decision has been made about moving up national elections slated for next year, the Knesset, or parliament, is talking about dissolving this month and Prime Minister Benjamin Netanyahu is expected to announce as soon as next week an ... Vote Early, Vote Bibi? |
вторник, 1 мая 2012 г.
Vector Group registers debt for resale - South Florida Business Journal:
guronelogoh.blogspot.com
The Miami-based tobacco and real estatew company said the filing is forits 3.875 percent variables interest senior convertible debenturex due 2026. The debentures were sold July 12 in a private placement, Vector (NYSE: VGR) said. Registering the stock is require d by a registration rights agreement Vector entered with the initialdebenture purchaser. The Securities and Exchangr Commission filing registering the debt and stocikshows 5.11 million shares are issuablre upon conversion of the debentures at $21.5o0 a common share.
The registered stock, Vector noted in the includes an indeterminate number of sharesz that may be issued in connectioj with astock split, stock dividend, recapitalization or similarf event. "We will not receive any proceeds fromthis offering," Vecto r said in the filing, noting its prospectus is to be used by securityholder s to resell their debentures and the commo stock issuable upon conversion of their Vector also said in the filing the debenturese will mature June 15, 2026, unless earliet converted, redeemed or repurchased.
However, the companty also said in the filing, the debentures are convertible at the option at any time following theie issue date until their maturity unless previously redeemed or repurchased into Vectocommon stock. Vector shares close up 18 centsto $17.37. The 52-week high was $20.83 on Nov. 7. The 52-week low was $15.198 on June 28.
The Miami-based tobacco and real estatew company said the filing is forits 3.875 percent variables interest senior convertible debenturex due 2026. The debentures were sold July 12 in a private placement, Vector (NYSE: VGR) said. Registering the stock is require d by a registration rights agreement Vector entered with the initialdebenture purchaser. The Securities and Exchangr Commission filing registering the debt and stocikshows 5.11 million shares are issuablre upon conversion of the debentures at $21.5o0 a common share.
The registered stock, Vector noted in the includes an indeterminate number of sharesz that may be issued in connectioj with astock split, stock dividend, recapitalization or similarf event. "We will not receive any proceeds fromthis offering," Vecto r said in the filing, noting its prospectus is to be used by securityholder s to resell their debentures and the commo stock issuable upon conversion of their Vector also said in the filing the debenturese will mature June 15, 2026, unless earliet converted, redeemed or repurchased.
However, the companty also said in the filing, the debentures are convertible at the option at any time following theie issue date until their maturity unless previously redeemed or repurchased into Vectocommon stock. Vector shares close up 18 centsto $17.37. The 52-week high was $20.83 on Nov. 7. The 52-week low was $15.198 on June 28.
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