Business news in brief

— QUOTE OF THE DAY “We’re going to have some weakness closing out this year and starting off

next year.We really want to see business investment coming back because, ultimately, that’s going to lead to hiring.” Omair Sharif, economist at RBS Securities Article, 1D Madoff brother receives 10-year term

NEW YORK - The brother of imprisoned financier Bernard Madoff was sentenced Thursday in New York to 10 years in prison for crimes committed in the shadow of his notorious sibling.

Peter Madoff was sentenced Thursday after victims described their anguish at losing their life savings in Bernard Madoff’s Ponzi scheme. The sentence was announced in a crowded Manhattan courtroom by Judge Laura Taylor Swain six months after Peter Madoff pleaded guilty to conspiracy and falsifying books and records.

He agreed then to serve 10 years in prison.

It was four years ago this month that his brother revealed his multidecade fraud that cheated thousands of investors. Bernard Madoff is serving a 150-year prison term.

Peter Madoff said he did not know of the fraud but committed other crimes.

  • The Associated Press

Windstream settles bribery complaint

Windstream Corp. will pay $100,000 to the Broken Arrow Public Schools Foundation in Oklahoma as part of an agreement to dismiss bribery and conspiracy charges against the telecommunications company.

Little Rock-based Windstream was indicted in August after the company hosted a “customer event” for business customers, including the Broken Arrow School District, at the 2007 NCAA Final Four men’s basketball championship.

The indictment states that in March 2007, Windstream offered James David Sisney, then the superintendent of schools for the school district, free tickets and a trip to the basketball tournament in Atlanta.

“The company denied any wrongdoing but entered into [Wednesday’s] agreement in the interest of reaching a compromise acceptable to it and to the state,” said Windstream in a prepared statement. “As part of the agreement, Windstream pledged to take certain steps affirming its commitment to full compliance with all federal, state and local laws.” - Jessica Seaman Roberts to head Wal-Mart legal affairs

Wal-Mart Stores Inc. said Thursday that Karen Roberts, a 17-year company veteran, has been named executive vice president and general counsel for the company effective Feb. 1.

Roberts, 42, will report to Executive Vice President and Corporate Secretary Jeff Gearhart, 48, whose duties include global compliance efforts in the wake of allegations of bribery in Mexico as the company grew its business there.

In her new role, Roberts will manage the legal department, which is responsible for handling all legal matters affecting the company in its domestic and international markets.

Roberts, who now handles Wal-Mart’s real estate operations, will start in the new role on Feb. 1.

The U.S. Department of Justice and the Securities and Exchange Commission are investigating allegations that people representing Wal-Mart’s Mexican unit bribed local officials.

Gearhart will maintain oversight for the legal function in addition to his newly expanded responsibilities for Wal-Mart’s compliance, ethics and investigations teams, the company said.

  • Steve Painter

State says firm violated securities act

The Arkansas Securities Department on Thursday issued a cease-and-desist order against United States Gas and Oil Corp. of Brooklyn, N.Y., and two executives over what the state called the illegal sale of securities.

Omar Plummer of Blacklick, Ohio, a vice president of the company, and Alexander Tawse of Austin, Texas, chairman of the board and chief executive officer, made an unsolicited call to a 91-year-old Arkansan to sell $25,000 of convertible promissory notes in the company, the department said.

The notes were securities that were sold without being registered with the department. Plummer also violated the Arkansas Securities Act because he had not registered with the department. Plummer has continued to contact the Arkansas investor to discuss the investment, the department said.

  • David Smith

Business, Pages 29 on 12/21/2012

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