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A Securities and Exchange Commission official received full retirement benefits and a $25,000 buyout package from the agency despite assisting a Ponzi scheme operator in Arizona who later was fined for defrauding investors, according to a report by the agency’s watchdog.
The report by the SEC’s inspector general found there was no evidence to suggest the employee in the SEC’s Office of Administrative Services knew she was abetting a fraud. But the report claimed that the employee, who wasn’t named, violated agency rules by allegedly using government equipment and her government e-mail account to help an outsider carry out his private-investment business.
The inspector general’s office said it referred the case to the Justice Department’s criminal division for possible prosecution and to the SEC’s Division of Enforcement for investigation. The Justice Department declined to prosecute.
A prominent retail trade group trimmed its November sales growth forecast on Tuesday, citing more shoppers saying they’ve delayed holiday purchasing compared with a year ago.
Michael P. Niemira, chief economist for the International Council of Shopping Centers, now predicts that November sales at stores open at least a year – a key industry barometer – will be up 3 percent to 4 percent, below his original forecast for growth in a range of 5 percent to 8 percent. That compares with the steep 7.7 percent drop a year ago.
The uneven start is worrisome to economists because how consumers behave during the holidays and beyond will be key to how strongly the economy rebounds from the recession.
Staples Inc., the largest U.S. office supply retailer, provided an upbeat outlook Tuesday as it reported that its customers bought more school and office supplies and technology products in its stores in the third quarter.
Staples North American retail sales rose 1 percent to $2.6 billion in the third quarter, the first rise in five quarters. But contract sales remained weak as small businesses are slow to recover from the recession.
CEO Ron Sargent said the company is feeling “increasingly optimistic about the future” and predicted total sales will rise in the current quarter – which includes January, when many businesses start afresh with new budgets. He also expects a better holiday season than last year’s.
Pfizer Inc. will spend up to $115 million for rights to an Israeli biotech company’s experimental drug and its promising technology for making that drug and others in carrot cells.
The world’s biggest drugmaker said Tuesday its deal with Protalix BioTherapeutics Inc. involves a new technology, the first to use plant cells to make protein-based drugs, that would be safer than the animal cells now used.
A veteran automobile marketer was named Tuesday to lead General Motors’ Buick-GMC division.
Michael Richards, who held a variety of sales and marketing positions over more than a quarter century at Ford Motor Co., will succeed Susan Docherty, who was appointed GM’s head of sales in October.
