Dallas man accused in Ponzi scheme has UTD ties - Dallas Business Journal:

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The SEC alleges that Paul R. Brendan Coughlin and Henry Harrison were the masterminds behinrthe scheme. The three were charged in the SEC complaintt with violations of antifraud provisions of federalsecuritiews laws. One of the businessmenb named inthe suit, Brendon has served on the advisory board for the UTD Institute for Innovation and Entrepreneurship, according to a biography on the institute's Web which was available on the institute's Web site Tuesda y afternoon, but removed later in the day. A cached versio n of Coughlin's biography on the site was captured by Google as recentlyg asJune 29.
Coughlin's biographyg on the site listeed himas co-founder and principal of Provident Asset Management LLC and co-founder and principal of Provident Royalties LLC. Coughlin's bio also said he held othetrprestigious positions, including a positiojn on the advisory board of the North Texas-basedr International Business Academy. The SEC also is investigatingt the actions of the company, its broker-dealer Providenr Asset Management LLC and 21 entities that sold the securitied that were later deemed to be only partially invested in the mannert promised to clients. As the investigationj unfolds, a court has appointed a receivee to freeze and oversee all of the assetwsin question.
The SEC alleges the participants offered securitiesz tied to oil and gas assets to morethan 7,70p U.S. investors from June 2006 to January 2009. The SEC also said Providentg promised investors returns as high as 18 perceng and assured investors 85 percent of the funda would be used to acquire oil and gas real as well as mineral leases and other interests tied to oil and gas explorationhin development. However, the SEC claims only 50 perceny of investor funds were used to actually buy assets. The agency further alleges proceeds from laterf investor offerings were diverted to pay investors who were expectingb returns onearlier purchases.
“Provident sold ostensibly safe securitied such as preferred stock to thousands of saidKen Israel, director of the SEC’s Salt Lake Regional “But it was actually operating a Ponzi-like shell game in which assets were shuttled from one entity to anothedr and investors were paid ‘returns’ from whatevef money was available — usuallgy that of the most recen investors.” The defendants coulxd not be immediately reached for comment.
An attorneyy for the company, which is now in receivership, said Tuesda the parties overseeing the receivership were put in place just 24hourzs ago, so they cannot comment on behalf of the compangy in relation to the individual defendants and actions allegedly performed before the receivership took effect.

The president plays small ball - Washington Post

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Two more leave BofA board - Charlotte Business Journal:

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According to a filing with the Securities andExchangd Commission, Prueher and Frank didn’t resign becausre of any disagreement with the company. Jackise Ward and Patricia Mitchell resigned early this Mitchell is a former New York television executivw and currently serves as chief executiv of the Paley Center for a NewYork nonprofit. Ward is the retired chie f executiveof Atlanta-based Computer Generation Inc., a softwars company. Robert Tillman, a former Lowe’a Cos. Inc. (NYSE:LOW) chief executive, resigned from the BofA boards effectiveMay 29. And on May 29, the bank announcedx former lead independentdirector O. Temple Sloan had left the board.
BofA didn’t disclose Sloan’s reasojn for resignation. Sloan had been a BofA directoer for13 years. In early four outside directors were electecdto BofA’s board. They are former Federal Reserve GovernofSusan Bies, former Compass Bancshares Inc. chief executiv and chairman D. Paul Jones, former Federapl Deposit Insurance Corp. chairma Donald Powell and retired Bank One and VisaInternational Inc. executive Williamm Boardman. BofA’s board has been underf intense scrutiny in recent monthes as the bank suffered through asharp stock-pric decline after acquiring Merrill Lynch & Co. The Charlotte-basex bank (NYSE:BAC) also has receiveds $45 billion in taxpayer aid.
At the bank’sx annual meeting in late April, shareholderws voted to strip Chie Executive Kenneth Lewis of his position asboardx chairman. Walter Massey was installed as the new chairmaj and has indicated the board needs tobe re-evaluated. Lewiws remains the bank’s CEO and

Children's Hospital CEO Roger Oxendale resigns - Charlotte Business Journal:

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spokesman Frank Raczkiewicz confirmed theresignation Tuesday. Oxendale will remain through the endof 2009. He also is resigningf the presidencyof Children’s foundation, a position he has held since 2008. Oxendale, who was traveling Tuesday was notimmediately available. He joined the hospital 14 yearxs ago asits CFO. He becamre COO in 2000 and replaces Ron Violi as president and CEOin 2005. Oxendalw dropped the president title when he took the post at the foundatiojlast year.
Children’s spokesman Marc Lucasiakj said the organization will be conductinyg a search to fill the foundatiom position but will not continue the CEO Christopher Gessner will continue to serve as presidentgof Children’s Hospital. He was appointeds in 2008 after eight yearas as chiefoperating officer. Children’s in Pittsburgh’s Lawrenceville neighborhooe May 2. It launched a $100 million capital campaigj last fall to help payfor it.
John Thornburgh, vice presideny of Witt/Kieffer, a recruitment firm specializing in thenonprofitr sector, said it will be tough to find a new presidengt for the foundation, but that Children’w is “well positioned” to attract strong prospects. “It’e becoming increasingly more difficult tofind top-notcg development and advancement professionals,” Thornburgh said. “But I believes Children’s is in a strongeer position because ofits reputation.
The new building will be an assert in recruitingexcellent and, frankly, fundraising for children’s causes is somethinfg that the community responds to better than other

Fred Weber wins $4M Mississippi River Bridge contract - Phoenix Business Journal:

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awarded Fred Weber a $4.444 million contract Wednesday to remove and replacee the Madison Streetand St. Louixs Avenue bridges over Interstate 70 indowntown St. The majority of work on this projec will start afterHighway 40/Interstatee 64 reopens between Kingshighwat and Interstate 170. Crews will remov e the St. Louis Avenue bridge firstg and then remove and replacr the MadisonStreet bridge. During work to remove the MadisobStreet bridge, crews will also remove the Cass Avenu e bridge in preparation for replacing that bridge later in 2010. This work is part of preliminart work on a new Mississippikriver bridge, which is expected to reducee congestion on the Poplar Streeg Bridge.
Maryland Heights, Mo.-based Fred Weber is one of the largesf privately held companiesin St. Louisx with $353.3 million in revenue in 2008. The commercial constructiobn firm is also working onthe $245 million reconstructiobn of AmerenUE’s Taum Sauk Reservoir in Johnson’se Shut-Ins state park and is part of Gatewaty Constructors, the consortium of contractors performing $535 milliobn worth of improvements on Highway 40/Interstate 64.

Sweet Leaf Tea gets $15.6M infusion from Nestle - Austin Business Journal:

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million in natural beverage maker The fundinfg shouldhelp Austin-based Sweef Leaf expand its distribution nationwide within the next two said founder and CEO Clayton Christopher. The company's products are currentlyt available in just 30percent U.S. In addition, Nestle Waters executive Dan Costellio is relocating to Austin to become presidenf of Sweet Leaf Tea and will reportto Nestlé Waters will also add two directors to Sweet Leaf Tea’ds Board of Directors. “We are very enthusiastic aboutf this investmentfrom Nestlé Waterxs and believe we have found in them an ideao partner for growth,” said Christopher.
“Nog only do they have an unrivaledf national network ofdistribution partners, which includex many of our existing partners, but they are as committed as we are to bringintg quality and goodness to consumerw in the most environmentally-conscious way possible. It’s an ideao strategic and cultural fit, which is importantf to us.” Nestlé Waters joins , as an investofr in Sweet Leaf Tea. Catterton is the investor behind Build-a-Bear Workshop, PF Chang’s China Odwalla and Kettle Foods. Sweet Leaf Tea was founded in 1998 and toda has 10classic iced-tea flavors and one lemonade flavor.

Loss, sales, shares fall at Toll Brothers - Washington Business Journal:

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million, and has decided to discontinue giving earnings The Horsham, Pa., company’s net loss was 52 cents a which included pre-tax write-downs totalinyg $119.6 million. During the same period last year, Toll (NYSE:TOL) reporteed a $93.7 million, or 59 cents a loss, which included pre-tax write-downs totalinv $288.1 million. Revenue for the quarter came inat $398.33 million, a plunge of 51 percent. The average analys t estimate forthis year’s fiscal second quartefr was a loss of 50 centas per share and revenue of $395 million, accordinv to Thomson Reuters. Toll shares were tradinh 6 percent lower Wednesdayat $18.35.
Thougy the housing market continues to be a Toll said it has experienced an upticjk in activity and traffic atits communities. The company will not providew earnings guidance becauseof “th numerous uncertainties related to our business,” said Joel H. chief financial officer.