Good Evening
Good Evening

Business briefs

Ex-bank chief pleads guilty to fraud

The former president of a small community bank in Manhattan earned the distinction of being the first person convicted of ripping off the federal bailout program by pleading guilty Friday to fraud charges and admitting that he tried to grab more than $11 million in taxpayer rescue funds. Charles Antonucci, 59, told U.S. District Judge Naomi Buchwald that he lied to try to get more than $11 million in federal bailout funds for Park Avenue Bank, took bribes and embezzled money and participated in a scheme to defraud Oklahoma insurance regulators. Antonucci is free on $2 million bail and faces up to 20 years on the most serious counts when he is sentenced in April.

UAE won't cut BlackBerry services

The United Arab Emirates on Friday backed off a threat to cut key BlackBerry services, just days before a planned ban that could have harmed the country's business-friendly reputation. The Emirates Telecommunications Regulatory Authority provided few details, but said "no suspension of service will occur" Monday.

FDIC authorizes failed bank lawsuits

The Federal Deposit Insurance Corp. has authorized lawsuits against more than 50 officers and directors of failed banks as the agency aims to recoup more than $1 billion in losses stemming from the credit crisis. The FDIC has brought only one case against officers or directors tied to recent collapses - a suit filed in July seeking $300 million in damages from four executives of IndyMac Bancorp Inc.

Source: Two new Priuses to sell in 2011

Toyota plans to roll out two new cars under the Prius name by next year, according to a dealer briefed on the plans, as the automaker seeks to turn its popular hybrid into a family of vehicles. The Japanese automaker will begin selling a Prius station wagon next summer, said Adam Lee, president of the Lee Auto Malls chain of dealerships in Maine. It will sell a plug-in version of the Prius that can get 30 miles on a charge starting later in the year, he said. Toyota spokesman Sam Butto declined to comment on any specific product plans.

- From wire reports

More news