In brief
Immelt gets $15.2M
General Electric Co. paid CEO Jeff Immelt $15.2 million last year, double his pay of 2009.
GE has its headquarters in Fairfield and those of its GE Capital subsidiary in Norwalk. The company is one of the largest employers in Fairfield County.
A late surge boosted GE shares 20 percent over their price at the start of 2010, but the issue remains at half the value it held when Immelt succeeded Jack Welch in 2001.
GE on most-admired list
General Electric Co. ranked 13th on Fortune Magazine”™s list of the 50 most-admired companies in the world, the lone Connecticut-based company to make the list topped by Apple Inc.
Four Norwalk companies were ranked among the most-admired in their respective industries, including Emcor Group Inc. which led all companies in construction and engineering. Xerox Corp. ranked fourth among computer industry peers, while IMS Health Inc. and Priceline.com Inc. ranked sixth in their respective spheres of pharmacy and Internet services.
United Technologies Corp., the parent company of Stratford-based Sikorsky Aircraft Corp., led all aerospace and defense companies, ahead of Lockheed Martin and Boeing.
Guilty plea in Ponzi scheme
A New Canaan man admitted he ran a Ponzi-style scheme that exposed investors to potential losses of hundreds of millions of dollars.
Francisco Illarramendi, 42, was charged with multiple crimes including conspiracy to obstruct justice, and faces up to 70 years in prison along with fines and restitution. At deadline, a sentencing date had not been set.
According to U.S. Attorney David Fein, beginning in 2006 and as recently as last month Illarramendi concealed losses to investors in funds he controlled.
“This investigation has revealed that Francisco Illarramendi operated a massive Ponzi scheme that has defrauded foreign investors of hundreds of millions of dollars,” Fein said, in a prepared statement. “We believe this case represents the largest white-collar prosecution ever brought by this office.”
Q Poll pans Malloy tax plan
More than half of Connecticut residents disapprove of Gov. Dannel P. Malloy”™s plan to balance the budget, according to a Quinnipiac University poll, particularly in the schedule of tax increases he has proposed.
By a three-to-one margin, voters said a tax hike would hurt the state economy and two-thirds of respondents said it would be a serious problem for their families.
“Voters overwhelmingly disapprove of Malloy”™s proposed increases in the income tax and gas tax,” said Douglas Schwartz, director of Quinnipiac”™s polling institute, in a prepared statement. “They oppose eliminating the property tax credit and ending the sales tax exemption for clothes under $50. They do agree, however, with proposed increases in sin taxes on alcohol and cigarettes, and with wage freezes and furloughs for state employees and if necessary layoffs.”
Loan fund brings $4M
The Meriden-based Community Economic Development Fund is committing $4 million to a loan fund targeting small businesses in southwest Connecticut, including those in the New Haven area.
The state of Connecticut is supporting the effort by matching funds contributed by the private sector. A similar fund in eastern Connecticut has lent $4.7 million since 2003.
The funds are aimed at commercial enterprises ranging from corner stores to small manufacturing plants that are having problems obtaining conventional bank loans. Up to $250,000 is available for small businesses in need of working capital; twice that amount can be had for mortgages or improvements to property.
FactSet nears 5,000-employee mark
FactSet Research Systems Inc. added more than 300 employees in its second fiscal quarter ending Feb. 28.
Norwalk-based FactSet, which provides data and software for financial companies, earned $45.3 million as revenue rose 13 percent from a year ago to nearly $178 million. During the quarter, the company was again named to Fortune”™s list of the top 100 employers at which to work.
During the quarter, FactSet opened an office in Dubai, its 24th location globally.
VC fund skips county in debut investments
Advantage Capital Partners invested in three Connecticut startups out of a new fund, none of them in Fairfield County.
Advantage Capital became the first company to be certified as a fund manager under a newly revised tax credit program supported by the state”™s insurance carriers, and for many years only applicable to insurance industry startups. Avon-based Ironwood Capital is working with Advantage Capital to invest the funds.
Receiving funds under the program are Greenleaf Biofuels, a Guilford company building a biodiesel processing station in New Haven; Floop Inc., a Woodbridge company developing software allowing users to rate TV programs and other content; and NovaTract Surgical L.L.C., which is developing a surgical tool licensing technology from Yale University.
BNC increases loans
BNC Financial Group increased gross loans 12 percent last year to $292 million, and tripled profits to just over $500,000.
New Canaan-based BNC owns The Bank of New Canaan, The Bank of Fairfield and Stamford First Bank, which opened its doors only last year.
“Stamford First Bank far exceeded our expectations, ending the year with strong commercial loan closings, a significant pipeline of loans and a thriving deposit base,” said Jay Forgotson, CEO of BNC, in a prepared statement.
Energy challenge under way
Four Fairfield County towns are participating in the Connecticut Neighbor to Neighbor Energy Challenge, a conservation program backed by $4.2 million in funding under the American Recovery and Reinvestment Act of 2009.
The 14 Connecticut participating towns include Ridgefield, Weston, Westport and Wilton. Towns will attempt to get residents to reduce their energy consumption by a full 20 percent over three years.
Paralegal embezzles $120,000
A Trumbull resident pleaded guilty to stealing more than $120,000 in loan funds from Countrywide Bank.
Stacey Williams, 39, admitted she pushed through a home equity loan application to Countrywide while working as a paralegal at a Stamford law firm, whose identity was not disclosed in a press release issued by U.S. Attorney David Fein.
After the client told Williams he no longer wanted the loan, she obtained the loan in the client”™s name and proceeded to make withdrawals for her personal use.
Williams is scheduled to be sentenced in May; the crime carries a maximum prison term of 30 years.
”“ Alexander Soule