Fraud charge leads to raidAn investment company founded by...

BUSINESS DIGEST

March 23, 1994

Fraud charge leads to raid

An investment company founded by the president of Spectrum Information Technologies Inc. was raided yesterday, and five people were arrested on federal charges that the firm bilked small companies looking for capital.

According to a federal complaint filed in Brooklyn, N.Y., the firm, now called Paradigm Investments, defrauded the target companies out of as much as $30,000 each as they ostensibly sought sources of new financing.

Among those arrested was John Bohrman, son-in-law of Spectrum President Peter Caserta, who recently sold Paradigm to Mr. Bohrman.

Steel imports rose in January

U.S. steel imports in January rose almost 45 percent from a year ago as U.S. steel mills continued buying large amounts of foreign semifinished steel to help fill big orders from domestic automakers, construction firms and manufacturers.

January steel imports soared to 2.22 million tons from 1.54 million tons, the American Iron and Steel Institute said yesterday.

Steel exports from the United States in January fell 22 percent, to 277,060 tons, from 354,320 tons a year ago.

Westinghouse promotion

Aris Melissaratos has been named named vice president of science, technology and quality at Westinghouse Electric Corp., a position that gives him responsibility for the Science and Technology and Productivity and Quality Centers near Pittsburgh. Mr. Melissaratos joined Westinghouse in 1966 and spent most of his career with the Electronic Systems Group in Linthicum.

Cadillac most reliable

Cadillac is first in reliability among 5-year-old cars, the only time a U.S. automaker has placed above foreign makes, according to a survey released yesterday by Agoura Hills, Calif.-based J.D. Power and Associates.

General Motors Corp.'s Cadillac edged out Mercedes-Benz for top honors. Audi was third.

Interstate banking bill OK'd

The House approved a bill yesterday to loosen decades-old regulations that limit the ability of banks to run branches across state lines.

Similar interstate branching legislation easily cleared the Senate Banking Committee last month and is awaiting a final vote by the full Senate. The Clinton administration supports the plan.

Rohr shutdown delayed

The shutdown of Rohr Inc.'s aircraft parts factory in Hagerstown has been delayed until September, keeping 200 people on the job a few more months and giving a Florida businessman more time to buy the plant before it closes.

Instead of closing in May, manufacturing work will continue through August, said Jay Howe, plant manager.

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