Daily Briefing

DAILY BRIEFING

July 31, 2009

SEC files complaint against former Integral executives

The Securities and Exchange Commission filed a complaint Thursday against three former executives of Columbia-based Integral Systems Inc., claiming the trio for years had concealed the criminal securities fraud conviction of one of the executives from shareholders. Regulators claim that former chief executive Steven R. Chamberlain and former executive Elaine M. Brown concealed from 1998 to 2006 that Gary A. Prince had been convicted in 1995 of securities fraud at another company. The former executives also hid Prince's high-level role at Integral, concerned that it could have a negative impact on the company's stock, the SEC claims. Companies must disclose executives' names and any criminal convictions in public documents, which the SEC said Integral failed to do. Regulators are seeking penalties against the three and asking the court to bar them from ever serving as an officer or director at a public company. Prince left Integral in 2007; Brown resigned in 2008. Neither could be reached for comment. Chamberlain left in 2006, and his attorney declined to comment. Integral, maker of satellite ground systems, also reached a settlement with the SEC by agreeing to comply with a "cease and desist" order.

- Eileen Ambrose

Convention-tourism group's new name: Visit Baltimore

The Baltimore Area Convention and Visitors Association (BACVA) has changed its name to Visit Baltimore, the city's tourism and convention agency announced Thursday. The switch is in line with name changes taking place around the country that reflect convention and tourism agencies' missions.

- Lorraine Mirabella

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