Daily Briefing

DAILY BRIEFING

February 09, 2010

Annapolis financial adviser charged with $2.3M fraud

An Annapolis mortgage broker and financial adviser has been charged with using more than $2.3 million of his clients' money to play the stock market, according to filings by the U.S. Securities and Exchange Commission and the U.S. attorney's office. David W. Wehrs, 54, owner of Maryland Title and Escrow Co., was charged this month in U.S. District Court in Baltimore in connection with a scheme to defraud investors and financial institutions of about $2.3 million. Wehrs, who faces up to 20 years in prison if convicted, could not be reached for comment

- Edward Gunts

W.R. Grace aims to reduce energy use by 20 percent

As part of its sustainability strategy, W.R. Grace is aiming to reduce the energy consumption of its operations by 20 percent per pound of production over the next seven years and make annual reports about its progress in reaching that goal. A leading supplier of catalysts to petroleum refiners and other products, Grace will use 2007 as the base year against which it will measure progress. In that year, it produced nearly 2 million tons of products and had carbon dioxide equivalent emissions of 1.1 million tons.

Edward Gunts

UAL saw higher traffic, passenger revenue in Jan.

United Airlines said Monday that January traffic rose, and it collected more revenue from each passenger. United said it collected 9.5 percent to 11.5 percent more for each passenger flown one mile in January compared with January 2009. Throughout last year airlines struggled to raise fares, so any increase in so-called unit revenue should be welcomed by the industry.

- Associated Press

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