Federal authorities say a former Microsoft manager tricked a vendor into defrauding the company out of about $460,000 last year. A complaint unsealed in U.S. District Court in Seattle on Tuesday charges Robert D. Curry with three counts of wire fraud. The FBI says he was a business development direc
tor with Microsoft’s Strategic Partnerships Team and persuaded a vendor called Pentad Solutions to write checks for services that weren’t provided. In reality, agents say he used the money for high-end audio equipment and other personal expenses, including a trip to Whistler, B.C. Curry made an initial appearance in federal court Tuesday afternoon.
Increase expected in business travel
Business travelers will spend $245.8 billion this year, up nearly 7 percent from 2010, thanks to improving economic conditions and increasing corporate confidence, according to an industry trade group. The Global Business Travel Association said Tuesday that spending picked up at the end of 2010, with business travelers taking 113.6 million trips during the fourth quarter. They spent $60.6 billion, up more than 12 percent from the same period in 2009. For the first quarter of 2011, preliminary numbers show that travelers spent $60.2 billion, up 4 percent from the year before. Half of this year’s growth will come from more expensive airfare, hotels, car rentals and meals. In 2011, the average trip is expected to cost $551.
Fiat increases its stake in Chrysler to 30%
Fiat boosted its ownership stake in Chrysler Group LLC Tuesday as the Italian automaker met several benchmarks set by the U.S. government. Fiat’s stake in Chrysler rose from 25 percent to 30 percent, and it can rise to 35 percent when Chrysler begins making a 40 mpg car in the United States. Fiat got a 20 percent stake in Chrysler when it took over management of the company after a government-funded bankruptcy in 2009, and the government set several benchmarks for Fiat to increase its stake. In exchange for the ownership stake, Chrysler got small-car and clean-engine technology and Fiat’s management know-how.
Sokol denies inside info about Lubrizol
David Sokol knew of progress toward a possible Berkshire Hathaway bid for Lubrizol Corp. before he bought almost $10 million worth of stock in the lubricant company, according to a new regulatory filing. Sokol, considered a leading candidate to replace Berkshire’s Warren Buffett, resigned in late March after it came to light that he bought the Lubrizol shares before urging Buffett to buy the company. Buffett said there was nothing illegal about the trades, and Sokol told Fox Business Network that there was “absolutely no inside information.” Lubrizol updated its proxy statement Monday and included new information about what it said Sokol was told in December about progress towards a possible acquisition of the company.
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