September 25, 2008
Woman Gets 61/2 Years for Tax Fraud
BUSINESS IN BRIEF
Woman gets 61/2 years for tax fraudBOSTON - A North Dartmouth woman was sentenced to six-and-a-half years in prison after she was convicted on charges of paying more than $40 million in wages under the table through her temp agency to avoid taxes and workers' compensation insurance premiums.
Aimee King McElroy was also ordered on Tuesday to pay $9.1 million in restitution as part of her sentence.
King McElroy and her husband, Daniel McElroy, were convicted in February following a two-and-a-half week jury trial of mail fraud, procuring false payroll tax returns and conspiring to defraud the IRS and workers' compensation insurers. Her husband has been sentenced to nine years in prison.
The McElroys operated their temp agency originally in Taunton, and later in Easton. They did business under several names, including the Dan Agency, the Daily Agency and Daily A. King Labor Inc. They provided laborers to factories and food processing plants. A third of the employees worked at fish processing plants in New Bedford.
Couple donates $10M to Cape cancer center
FALMOUTH - A couple that splits their time between homes in Falmouth and Palm Beach, Fla., has donated $10 million to Cape Cod Healthcare to develop the Falmouth Hospital Oncology Center. Cape Cod Healthcare, the parent organization for Cape Cod Hospital in Hyannis and Falmouth Hospital, said the donation from Jim and Ruth Clark is the largest single donation in its history.
Jim Clark, a two-time cancer survivor, is a former trustee of the Falmouth Hospital Foundation and a retired CEO and chairman of Hornblower, Weeks, Hempill and Noyes, a securities firm in New York. The new cancer center will be named the James M. and Ruth P. Clark Oncology Center in recognition of the gift.
2 local firms take beating on Wall Street
Two local companies in different industries - financial giant State Street Corp. and apparel retailer Talbots Inc. - saw their shares plunge at a steeper pace than the overall stock market's drop on Tuesday.
Shares in Boston-based State Street fell 6.8 percent to close at $54.03 a share amid concerns about the massive bailout package being considered by Congress for the financial services industry to help companies get bad debt off their books.
Shares in Hingham-based Talbots fell 10 percent to $13.74 a share after a Piper Jaffray analyst issued a note to investors expressing concern about markdowns at Talbots' J. Jill stores and downgrading the Talbots stock to "neutral" from "buy."
Head of investments at Putnam to quit
BOSTON - The head of investments at Putnam Investments in Boston will resign on Oct. 1. The mutual fund company said Kevin Cronin is stepping down for personal reasons. He had been managing director and head of investments since February 2005. Putnam CEO Robert Reynolds is reviewing Putnam's organizational structure in light of Cronin's departure.
Patriot Ledger staff
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