| FSA shuts down insurance broker after it left clients uninsured
The FSA has closed down Manchester based insurance broker M. Young Legal Associates for leaving clients uninsured by selling them insurance without underwriting in place. The regulator has banned managing director Michael Young, also known as Mohammad Younas Yousaf, and financial director Asif Habib Malik for their roles in the affair. The firm advised on and sold 'after-the-event legal expenses insurance policies' that cover the customers' legal costs if their claim is unsuccessful. The FSA's investigations found that between July 2003 to March 2004 and September 2004 to November 2005, MYLA issued policies in the names of National Insurance and Guarantee Corporation Limited, IGI Insurance Company Limited and Contractors Bonding Limited despite having no underwriting agreement in place.
Melton defends involvement with contracted crew
Jackson Mayor Frank Melton said Thursday he initially paid the Wood Street Lawn Service and helped it obtain insurance and bonding but never sought or accepted reimbursement from the city. Melton spoke in response to the state auditor's office on Tuesday getting from City Hall documents that showed payments made to the lawn service and other issues possibly related to Melton. The mayor said he paid the lawn service until it could earn city contracts on its own. Melton said he would provide canceled checks to prove that when he returns to Jackson next week. "I think it was up to about $6,000 or $7,000 (spent) out of my own pockets to make sure they would show up (to work)," Melton said. Melton said he helped the crew get started so its members could stay away from criminal activity.
County picks East Carondelet hauler
The Monroe County Board-five business references in hand-seemingly reluctantly agreed Monday to award the 2008 contract for managing large-item pickup at the Waterloo recycling site to an East Carondelet hauler.Sherrie Ford submitted at $48,000 bid that substantially undercut Reliable Sanitation of Waterloo's $72,300 and Aspen Waste of St. Louis' $69,000 in early October.The county and the Monroe-Randolph Bi-County Health Department agreed to table action to accept the low bid because the difference appeared unrealistic."It's still a little scary," Bi-County Health's John Wagner said. "But Sherrie Ford has given us the references we requested, they have posted $1 million insurance bonding and they say they can do the job."Ford, according to Wagner, plans to subcontract some of the work of managing the site and to offset the relatively low contract revenue through a separate salvaging business.Ford did not attend the original bid opening or Monday's meeting."The fall back is that this is really only a '30-day' contract because we can cancel it after 30 days if we aren't satisfied," Commissioner Terry Liefer said.
Babcock offers to bail out biofuels spin-off
BABCOCK & Brown has offered to take its poorly performing biofuels fund back onto its own balance sheet to offer some respite to long-suffering shareholders. The investment house today offered to buy the 70 per cent of listed fund Babcock & Brown Environmental Investments (BEI) that it does not already own for about $18 million, in a bond offer worth 50.8 cents per share. The bid came in well below yesterday's closing share price of BEI. The market reacted accordingly, sending its shares down another 10 cents, or 26 per cent, to 48 cents by 11.44am AEDT. Like other global biofuel producers, the fund has been rocked by a spike in the price of palm olein, which is used to make biodiesel, and a rising price of corn, which is used to make ethanol. The uneconomical pricing forced it to shelve plans to construct a biodiesel plant in Darwin.
Teacher told cop of urges for girls
LEWISTON - An Auburn elementary school teacher admitted to police that he sometimes put his hand up the skirts of young girls in his class, according to court records. James G. Raymond Jr., 26, of Auburn was arrested Tuesday and charged with unlawful sexual touching, a class D misdemeanor. It is punishable by up to a year in jail. Raymond told a local police detective that he didn't remember the incident for which he was charged, involving a 7-year-old pupil at Park Avenue Elementary School, where Raymond was a music teacher, Detective Chad Syphers wrote in an affidavit. The student told police that during a music class in early October, Raymond had moved her from her spot in a semicircle to sit next to him. She said he slid his hand up her skirt and touched her buttocks through the outside of her underwear.
Budgeting might hurt New Oxford Fire Co.
Steve Rabine is not asking for more money. The New Oxford Fire Co. chief is, however, asking that the borough's elected officials vote down a proposal to cap the borough's contribution to the fire company's electric bill at $10,000 next year. "All we are asking for is not to cut us anything," Rabine said. "Don't cut us back $5,000." It's budget time in New Oxford - like most municipalities - and the Borough Council is being forced to make some tough decisions in how they allocate money in 2008, Council President Gerry Stoltzfoos said. Council members do not plan on raising taxes, but Stoltzfoos said they do need to put a $10,000 cap on the borough's contribution toward the fire company's electric bill, which New Oxford has traditionally paid in full. Increasing prices mean that amount will likely reach $15,000 by the end of this year, Rabine said.
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