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Banking and Lending

Man Sentenced to 30 Months in Prison for Credit Card Fraud Scheme

Elijah Chin, 28, of Federal Way, Washington, was sentenced earlier this week to 30 months of imprisonment, followed by two years of supervised release, for fraud and identity theft offenses stemming from a credit card fraud scheme. He was also ordered to pay full restitution.

Connecticut Single-Family Home, Condo Sales Decline in September

Connecticut Single-Family Home, Condo Sales Decline in September

Single-family home and condominium sales in Connecticut decreased last month on a year-over-year basis as the median single-family home price reached a 10-year high, according to the latest report from The Warren Group, publisher of The Commercial Record.

Former CFO of New Haven Biotech Firm Admits Embezzling $1M

Thomas Malone, 49, of New Haven, plead guilty yesterday in New Haven federal court to charges related to his embezzlement of approximately $1 million from a New Haven biotech company that receives federal research grants.

Tobacco Wholesaler Admits Role to Defraud State of Connecticut

Rishi Malik, 46, of Fairfield, plead guilty today in New Haven federal court to charges related to role in a conspiracy to defraud the state of Connecticut of millions of dollars in taxes due on tobacco products imported into the state.

GE Reveals Deeper Regulatory Probe, Restructuring

GE Reveals Deeper Regulatory Probe, Restructuring

General Electric Co. slashed its quarterly dividend to a penny a share, said it would restructure its power unit and that it faced a deeper accounting probe as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate.

Webster Bank Appoints New Director to Board

E. Carol Hayles has joined the board of directors of Webster Bank and its parent company, Webster Financial Corp. She also has been appointed to the Audit and Risk committees of the boards.

CU Membership Hits Record Level in August

Credit union membership is up 4.7 percent year over year – the fastest growth rate in the industry’s history, according to CUNA Mutual Group’s latest Credit Union Trends Report.