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TV show focuses on Ponzi scheme
“American Greed,” a long-running television series on the CNBC business news channel, takes a look at notorious Ponzi schemer Doug Vaughan in an hourlong show that will air tonight at 8 and again on Friday at 8 p.m.
Titled “Wild West Rip-Off,” the show includes interviews with investigators, victims and at least one former employee.
“With a 30-year career in real estate, many thought broker Doug Vaughan was a man to be trusted. His charisma helped make him a fortune in New Mexico real estate. But it was all lies,” says a description of the episode on the CNBC website.
Vaughan is currently serving a 12-year federal prison sentence on charges related to his Ponzi scheme, which scammed $75 million from about 600 victims.
Socorro woman Bar Assn. officer
Socorro native Mary T. Torres has been elected secretary of the American Bar Association for 2014, marking the first time in its history that a Hispanic woman has served as an officer of the ABA.
The ABA House of Delegates selected Torres at the ABA Midyear Meeting in February in Dallas. Her nomination will be confirmed at the August ABA Annual Meeting in San Francisco. She is expected to officially begin her three-year term as secretary in August 2014.
A 13th-generation native New Mexican, Torres primarily handles civil litigation matters at the Beall & Biehler Law Firm in Albuquerque.
She is married to John T. Chavez of Albuquerque, and they have three children and two grandchildren.
Open house at Los Alamos Airport
The Los Alamos County Airport is hosting an open house Friday from 9 a.m.-1 p.m. and featuring tours of the Cessna Caravan – one of the New Mexico Airlines’ fleet that will be provide service between Los Alamos and Albuquerque beginning Monday.
“Once people … gain an understanding of how reliable it is, they will not be able to resist choosing a $49, 20-minute flight to the Sunport over a two-hour drive and parking fees,” says Airport Manager Peter Soderquist.
For more information regarding New Mexico Airlines service, visit www.flylosalamos.com.
Apple reportedly readies iTV set
NEW YORK – An analyst says he’s learned that the Apple TV set will go on sale late this year, for $1,500 to $2,500.
In a research note Wednesday, Brian White of Topeka Capital Markets says the iTV will be 60 inches on the diagonal, but could also come in 50- and 55-inch versions.
Apple will also release a small “iRing” that fits on the viewer’s finger, allowing the user to control the screen by pointing, White says.
The report is based on gleanings from visits with Chinese and Taiwanese companies that supply Apple with components, White says.
1.9M Hyundai, Kia vehicles recalled
Korean automakers Hyundai and Kia are recalling almost 1.9 million vehicles to fix problems with air bags and brake-light switches.
The switch recall covers almost 1.7 million vehicles – most of the automakers’ model lineups from the 2007 through 2011 model years.
In addition, Hyundai Motor Co. is recalling about 194,000 Elantra compacts from 2011 to 2013 to fix an air bag problem.
A faulty switch can stop the brake lights from illuminating when drivers press on the pedal, the U.S. National Highway Traffic Safety Administration said in documents posted Wednesday on its website. Also, the cruise control may not turn off when a driver steps on the brake, push-to-start buttons may not work, and a feature that stops the driver from shifting out of park without a foot on the brake may fail.
Service activity, hiring dip in March
WASHINGTON -Two reports Wednesday showed that U.S. service companies grew more slowly in March and private employers pulled back on hiring. The declines suggest businesses may have grown more cautious last month after federal spending cuts took effect.
The Institute for Supply Management said that its index of non-manufacturing activity fell to 54.4 last month. That’s down from 56 in February and the lowest in seven months. Any reading above 50 signals expansion.
Slower hiring and a steep drop in new orders drove the index down. A gauge of hiring fell 3.9 points to 53.3, the lowest since November. That means companies kept hiring, just at a slower pace.
The ISM report covers companies that employ roughly 90 percent of the workforce.
