IN BRIEF

Ex-investment company boss indicted in mortgage fraud case

A man who owned and operated numerous Nevada investment companies was one of three people indicted Wednesday in a federal mortgage fraud case.

Former Las Vegas resident Brett Depue, 36, was indicted with two of his former employees: Brian Barney, 36, of Fairfield, Calif.; and Maria Ornelas, 32, of Las Vegas.

According to a statement from the U.S. attorney's office in Las Vegas, Depue operated a number of Nevada businesses that are now defunct. They include ABS Investments Group and Liberty Group Investments.

Arrest warrants have been issued for Depue, who now lives in Gilbert, Ariz., and Barney. A summons was issued for Ornelas, who is scheduled to appear before a judge on March 26.

The indictment accuses the defendants of participating in a mortgage fraud conspiracy from February 2005 to May 2007. The document specifically discusses 17 homes in Las Vegas and Henderson that were purchased fraudulently.

Fight Fraud Task Force to hold free consumer-protection event

The Fight Fraud Task Force and the city of North Las Vegas will hold "Dollars & Sense: Rated 'A' for All Ages," a free event tied to Consumer Protection Day, from 9 a.m. to 1 p.m. Saturday at Mojave High School, 5302 Goldfield St. in North Las Vegas.

In a statement, the task force said event discussions will cover identity theft and medical fraud; online records research; guardian services for senior citizens; taking charge of utility bills; alternatives to foreclosure and foreclosure scams.

The task force said dozens of agencies, including nonprofit housing counselors and government regulatory agencies, will exhibit at the event.

Visit http://fightfraud.nv.gov for information.

LONDON

BP spending $7 billion to acquire exploration rights

BP is expanding its dominant oil and gas operations in the Gulf of Mexico and dropping anchor off Brazil with a $7 billion deal to buy exploration rights from Devon Energy.

BP will get the rights for 10 exploration blocks in Brazil and others in the Gulf of Mexico and in the Caspian Sea near Azerbaijan. BP PLC already is the largest leaseholder in the Gulf of Mexico with more than 650 blocks producing over 400,000 barrels of oil equivalent daily.

Brazil is one of the world's most promising areas for oil exploration.

Devon, based in Oklahoma City, has interests in more than 450 offshore blocks in the Gulf that account for about 7 percent of Devon's total oil and natural gas production. In December, it sold stakes in three development projects in the Gulf to Maersk Oil for $1.3 billion.

WASHINGTON

Regulators may seek more pull to investigate car defects

Government vehicle safety regulators may seek greater authority to investigate defects in cars and trucks and are weighing a range of new safety requirements in response to Toyota's recall of more than 8 million vehicles over brake and acceleration problems.

David Strickland, head of the National Highway Traffic Safety Administration, said Thursday his agency will take a "hard look" at the power it has to set safety standards for automakers.

But one lawmaker at a House hearing said the agency's problems seem to have more to do with "ineptitude" and lack of money than with insufficient powers.

NEW YORK

Citigroup heading back toward prosperity, chief says

Citigroup Inc. says it's heading back toward sustained profitability after two years that saw the bank lose billions of dollars and be bailed out by the government.

Chief Executive Officer Vikram Pandit said Thursday that Citigroup has overhauled its operations, shed money-losing businesses in the U.S. and shifted its focus overseas.

"Citi today is a fundamentally different company than it was two years ago," Pandit told an investor conference in New York. "We are well positioned to return to sustained profitability."

Pandit didn't give a timetable for returning to profitability.