In Brief
Three people accused in foreclosure scam indictment
Nevada Attorney General Catherine Cortez Masto's office on Monday said three people were indicted for allegedly operating a foreclosure rescue scam in Las Vegas during 2008 and 2009.
In a statement, the office said the indictment accuses Doninador Palalay aka Dominador Palalay, Marie Tejada Medina and Benjamin Aquino Moraleda III of operating a foreclosure rescue scam under the business name PDM Financial Group Inc.
PDM Financial Group is accused of charging 1 percent of the victims' loan balances, or between $2,600 to $3,700, for loan modification and document preparation, and misleading customers by falsely claiming that their services would prevent foreclosures on their homes or that the homeowners would obtain loan modifications.
The state alleges that the services weren't performed and that Palalay, Medina and Moraleda defrauded consumers by having them sign false deeds of trust that gave the defendants liens on the victims' homes based on false promissory notes.
NEW YORK
Security company Cogent bought by 3M for $943 million
3M Co., the conglomerate whose products range from Post-Its to respirators, is trying to expand into the security market by buying Cogent Inc. for about $943 million.
Cogent develops automated systems that read finger and palm prints, and it makes iris and face recognition systems used by government, law enforcement and border patrol agencies.
Cogent's board of directors already has agreed to the deal and is recommending that shareholders accept it. 3M said Monday it will pay $10.50 per share for Cogent, or nearly 18 percent above Cogent's closing price on Friday.
Shares of Cogent, which is based in Pasadena, Calif., rose $2.18, or 24.4 percent, to close at $11.09 Monday on the Nasdaq National Market.
DETROIT
With Fiat's return to America, Chrysler dealers face decisions
Fiat is coming back to the U.S. after a 30-year absence, and now Chrysler Group dealers have to decide whether they want to sell the Italian brand that initially will offer just one model, the tiny Fiat 500.
At a meeting in Detroit Monday, about 400 Chrysler, Dodge and Jeep dealers who want to sell Fiats were told that the exotic minicar at first will be the only 2011 model in their Fiat showrooms.
Chrysler, which is now controlled by Italy's Fiat, was short on specifics, such as price and future models. A larger model was promised, although covered by a tarp.
Chrysler hopes to sell 50,000 of the stylish, bulb-shaped 500s the first year they arrive. Eventually four versions will be offered, a standard 500, a cloth-top convertible, a high-performance version with up to 185 horsepower, and in 2012, an electric version, the dealers said.
NEW YORK
Intel buying Infineon unit in $1.4 billion cash transaction
Intel Corp. is buying the wireless communications unit of Germany's Infineon Technologies AG for $1.4 billion in cash, the second deal in as many weeks that allows the chip maker to expand beyond the struggling personal computer market.
Intel has tried with limited success to get its chips into cell phones. It is hoping to change that by buying Infineon's wireless business, which makes chips for smart phones such as Apple Inc.'s iPhone.
The deal, which still requires regulatory approval, is expected to close in the first quarter of 2011.
