Share “Business briefs for March 30, 2013”

Business briefs for March 30, 2013

Business briefs for March 30
From wire reports Published: March 30, 2013

Reward for hiring awaits 2 firms

Catoosa's TriStar Glass Inc. and construction product manufacturer Target Completions of Broken Arrow are eligible to receive as much as $3 million total if they collectively hire as many as 150 new jobs under the Oklahoma Quality Jobs Program. The job creation incentive program announced Thursday could give TriStar up to $1.2 million if it adds and maintains 70 jobs in the next 10 years, and $1.88 million to Target Completions for as many as 80 positions. TriStar makes architectural commercial glass used on large buildings such as hospitals and office structures. Target Completions manufactures cast iron bridge plugs and cement retainers. The Oklahoma Quality Jobs program gives participating manufacturing companies a refund of up to 5 percent of payroll for bringing new jobs into the state. The state's small employer incentive program also announced that it has added Poteau's Tiger Truck Industries International Inc. and Conexus LLC of Tulsa. Tiger Truck, a manufacturer, and Conexus, a trucking logistics firm, both plan to add 30 jobs. Each of those companies could get about $480,000 if they hit payroll and employment targets.

Atlas appoints new leadership

Mike Owen has been appointed president and CEO of Atlas General Contractors, and will manage the corporate office in Bixby. Matthew Knight has been appointed chief operating officer and will manage the Oklahoma City office. Jim Garrett will remain active as the firm's board chairman. Atlas has provided general contracting, construction management, and design build services since 1958.

Bank adds 2 city board members

CrossFirst Bank has added two Oklahomans to the company's board of directors. Jennifer Grigsby and Lance Humphreys of Oklahoma City have been elected to the board of the firm, which operates banks in Kansas City, Wichita and Oklahoma City. Grigsby is senior vice president, treasurer and corporate secretary of Chesapeake Energy Corp. Lance Humphreys is the founder of Anthology, a luxury property management and hospitality firm based in Oklahoma City. He is also the founder of Bloom, a social entrepreneurship firm.

UPS to pay $40M to end inquiry

UPS has agreed to pay $40 million to end a federal criminal investigation connected to its work for online pharmacies. The U.S. Department of Justice announced Friday that the Atlanta-based company also would “take steps” to block illicit online drug dealers from using their delivery service. Justice says the fine amount is the money UPS collected from suspect online pharmacies. UPS won't be charged with any crimes. Its biggest rival, FedEx Corp., also has been a target of the inquiry. The investigation of the two companies stems from a global campaign to shutter illicit online pharmacies launched in 2005.

Exec accused of insider trading

— A senior portfolio manager for one of the nation's largest hedge funds was arrested Friday, accused of joining an insider trading conspiracy that the government said made more than $6 million illegally for the powerhouse investment company founded by billionaire businessman Steven A. Cohen. The arrest broadens the government's investigation of trading practices at SAC Capital Advisors, which manages $15 billion. Two weeks ago, the Securities and Exchange Commission said that two affiliates of SAC Capital would pay more than $614 million in what federal regulators called the largest insider trading settlement ever. The settlement is subject to court approval.

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