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Show Page THE HERALD, Provo. Utah, Sunday, June C2 f r f V --- ... t ' ...... k t i .i Aerospace company gets funds Utah jobless rate jumps v " - 6, 1993 ' 1 - SALT LAKE CITY (AP) -Utah's jobless rate took an unusually big jump to 4,1 percent in May, but state employment officials said today the alarm bells needn't ring. Unemployment rose by of a percentage point from the April figure of 3.7 percent, said Lecia Parks Langston, chief economist at the Utah Department of Employment Security. Nationally, the unemployment rate declined slightly to 6.9 percent in May as a surge in construction jobs helped to drive the jobless rate to its lowest level in 18 months, the government announced. Langston said Utah still boasts one of the lowest jobless rates in the country, also driven in part by a booming construction industry. 'There is certainly no cause for alarm about Utah's economy," four-tent- V ..- ' ... u .- V t - - . OGDEN (AP) Utah's Business and Economic Development Board has agreed to give Parker Hannifin Corp., an aerospace company, a $500,000 grant and loan package to help it expand in Weber County. Parker Hannifin is to add 140 g jobs, and if it doesn't, the company will have to pay back the money at 10 percent interest. The loan is forgiven if the jobs come through. The agreement calls for the company to meet other economic targets, like buying from Utah suppliers. The financing is the latest in a series of grant and loan packages from the Industrial Assistance Fund, established in 1991 to encourage companies to bring high- high-payin- Hello? Randal Grote, national marketing manager for Panasonic, shows a mock-uof his company's wrist telephone in Chicago. The "Dick Tracy-like- " telephone will be available to the public this fall. The display was at the Consumer Electronics Show. p After a winter hiatus, the number of entrants to the job market has grown, Langston said. "Just as in 1991 and 1992, Utah's relatively good economy seems to be attracting unemployed workers from depressed areas of the SCAM: (Continued from Page CI) Creative launderers are skirting detection by using phony accounts, money orders and ATMs. Two years ago, the IRS used search warrants to comb the house e of a suspected laundering team in South Florida. Agents discovered bank books for 78 accounts at 24 area banks. All were in different names or used variations on a name. They had been used to disguise the movement of massive sums of money through local banks and out of the country. Last year, the agency cracked another scam designed to get around the federal rules. Agents e discovered a team was moving $72,000 a day using small money orders purchased at Farm Stores, and Publix markets. The team would send the money orders to Colombia or deposit them in bank accounts and send the husband-and-wif- contacts at the other end to do it " Launderers need friends in other countries' customs services or in shipping companies or airlines used to smuggle money out, he . said. Such methods avoid all contact with traditional banks, which are bound by stringent U.S. reporting rules designed to detect the movement of illegal money. Banks are required to report to the federal government every cash deposit or withdrawal of more than $10,000, and any suspicious cash transaction. This requirement has produced a flood of more than 50 million such reports on file, an overwhelming number for the government, and rarely do they lead to criminals. husband-and-wif- Winn-Dixi- es money out. No reporting of any kind was accounts and issued new cards," he said. Melnikoff said his bank, Wachovia Corp. , confiscated at least one of the counterfeit cards at an Atlanta branch. Financial institutions have, in e fact, built a number of devices into the ATM system to ATM: (Continued from Page CI) special agent Dan Marchitello, who is heading the investigation of the Connecticut fraud. prevent customers from seeing "It was one of the most innova- their savings disappear, such as tive, sophisticated, high-tecplacing daily limits on the amount schemes I've ever seen," said of an ATM withdrawal or notifyMarchitello. ing customers if their ATM activiThe bogus ATM temporarily ty deviates from an established patstationed at the Bukland Hills Mall tern. in Manchester, Conn., gave nothAlthough financial institutions said that but ing apologetic receipts usually absorb the losses, bank no transactions were possible, all customers are legally liable for the while collecting the secret PINs only the first $50 in losses as long of hundreds of bank cards. The as they notify their banks within a safethieves used the PINs two business days of the loss of along with their ATM cards. guard of the system counterfeit cards to gain access to But they could conceivably lose the accounts. their entire accounts if the bank But Marchitello said the wideisn't notified within 60 days from the time it mails the monthly statethe surrounding publicity spread case has helped limit losses. ment that shows the first unautho"People who had gone to the rized withdrawal. Until recently, the main conphony ATM machine didn't wait until their accounts were comprocerns in ATM security were in premised to notify their banks. And venting muggings of bank customthe banks right away blocked the ers. anti-crim- .. country," she said. required because money orders are not cash. Even the neighborhood ATM has become the money launderer's friend, agents say. Small cash deposits can be made without ever confronting a bank teller. Once in the bank account, money can be wired abroad. Hundreds of billions are wired all over the globe daily in transactions not subject to reporting. The Federal Reserve's electronic system, called Fedwire, handles 250,000 wire transfers that move some $800 billion among institutions every day. Perhaps the most intriguing and least visible technique is through the exploitation of international trade. But h some detective work by two Florida International University professors may hold potential for cracking down on this virtually invisible crime. Using publicly available data kept on computer tape at the Commerce Department, the men analyzed the import and export of nearly 30,000 products. When they programmed their computer to spit out unrealistically high or low prices paid, here's what they found: A $25,000 fax machine imported from Japan. money-launderi- high-tec- ATM Hard Drive Meg SVGA Video Card 14" SVGA Monitor, .39 1 systems Include wUh manuals. 101 (Qn-sit- CdCS 4 Windows Video Tape PFS Window 1 mi warranty option e S SAT 6222 So. Slate St Utah 84107 (601) FAX (B01) 6 12" 4 8 14" to rMMfes-- 'S" Tips to protect against ATM loss co-cha- pany failures The Associated Press Under the Electronic Funds Transfer Act of 1978, ATM customers are liable for the following in cases of unauthorized transactions: The first $50 in losses if they notify their banks within two business days of the disappearance of their ATM card. Up to $500 if they fail to meet y the limit, but only if the bank can prove they knew of the card's loss or theft and failed to report it. The entire account and credit line potentially could be wiped out if the bank isn't notified within 60 days of the date it mails out the monthly statement that shows the first unauthorized withdrawal. two-da- may become anti-frau- Travis Mitchell Joins R.C. Willey Staff Some safeguards for protecting ATM-relate- d losses: Select your "PIN" carefully. Don't use obvious personal identification numbers such as birthdates or the first few digits of a driver's license or home telephone number. They're often found in wallets and purses and usually the first to be thieves. tried by ATM-usin- g against R.C. Willey is pleased to announce the appointment of Travis Mitchell to the position of furniture sales associate at their Orem location. Travis, his wife and four children have resided in the OremProvo area for two years. Travis has been the recipient of numerous awards for outstanding sales achievement and customer service. His knowledge of woods and upholstery along with extensive training in decorating and furniture construction qualify him for his new position. R.C. Willey welcomes Travis' past customers and friends to visit him at their Orem location. Take precautions before using an ATM. Don't start a transaction with your surroundings. Suspicious individuals hanging around a machine or spotted with binoculars or video cameras nearby should be reported to authorities. Take precautions after using an ATM. That means remembering to take your card with you and properly disposing of the transaction receipt later on. Some clever crooks have been able to gain access to an ATM by using the account number found on the receipt. if you feel uncomfortable MK S "V 1 C3 I AM 4700 South Utah 84118 (?B ""v SALE ENDS JUNE12TH FAX (801) 265 W. 1230 North Provo, Utah 84601 With the combination Day & Night heating and cooling system, you'll be worry free all year long. The 597B scroll compressor air conditioner and the 398A d deluxe condensing furnace will keep you comfortable gas-fire- throughout the year. Call 1 Aire today to find out about the A-- $400 rebate. iiss-sii- The Right Stuff...To Last.' h ... REFRIGERATION AND HEATING Herinf 4 Coo)in gm it Tm V V FAX (801) 3 Mftmartnl - ? ..- -. ajfe ?L P 3 AIRE A-- 1 224-432- 8 21 . Dy Monday, 4021 Riverdale FAX 0 31 lit Rd. Ji Plus 90i Furnace missis 597B 'Rebste ottered for limited time Sf Aire tor details urn mf-- V, -m A 21 21. OF Need some extra money? Just call on a neighbor. Kelly Ward will help you get the Key Banlc loan that's right for you. With flexible terms and competitive rates. He'll help you fill out your application and explain all the details. And he'll get back to you fast with your answer. Because he doesn't like to keep his neighbors waiting. To apply for your loan, call Kelly at (801) Ogden, Utah 84405 (601)353-333- (001)375-543- (001)967-333- 0 Clod 0 fHpsTil r 1 377-105- 2. SLC, 227-880- mm V SATURDAY, COMPUTERS 1773 W. Ph. OREM, 40 E. 1300 S. 35S333 a QUO 5 0 0 WW JLZS Anti-frau- 17 99 innovation 104 pjn. Murray, 3 Wk.. pc - commonplace." A study released by the coalition Thursday found: Auto insurance fraud costs an estimated $8 billion a year. d programs potentially can reduce auto insurance fraud by $2 billion annually. d Key elements of effective include inspecting programs automobiles before insurance is issued, creating special investigative units, installing fraud hot lines and developing consumer education programs. 2$ Power Pad Surge Protector .t.r.vi'i.-T,- Store Hours anti-frau- A new coaWASHINGTON lition of insurance companies, government agencies and consumer groups Thursday urged new proposals to combat insurance fraud, which ultimately costs consumers an estimated $20 billion to $50 billion a year. By The coalition will advocate fedd eral and state legislation and regulation, as well as inform the public about the high cost of fraud, said Adrian Tocklin, executive vice president of Continental ir of the coaliCorp. and tion. "The increasing levels of fraud are weakening the integrity of the insurance system in this country," Tocklin said. "Unless the rate of insurance fraud is curbed, consumers will face skyrocketing insurance costs, and insurance com- 01 fit 3.1 Window The Associated Press ot peo- Richard Nelson, administrator of the Industrial Assistance Fund, said Parker Hannifin's expansion eventually will mean $8 million in income taxes to state and local governments. However, the company intends to ask for property tax relief soon, said Robert Barker, vice president and general manager. The 140 engineering, fabrication and other technical jobs will pay an average wage of $38,341, far above the state's average salary of$20,520. When the Ogden expansion was announced in October, Parker Hannifin hoped to add some 250 jobs, bringing Ogden employment to about 500. Enhanced Keyboard, DOS 5.0 ... C 3 Work. By PAUL DYKEWICZ Journal of Commerce T Intel Processor 64K Cache 4 Meg RAM 1.44 MB Floppy 170 Meg IDE Hard Drive 1 1 Meg SVGA Video Card 14" SVGA Monitor, .39 128K Cache 4 Meg RAM 1.44 MB Floppy 170 Meg IDE m All users 486DX 33 386DX 40 2 Meg RAM 1.44 MB Floppy 60 Meg IDE Hard Drive 512K SVGA Video Card 14" SVGA Monitor, .39 By 100,000-square-fo- A WINNIN Liability for h 386SX 40 ng million to McDonnell Douglas; $1.1 million for Morton International Inc. in Ogden; $350,000 to Unisys in Salt Lake City and $900,000 to DOD Electronics in Murray. Parker Hannifin, which earned $63.5 million in 1992, will use the $500,000 to help build a plant in the Weber Industrial Park, nearly doubling its size by 1994. Ground is to be broken within a month on the $5 million plant. The company intends to spend $2 million to $3 million for equipment and relocating key ple. New coalition rules to combat fraud she said. AP Photo paying jobs to Utah. The fund often has been controversial because companies don't have to repay the money if they help Utah's economy. The state has committed $4.4 Kelly Ward, Branch Manager Provo Office, 207 North University 9 (801)399-336- 3 The Key Bank logo is a registered trademark cA KeyCorp Member FDIC. II a vrrr America's neighborhood bank. |
