| Show - ve STOCKS D-- 5 wije NM 3 cawaseor GOLD 47186 087 Dow $080 r tCOPPER COMEX 389870 U131 2L1 t 75948 025 PAGE D-- 0350 - EAPIINHILE IN UTAII111111111- MO By Judy Fahys and Alan Boras THE SALT LAKE TRIBUNE Metropolitan Life Pays 846457 Fine Three Salt Lake City businessmen face 120 charges today in Edmonton Alberta Canadian brothers William H and Kenneth D Rogers have been summoned on charges of evading $33 million (US) in federal income tax in connection with their work managing 25 companies for nearly 600 Canadian investors Their company Auramet International Ltd of Vancouvef British Columbia and John H Picken an American business partner are named as Metropolitan Life Insurance Co has paid a $46457 fine to the Utah Insurance Department because its agents sold 11 policies claiming they were retirement plans The company has been the target of widespread probes na- tionwide As a result Met Life proposed a settlement with each state insurance department to make restitution to affected policyholders to pay an administrative penalty and to make sure agents comply with state laws Utah Insurance CommissionBRIEFLY er Robert E Wilcox said Met Life is offering to refund preBonneville International miums exchange each whole- has life policy to an annuity or per- - Corp Salt Lake City stato radio purchase agreed mit the policyholder to in Dallas-Wilco- x tion KDGE-Fmaintain the policy as issued Worth Forth from Edge said any Utahn who Broadcasting Inc The acquisiinsur- purchased a whole-lif- e tion is subject to securing apance policy from Met Life from proval from the Federal Com1 31 Oct 1990 Jan through 1993 and has not received an munications Commission offer of restitution should con- - which normally takes 60 to 120 000 gle tional Orem has opened a London office to capitalize on the rapidly growing interactive market in the United Kingdom The comgraphics are used in pany's interactive games and television graphics RAD SoftSalt Lake ware has signed agreements with three companies to use its technology with a variety of computer-softproducts The three are Compton's New Media Carlsbad Calif maker of Compton's Interactive EncyclopeSoftdia published in ware Sorcery San Diego Calif maker of computer games: and Krisalis Software a Moorgate England maker of games The three will use RAD's playback source code for its Smacker Video Technology The code will allow the partners to produce realistic games and animations that play faster center provides customer services to Salt Lake Valley residents who live north of 3900 South (4100 South on the valley's west side) and residents of North Salt Lake Woods Cross Bountiful West Bountiful and Centerville Farmers Ranchers See 000 d City-base- e full-tim- e Viewpoint Data Labs Interna- Makes Deal With 3 Firms "This will be one of the largest prosecutions in Canada this year" said Graham Hoard acting director of taxation in Calgary Revenue Canada alleges the trio of Auramet direc games-developme- Mountain Fuel has moved its Salt Lake North Region service center to 1140 W 200 South in Salt Lake City The By Prices received by Utah farmers and ranchers in were down from the previous month for sheep barley and alfalfa hay and up for lambs according to the Utah Agricultural Statistics Service The price for sheep was $24 per 100 pounds down $2 from July Barley at $218 per bushel was down 14 cents from the previous month Baled alfalfa hay was $76 per ton down $3 from the previous month The price of lambs at $68 per 100 pounds was up $2 from last month and up $9 from the August 1993 price mid-Augu- st Utah's reputation as a major account processing center was bolstered a bit Tuesday with American Express's announcement that it is launching a new credit card The Optima True Grace card is being targeted at the millions of consumers who are more than willing to leave home without the green American Express Card All the processing and setting acup of the new credit-carcounts will be handled out of Midvale said Nancy Worth vice president of credit-caroperations at American Express's Utah Travel credit-car- well-know- d n d d and process monthly house payments for those who hold the mortgages - 1 ' 21-un- it y i" 1 i''' leo ''4 Nv- - -' 4:9 10- 11 4:: '''1'- ' '''!'- : fri4t 4 "47t 1 TT n ? ' 4t' - ' of-- i ' 4' 4' :1-:- -- - ':' :- r - i ' Itt - tit' 1 ' ! - t ' ' '4 '' 0 4 '1: :i '' 77-- ' i I 01 much it ca5tc - taaviraRgia' First Interstate Day & Night (' sTAItoitiri : Pk A A A IN II ''‘ - : "P A i a Gcod Book " LIT1113151111 41e iyeliow Pgges sm : PIE 4lN ‘ 44 s 1 ) ' - -- '0sts Lp Alb Brisons grocery store 107!7 tt41"4 rig Tit P414r4roka Ai-- 't Intersta e 3 4 - tittf- --- - a?:: I IT'S BASIC CHECKING FROM FIRST INTERSTATE BANK THE INEXPENSIVE CHECKING ACCOUNT THAT MAKES BASIC GOOD SENSE 1 974-690- - 0133 4220 Lialit 0074 4 ta4114 t'llix) ----- ---- Coordinated locally by The Salt Lake Valley Recycling Information Office 2 For more information call og vrs5R14 oftti -- at any Salt Lake Valley -A tl S the specially marked bins t407-1- i ilastritlalv TAS - Now through October 3rd recycle your old phone book ( etk 'Satekettillig---ol- i flalt0 Mrt ar 111444314it141ATSM !: 111:WESTDIREcT -- s4' ato 1:FitAralvfrorttliatez ) Recycle In ' CriVgigiM 15- 44 aw'l gt MU2Z:0 - "Irs What To Do When Ou avv First Interstate Dal! tor Night an ing 'Center' 114(rAlo o IT'S AS BASIC AS BASEBALL If EJ 0 1‘0 0 7N A - Finish 4to a i iggiof 0'figlititritaa2R1 N - 113E 4WrliliZaSig2P liZirartVositlitglitribilatkrilo IN 1 tivito - ' — amount of loss to the bank will be important in determining his punishment 7--: lit:iN 4 7'') ''''''''ett or criminal record the anzgazurD(tomytgi -0 - 1 Maul 1010117 how I n n atTeatTIV40-ItioziaottkVikrite- 44-: 4!':'''t :' 1 credit-unio- "in-trans- it d iN 1Y :it '''''"1: ?'''t 't7- r '402 l':'l-4---1-- i7 ( t at bank-frau- d st y illit:D I ''''' - H' ' ie ' 25-da- ' : The manager of a credit union for a Teamsters local in Utah has been accused of defrauding the institution out of $220909 Gary Van Patten of Salt Lake City is expected to plead guilty to the federal felony according to attorneys Van Patten was manager of the credit union for Teamsters Local 222 In 1992 and '93 he made unusual moves to conceal the fraud according to charges filed by assistant US Attorney Tena Campbell Principally he allegedly camouflaged the fraud by recording many transactions such as when union members make payments on loans as their entries" That means the credit union's bank has yet to record the credit union's deposit Van Patten is accused of making several credit-unioloans to family and friends Often they made their payments with worthless checks which Van Patten labeled as deposits "in transfer" — and kept them in his brief case until the debtors could make the checks good according to the charges Often the checks were never made good and Van Patten allegedly altered the credit union's books to hide that He also is charged with writing credit union checks for his own personal use and of taking about $20000 from a cash drawer Defense attorney Ronald Yengich said he will contest the government's finding that the credit union lost $220909 in the scandal Because Van Patten has no pri- tomers a "grace period" before interest charges start Robert McKinley president of RAM Research Corp Frederick Md which monitors and reports rates said the on US credit-carcard will be good for consumers "There is pretty good competition within the industry now in terms of interest rates and annual fees" McKinley said "What this card does is open up the 'grace period' as a new area for competition" But in trying to differentiate its card from competitors American Express faces the problem of selling its card at the same time as it has to educate the public about grace periods he said YOUCAN'T BEAT THE BASICS opment company Strawberry Bay Lodge LC to construct and operate a lodge and pool 50 feet north of Strawberry Bay Marina in Wasatch County ' 3: By Ted Cilwick THE SALT LAKE TRIBUNE DOD The Uinta National Forest Service has issued a special use develpermit to a real-estat- e - ' Enter Guilty Plea Alan Boras is a business reporter with the Herald ers Cheque operations center "Since July we have hired 150 people so that we could be ready when the card was introduced" Worth said noting many of the new employees are analysts who will be checking credit histories of potential card holders Unlike the company's flagship American Express Card which requires holders pay off their balances each month the new card works like a typical MasterCard or VISA It allows customers to pay off only a portion of their accounts every month But customers who carry balances on Master Cards or VISAs typically immediately start paying interest on their purchases The new Optima card gives cus Steven Oberbeck THE SALT LAKE TRIBUNE AmeriFirst Financial Inc a Mesa Ariz-base- d mortgage lender with an office in Sandy has been approved as a Fannie Mae seri icer of residential mortgage loans That approval' allows the company to receive Lower Prices for Goods 4 For Union to American Express Processing New Credit Card in Midvale 000 CD-Ro- i Credit illanacter 3-- ware roP-- long-distanc- D-- 7 Page Can-que- Kenneth Rogers told The Salt Lake Tribune Tuesday he had not seen the 23 pages of charges Canadian authorities have filed but he added the charges stem from their management consulting firm's work for limited partnerships owned by others "We have been denied knowledge of what it's about in a very way" he said The defendants planned to have their attorney represent them in the Canadian court said Rogers cellular and telephone who operates companies from an office in the University Club in downtown Salt Lake City high-ris- e Meanwhile Canadian authorities described the case as a "very very large one- - and so massive it took two investigators three years to untan- days BAD Software St-Base- d tax-evasi- 4 AIR FARE CUTS tors sent their 590 investors false financial statements that reported business losses of $13 million Investors in turn claimed the losses on their tax returns and cut their tax bills by about $33 million the Canadian tax agency charges They had paid from $750 to $2000 apiece for units of the limited partnerships and some bought several shares said federal officials No investors are charged The alleged offenses occurred in Calgary Vancouver and other Canadian locations between January 1986 and the end of April 1987 Authorities refused to say how the money was used how the partnerships were promoted or what has happened to the investments Some of the partnerships' names such as 86 Mine Fund First Tax Investors IR Gold Fund and Homesavers Equity Fund suggest the money was intended for mining explorations or mortgages Limited partnerships are a legitimate tax avoidance strategy and often are employed to start new businesses The money is placed in what amounts to a blind trust Investors have no say over how it is used Investors claim the business losses on their tax returns during the venture's development years and they stand to earn a profit if the project succeeds Tax evasion under the Canadian Income Tax Act carries a penalty of up to 5 years in jail and a fine of up to double the tax owed The Rogers brothers currently operate Nortel Communications Inc and Nortel Cellular Inc Salt Lake City a business they wrangled over in federal court four years ago John H Picken also is treasurer of the companies Canadian Tax Agency Alleges Trio Gave Investors False Statements 116500 0 tact the insurer 447:)4 :d SL Businessmen Face Tax Charges 3 $38790 4 30 INDUSTRIALS NASDAOCOMPOSIII 4 I ESS "k""1"aum4P SSP 500 '17VVMenefW4 Zcsbre5a1taktiZribunt WEDNESDAY September 7 1994 Page qP fg‘ at-14- P'CP‘ipN: 07xttArsdoke-44- 0o u ' |
