Madoff scam hits Brown donors

Two foundations that donated $255,000 to Brown University last year had money invested with Bernard L. Madoff, the New York investment manager who has been charged with running a Ponzi scheme that may have fleeced $50 billion from his victims, Bloomberg News reported yesterday based on foundation tax returns. Unclear is whether the collapse of Madoff’s enterprise affected donations to Brown this year. A call to the university’s spokesman was not immediately returned.

Last year, the JEHT Foundation donated $105,000 to Brown, according to the tax returns. JEHT is a national philanthropic organization focusing on justice, equality, human dignity and tolerance. It also donated $83,567 to the City of Providence that year and $294,925 to the Rhode Island Family Life Center, a nonprofit agency that helps criminal offenders return to the community after prison. Also last year, the Wunderkinder Foundation donated $150,000 to Brown, according to the tax returns.

Bloomberg reported that U.S. foundations that invested with Madoff donated more than $73 million to nonprofit organizations last year, according to a tally based on foundation tax returns. The JEHT Foundation, which gave away $24.2 million last year, has been forced to close as a result of the Madoff scandal.

Tweeter purchases available

Consumers who bought goods at a Connecticut going-out-of-business sale for electronics retailer Tweeter can pick up their merchandise next week. Attorney General Richard Blumenthal says the chain’s stores in Avon, Newington and Manchester will each open for one day. Customers must go to the store where they purchased the item, present proof of purchase and sign a statement saying they have not reversed the charge on a credit or debit card. Only consumers who bought items during the out-of-business sale can collect their merchandise. The Avon store will open Sunday, Newington on Monday and Manchester on Tuesday. Each store’s hours will be 10 a.m. to noon. Blumenthal says he’s still trying to help customers who made partial payments for merchandise before the liquidation sale.

Broker’s services halted

The Massachusetts attorney general’s office has obtained a preliminary injunction against a Methuen mortgage broker authorities allege preyed upon financially distressed homeowners. Attorney General Martha Coakley alleges that David Coleman and his business, Mortgage Finders of New England, represented himself as an attorney and bankruptcy expert who offered to file bankruptcy petitions to save homes from foreclosure. The injunction granted Tuesday prohibits Coleman and his employees from offering foreclosure or bankruptcy-related services. The attorney general is also seeking a permanent injunction against Coleman, restitution, penalties and fees. It is the first lawsuit filed under rules instituted last year to regulate foreclosure-related services.

Lobstermen to get financial aid

Maine lobstermen and businesses hurt by the recent ice storm will be getting loan assistance from the Finance Authority of Maine, which has approved low-interest loans. It also extended from Dec. 31 to April 30 the low-interest loan period for lobstermen who face expenses of replacing their fishing line due to federal regulations. The board also authorized an agreement between FAME and the Maine Health Access Foundation to implement a loan fund for some primary-care practices to adopt electronic medical records systems, and an agreement between FAME and Delta Dental Plan of Maine that provides additional funding for dental loan repayment.

N.H. house prices tumble

Residential property prices in New Hampshire were 17 percent less last month than a year ago. The Northern New England Real Estate Network reports that the median sales price was $215,000 for single and multifamily dwellings. That compares with a median sales price of $260,000 last November. Jim Lyons, president of the New Hampshire Association of Realtors, says 30-year mortgage rates are available at below 5 percent and there are plenty of homes on the market but what is missing is confidence by buyers.

Free: A historic bridge

The State of Vermont is giving away a bridge. The 1924 single-span bridge in Chester is considered historic because of its concrete railings. The bridge across the Williams River on Vermont Route 103 is due to be replaced in 2011-2012. Regulations require the state to make available historic bridges that are due to be replaced. In many cases such bridges are used for other purposes such as pedestrian walkways.

Yale to pay federal fine

Yale University, in New Haven, Conn., has agreed to pay $7.6 million to resolve allegations that it broke the law by mismanaging federally funded research grants, federal authorities announced Tuesday. The civil settlement with the government resolves allegations that some Yale researchers at times charged a federal grant account for costs unrelated to grant objectives. The government also alleged the researchers wrongfully charged 100 percent of their summer activity to grants when the researchers spent significant time on unrelated work. Prosecutors said Yale did not admit liability in reaching the settlement and cooperated fully with the investigation. Yale acknowledged some errors occurred, but said the university has upgraded its accounting and reporting systems.

College gets $1 million gift

Framingham State College in Massachusetts has received an anonymous $1-million gift that will be used to provide scholarships for students preparing to become math and science teachers. The gift announced on Tuesday, from the family of an alumna, matches the largest lump sum donation in school history. College president Timothy Flanagan says the donation could help students who might otherwise not attend college. Flanagan says the money will also be used to bolster teacher development and student interest in math and science, which he says has been on the decline for 30 years.

Business booming in Maine

Cianbro Corp.’s eastern manufacturing facility in Brewer, Maine, is adding workers as it builds modules for a massive oil refinery expansion in Texas. “They are at or above 700 people,” City Manager Steve Bost said. “They are working two shifts and weekends. The pace has really accelerated.” Pittsfield, Maine-based Cianbro was hired to build 52 modules for the Motiva Port Arthur Refinery, which is undergoing a $7-billion expansion. The modules are heavy-duty industrial steel frames filled with pipe, pumps and electronics. The Cianbro plant was built at the site of the Eastern Fine Paper Co. mill, which closed in January 2004. Work on the modules began in April and the first module is scheduled to leave by barge in about a month.

Regional school district eyed

An effort is under way in Vermont to revive a plan to study merging the elementary schools in the towns of Sudbury, Whiting and Leicester. Earlier this year, voters in Whiting and Leicester approved a plan to study a proposal that could lead to the construction of a $5-million, 25,000-square-foot building for 120 students, but Sudbury voters rejected the idea. However, Sudbury resident Jay Merluzzi has filed a petition to have town residents vote again on the issue next month.

Receiver will oversee homes

A Connecticut state-appointed receiver will oversee the company that runs six nursing homes and filed for bankruptcy protection earlier this year. East Hartford-based Marathon Healthcare failed to find a buyer by Wednesday’s deadline, triggering a default with the company’s debtor. As a result, Attorney General Richard Blumenthal’s office says Marathon cannot meet its operating expenses. A superior court judge granted Blumenthal’s request Wednesday morning to appoint a licensed nursing-home administrator, Phyllis Belmonte, as receiver. Blumenthal says the state Department of Social Services is issuing funds to make sure Belmonte can pay Marathon’s employees. About 500 residents live in the six affected homes.