More News

An independent thriller film, "Possession," will begin filming next month at several locations in Washington County, according to the state Department of Business and Economic Development, with the project to employ Maryland film crews and boosting the local economy.

The film is being written and directed by Eduardo Sanchez and produced by Robin Cowie and Gregg Hale and their company, Haxan Films. The trio created "The Blair Witch Project," which was shot in Maryland and grossed more than $250 million worldwide, according to DBED officials.

"It feels great to finally shoot another film in my home state," said Sanchez, who said he grew up in Takoma Park and lives in Urbana.

"The last time went pretty well for us," Cowie said "We look forward to creating jobs, hiring local cast and crew and a great production."

Comtech subsidiary wins $24.9M in new orders

Comtech Mobile Datacom, a Germantown subsidiary of Comtech Telecommunications of Melville, N.Y., recently received $24.9 million in new orders as part of its existing $384 million contract with the Army Communications Electronics Command, according to a company statement.

The orders also ensure Comtech's continued support for existing deployed Blue Force Tracking satellite channels for six months ending in March, according to Comtech information. It also ensures distribution of test channel services and support for the command's move from Fort Monmouth, N.J., to its new headquarters at Aberdeen Proving Ground.

Cambridge bank agrees to strengthen operations

The Bank of the Eastern Shore in Cambridge is the latest Maryland bank to reach an agreement with regulators to strengthen board oversight of operations and take other measures, after the institution's total risk-based capital ratio fell below the level needed for the institution to be considered "well-capitalized."

That capital ratio declined to 8.72 percent in the second quarter from 14.21 percent a year ago, according to the Federal Deposit Insurance Corp. Total assets declined by 3.5 percent from the first quarter to the second, to $223 million. A bank must maintain a total risk-based capital ratio of at least 10 percent to be considered well-capitalized by regulators, and from 8 percent to 10 percent is considered adequately capitalized.

The agreement was made between bank executives, the Federal Reserve Bank of Richmond (Va.) and the Maryland commissioner of financial regulation. The bank also agreed to hire a permanent full-time chief lending officer and improve credit risk and lending procedures.

Bid4Assets.com hosting foreclosures auction

Bid4Assets.com, a Silver Spring online real estate auction company, is hosting a preview of more than 13,000 tax-foreclosed properties in Wayne County, Mich., company officials said in a statement.

"This is the highest traffic for any auction in the company's 11-year history," CEO Matt Baker said.

Bidding on the properties will take place from Sept. 17-23, Bid4Assets.com officials said.

Pawn shop co-owner guilty of money laundering

Louis Leitch Sr., 62, of Baltimore, pleaded guilty last week in U.S. District Court to conspiracy to commit money laundering and trying to evade taxes at the pawn shop he co-owned to the tune of about $20 million, according to federal prosecutors.

From 2007 to March, Leitch conspired with others to sell over-the-counter medications, health and beauty aid products, gift cards, DVDs, tools and other merchandise that shoplifters had stolen from Target, Safeway, Wal-Mart, Kohl's and other retailers in Maryland and other states. Leitch co-owned E-Z Money Pawn Shop and 2Brothers Liquidators. Some of the defendants in this case also sold the stolen items online via eBay and Amazon.com, prosecutors said. Nine others have pleaded guilty to the money-laundering conspiracy.

When agents raided the pawn shops, they found more than $1 million worth of stolen merchandise, about $1 million in bank accounts, more than $140,000 in cash and 44 firearms. The entire conspiracy involved about $20 million in stolen goods, with up to $7 million involving Leitch.

Leitch, who also failed to file income tax returns for 2005 and 2006, faces up to 15 years in prison and a $250,000 fine. Sentencing is scheduled for Dec. 17.

Appellate court grants stay on stem cell research ban

The U.S. Court of Appeals for the District of Columbia Circuit has granted a temporary stay on a lower court order that would block federal funding for embryonic stem cell research. The three-judge panel issued the ruling Thursday, following U.S. District Judge Royce C. Lambert's denial of a motion to stay the order Tuesday.

Lambert originally issued a preliminary injunction on Aug. 23, blocking federal funding for research using stem cells from embryonic tissues and organs. He cited a 1996 law that prohibits federal money for research that involves destroyed embryos.

The current stay will be used to give the court sufficient time to consider the merits of the emergency motion for a stay, according to the Court of Appeals order.

Dan Gincel, director of the Maryland Stem Cell Research Fund, said it is difficult to comment on the existing case because it constantly changes.

"I do think it will take many more months until this settles," he said. "What's important is for people in Maryland to know that we do have this fund and it's active and not affected by any ruling."

Gincel also encouraged people to seek more information about Maryland's stem cell industry through the Third Annual Stem Cell Symposium Sept. 22 at the National Institute of Standards and Technology in Gaithersburg.

Potomac man charged in $1.6M wire fraud

Dwayne Wells, 50, of Potomac has been charged with defrauding his mechanical engineering company, Ryco Associates of Laurel, of $1.6 million, according to an affidavit filed last week in U.S. District Court in Greenbelt.

Wells used $109,500 in 2009-10 to acquire an ownership interest in the Baltimore Mariners, an indoor football team that won the American Indoor Football Association championship in July after an undefeated season. He also spent $18,000 on arena expenses for the team using Ryco funds, and approved $1,000 going to the Baltimore Blast Cheerleaders, according to the affidavit.

A woman who answered the phone at Ryco Associates had no comment. Calls to Wells' home were not returned. Wells also is accused of using stolen money to buy interest in The Nest restaurant in Baltimore, for travel expenses for him and his wife, and on an adult-entertainment establishment in Baltimore, according to the affidavit.

Constellation expands residential service

Constellation Energy of Baltimore said it has expanded its residential electricity supply to customers in the Allegheny Power and Delmarva Power service areas. The service is now available to 1.9 million residential customers in Maryland served by the major distribution utilities, Baltimore Gas and Electric, Pepco, Allegheny Power and Delmarva Power.

Customers in the Delmarva Power service area can select from two plans: a one-year, fixed-price option for estimated savings of 12 percent compared with the utility's current weighted average price of standard service electricity, or a two-year option offering an estimated 13 percent savings, according to Constellation information.

Allegheny Power customers can select either a one-year, fixed-price option delivering an estimated savings of 7 percent compared with the utility's current weighted average price of standard service electricity, including transmission; or a two-year option offering an estimated 9 percent savings.

UCAP to hold job fair Sept. 29

United Communities Against Poverty in Capitol Heights is seeking employers, vendors and job-seekers for its job fair from 10 a.m. to 2 p.m. Sept. 29 at 1400 Doewood Lane, Capitol Heights.

Registration: 301-322-5700, ext. 108.