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Surety

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NEWS
September 25, 2009 | By Walter F. Naedele INQUIRER STAFF WRITER
Richard H. Shepherd Sr., 88, founder of a surety bond agency in Fort Washington, died of complications from Alzheimer's disease Monday at the Hill at Whitemarsh, a continuing-care retirement community in Lafayette Hill. He lived in Chestnut Hill from 1956 through 2007. Born in Philadelphia, Mr. Shepherd graduated from Germantown High School in 1939. He attended the University of Miami for two years and earned his bachelor's degree there in 1945, with credit for course study while he was in the Army Air Corps.
NEWS
June 18, 1996 | By Julia C. Martinez, INQUIRER STAFF WRITER
Haverford businessman Rocco J. Molinari was charged yesterday with robbing Philadelphia construction companies of more than $1 million by selling them bogus surety bonds. The racketeering indictment by the U.S. Attorney's Office in Philadelphia followed a lengthy grand jury investigation prompted by victim complaints to the Pennsylvania Insurance Commission, said Assistant U.S. Attorney Abigail R. Simkus. Molinari was released on bond after being arraigned before U.S. Magistrate Judge Thomas J. Rueter on racketeering, fraud, money laundering and other charges.
NEWS
April 23, 2012 | By Dennis Bartlett
The Philadelphia courts issued an order this month noting that more than 30 percent of the city's criminal defendants fail to appear in court. Furthermore, it noted that with 61,000 outstanding bench warrants, authorities can't even serve all the fugitives, let alone apprehend them. Hence the courts have decided to explore new approaches, mainly by opening the door wider to commercial bail, which has been largely banned from the city. In a sense, the long debate over whether bail agents should return to Philadelphia has been settled in the affirmative by this order.
NEWS
September 18, 1997 | By Julia C. Martinez, INQUIRER STAFF WRITER
Former Philadelphia businessman Rocco J. Molinari was sentenced yesterday to five years and 11 months in prison for swindling $1.6 million from clients who sought his financial services. U.S. District Judge Lowell A. Reed Jr. ordered Molinari to forfeit his house in Haverford Township and a 1988 Mercedes Benz and to repay his victims once he is released from prison. The sentence, the maximum allowable under federal sentencing guidelines, came despite testimony from Molinari's psychiatrist that his 60-year-old client had an abnormal fear of enclosed spaces and would die if incarcerated.
NEWS
June 18, 1996 | by Jim Smith, Daily News Staff Writer
Short and stocky, weighing about 250 pounds, Rocco J. Molinari allegedly told prospective clients that he played college football on the same team as Joe Namath and that he went on to play for the Green Bay Packers. He also claimed to be a wealthy financier with many connections in the banking industry. They were all lies, federal authorities contended yesterday. Molinari, a longtime South Philadelphia businessman and reputed organized crime associate, was arrested on federal racketeering charges for allegedly swindling more than $1 million from 21 individuals and companies that sought his financial services.
NEWS
May 9, 1997 | By Julia A. Martinez, INQUIRER CORRESPONDENT
A Philadelphia businessman whose mental incompetence a quarter century ago spared him from prosecution in an alleged federal housing swindle, pleaded guilty yesterday to 48 counts of a federal racketeering indictment. Rocco J. Molinari, 60, of Haverford Township, told a federal judge that although he was on psychiatric medication, he was competent to enter a guilty plea to charges of defrauding construction contractors of more than $1.6 million between 1989 and 1994. Molinari was indicted in June on charges of racketeering, fraud, money laundering and other crimes.
NEWS
October 2, 1987 | By Jane M. Von Bergen, Inquirer Staff Writer
Alex Feinman, the con man who created million-dollar empires out of phony financial paper, wanted to make one thing perfectly clear in Camden County Superior Court yesterday. "I'm a smart enough criminal to know not to sign my own name," he told Superior Court Judge Mary Ellen Talbott. "If I was going to cheat or fraud, I wouldn't go for pennies, your honor. " And compared with his past, when the Blackwood, N.J., man sold $46 million in phony surety bonds to construction contractors in New Jersey, the $4,500 he stole by writing bad checks was, indeed, pennies.
NEWS
June 7, 2000 | By Jan Hefler, INQUIRER SUBURBAN STAFF
A Marlton man was arraigned yesterday on a first-degree charge of manufacturing a controlled dangerous substance after police said they confiscated 55 marijuana plants from his basement and backyard. Edward Forgione, 34, an electrician who lives on Holly Road, remained in the Burlington County Detention Center after the hearing, his surety bail set at $10,000. His wife, Lisa, had reported him to police, saying she wanted to protect their children, but she wailed loudly in Burlington County Superior Court that she did not know the bail would be that high.
SPORTS
August 28, 2012 | BY ALEX LEE, Daily News Staff Writer
LESS THAN 2 months after impressing at July's rookie camp, Flyers top prospect Nick Cousins is in the headlines again. This time, it is for the wrong reasons. According to police in Sault Ste. Marie, Ontario, Cousins, 19, and Soo Greyhounds teammates Mark Petaccio and Andrew Fritsch were charged with sexual assault on Saturday against "a female known to them. " Cousins and Fritsch, a 2011 Coyotes draft pick, have been released and are due in court on Oct. 1, said police. Petaccio will appear in bail court on Monday.
BUSINESS
September 14, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
Fast-growing, Minnesota-based OneBeacon Insurance Co. boasted to clients last week that a new team headed by Philadelphia-based executive Chad Anderson had started selling surety insurance to corporate clients for specialized business risks. OneBeacon didn't mention that a rival insurer - Anderson's former employer - is trying to shut that team down. Before July 30, Anderson headed the East Coast surety team at Ace Ltd. , a multinational insurance giant whose biggest operating base is in Center City (it is the successor to the old Insurance Co. of North America )
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BUSINESS
November 29, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
Pennsylvania state insurance commissioner Michael Consedine last week sued top executives of a failed Villanova construction surety company, accusing them of "raiding" the firm's assets and diverting millions in company cash. The firm, First Sealord Surety Inc ., was taken over by Consedine's department in February. The failure caused the cancellation of financial arrangements for hundreds of construction firms who had used First Sealord surety policies to guarantee they would finish clients' projects on schedule.
BUSINESS
September 14, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
Fast-growing, Minnesota-based OneBeacon Insurance Co. boasted to clients last week that a new team headed by Philadelphia-based executive Chad Anderson had started selling surety insurance to corporate clients for specialized business risks. OneBeacon didn't mention that a rival insurer - Anderson's former employer - is trying to shut that team down. Before July 30, Anderson headed the East Coast surety team at Ace Ltd. , a multinational insurance giant whose biggest operating base is in Center City (it is the successor to the old Insurance Co. of North America )
SPORTS
August 28, 2012 | BY ALEX LEE, Daily News Staff Writer
LESS THAN 2 months after impressing at July's rookie camp, Flyers top prospect Nick Cousins is in the headlines again. This time, it is for the wrong reasons. According to police in Sault Ste. Marie, Ontario, Cousins, 19, and Soo Greyhounds teammates Mark Petaccio and Andrew Fritsch were charged with sexual assault on Saturday against "a female known to them. " Cousins and Fritsch, a 2011 Coyotes draft pick, have been released and are due in court on Oct. 1, said police. Petaccio will appear in bail court on Monday.
NEWS
April 23, 2012 | By Dennis Bartlett
The Philadelphia courts issued an order this month noting that more than 30 percent of the city's criminal defendants fail to appear in court. Furthermore, it noted that with 61,000 outstanding bench warrants, authorities can't even serve all the fugitives, let alone apprehend them. Hence the courts have decided to explore new approaches, mainly by opening the door wider to commercial bail, which has been largely banned from the city. In a sense, the long debate over whether bail agents should return to Philadelphia has been settled in the affirmative by this order.
NEWS
September 25, 2009 | By Walter F. Naedele INQUIRER STAFF WRITER
Richard H. Shepherd Sr., 88, founder of a surety bond agency in Fort Washington, died of complications from Alzheimer's disease Monday at the Hill at Whitemarsh, a continuing-care retirement community in Lafayette Hill. He lived in Chestnut Hill from 1956 through 2007. Born in Philadelphia, Mr. Shepherd graduated from Germantown High School in 1939. He attended the University of Miami for two years and earned his bachelor's degree there in 1945, with credit for course study while he was in the Army Air Corps.
NEWS
January 8, 2009 | By Harold Brubaker INQUIRER STAFF WRITER
The world of Broomall investment manager Joseph S. Forte unraveled last month after the Bernard L. Madoff scandal broke in New York. The Madoff case prompted Devon resident Gibbs LaMotte - Ivy League lacrosse player, 1962 Yale graduate, and Forte investor - to ask for a confirmation of assets in the fund, valued at about $150 million on Sept. 30. "There was no response" to the e-mail, La?Motte said yesterday. "I don't know, but I suspect there were numerous others" who did the same thing and may have even tried to get their money out of Forte's fund, LaMotte said.
NEWS
February 23, 2001 | By Patrick Kerkstra, INQUIRER SUBURBAN STAFF
A frank and thorough survey of nearly 3,000 Main Line youths confirms what their parents may have suspected all along: Many young people use drugs, drink alcohol, have sex, and engage in other "risky" behaviors. In most categories, the levels of behavior reported in this school-sponsored survey are not far off the national norms for suburban youths. But the results offer at least one fresh insight: Main Line teens are disciplined less frequently and have less concern for family and school rules than their counterparts across the country.
NEWS
June 7, 2000 | By Jan Hefler, INQUIRER SUBURBAN STAFF
A Marlton man was arraigned yesterday on a first-degree charge of manufacturing a controlled dangerous substance after police said they confiscated 55 marijuana plants from his basement and backyard. Edward Forgione, 34, an electrician who lives on Holly Road, remained in the Burlington County Detention Center after the hearing, his surety bail set at $10,000. His wife, Lisa, had reported him to police, saying she wanted to protect their children, but she wailed loudly in Burlington County Superior Court that she did not know the bail would be that high.
BUSINESS
March 1, 2000 | By Joseph N. DiStefano, INQUIRER STAFF WRITER
Reliance Group Holdings Inc., the former Philadelphia insurer that became the base of corporate raider Saul P. Steinberg's financial empire over the last three decades, is reorganizing in an attempt to stay solvent. Reliance said yesterday that it plans to sell its Center City-based surety business, the company's only profitable operating unit, to a Citigroup subsidiary for $580 million. New York-based Reliance also said it stopped paying quarterly dividends, and that Steinberg, whose family owns 43 percent of the company, has stepped down as chief executive of the company he has controlled since the 1960s.
NEWS
September 18, 1997 | By Julia C. Martinez, INQUIRER STAFF WRITER
Former Philadelphia businessman Rocco J. Molinari was sentenced yesterday to five years and 11 months in prison for swindling $1.6 million from clients who sought his financial services. U.S. District Judge Lowell A. Reed Jr. ordered Molinari to forfeit his house in Haverford Township and a 1988 Mercedes Benz and to repay his victims once he is released from prison. The sentence, the maximum allowable under federal sentencing guidelines, came despite testimony from Molinari's psychiatrist that his 60-year-old client had an abnormal fear of enclosed spaces and would die if incarcerated.
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