Business Briefs: 4/26/14

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Executive pleads guilty in Pitt-CMU fraud case

A principal in the investment firm that defrauded the University of Pittsburgh, Carnegie Mellon University and other investors could face up to 20 years in prison after pleading guilty to securities fraud in federal court in New York. Stephen Walsh, 69, of Sands Point, N.Y., also agreed to forfeit $50.7 million in funds he misappropriated from investors in WG Trading. The firm’s general partner, Paul Greenwood, and another executive have pleaded guilty and are awaiting sentencing. Pitt and CMU sued the firm in 2009, sparking a federal criminal and civil investigation.

Downtown eatery hit with consumer alert

The Courthouse Tavern on Forbes Avenue, Downtown, was hit with a consumer alert Thursday by the Allegheny County Health Department for a sewage backup in the basement dry storage, ice machine and walk-in refrigerator areas. The tavern will be ordered to close if the violations are not corrected on or before May 4, according to a warning letter issued to the owner. The Ichiban II Japanese Steakhouse on Park Manor Boulevard in Robinson also was it with a consumer alert Thursday for failing to fix numerous critical violations including holding food at unsafe temperatures. Inspection reports for restaurants in the county are available online at

WesBanco directors elect Limbert successor

Directors of WesBanco Inc. of Wheeling, W.Va., elected Todd F. Clossin president and CEO, succeeding Paul M. Limbert, who will retire Wednesday after 37 years with the company. Mr. Clossin, who joined WesBanco in November as chief operating officer, previously served as chief administrative officer at Fifth Third Bank in Cincinnati. Mr. Limbert will remain on the WesBanco board.

After offer rejected, Mylan raises bid for Meda merger

Generic drug giant Mylan Inc. raised its bid to merge with Swedish drugmaker Meda AB to $6.7 billion, Bloomberg reported Friday, citing people with knowledge of the matter. Both companies declined comment. On April 4, Meda’s board issued a statement saying it had rejected a bid from Cecil-based Mylan and that “continued discussions” had been terminated, but did not say why or provide details of the offer.

Atlas Railroad Construction moving HQ

The parent company of Bridgeville-based Atlas Railroad Construction is relocating Atlas’ headquarters to Jacksonville, Fla. Genesee & Wyoming Inc., headquartered in Darien, Conn., said Atlas would continue to maintain a strong Pittsburgh presence.

British government vetoes RBS bonus plan

The British government has vetoed a plan by part-nationalized Royal Bank of Scotland to pay bonuses of up to double annual salaries. The bank had planned to put the bonus proposal to shareholders. RBS said the government decision put it at a commercial disadvantage. RBS is the parent company of Citizens Bank.

Nokia completes sale of cell phone unit to Microsoft

Nokia says it has completed the 5.44 billion-euro ($7.5 billion) sale of its troubled cell phone and services division to Microsoft. The Friday closure of the deal, which includes a license to a portfolio of Nokia patents to Microsoft Corp., ends the production of mobile phones by the Finnish company, which had led the field for more than a decade, peaking with a 40 percent global market share in 2008.

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