FBI details its YBM haul

Article Abstract:

YBM Magnex International Inc.'s computer disks, meeting minutes, immigration files, tax returns, personal notes and diaries in 328 boxes were among the hundreds of items seized by agents representing several US agencies such as US customs and FBI from the firm's head office in Pennsylvania. According to a 41-page report filed by the FBI in US District Court for Eastern Pennsylvania, YBM Magnex, a maker of industrial magnets and bicycles, was planning to set up new operations in China that will be called YBM China. The documents were seized by agents using a search warrant as part of a criminal investigation involving the company.

Comment:

Computer disks, meeting minutes, immigration files, tax returns, personal notes & diaries were among items seized by agents

Legal issues & crime

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YBM chief, directors unloaded stock

Article Abstract:

YBM Magnex International Inc., a manufacturer of bicycle and magnets based in Philadelphia, PA, is a subject of a criminal investigation conducted by various US agencies, which includes the Federal Bureau of Investigation (FBI). The inquiry was spurred by a report filed by the firm's auditor, Deloitte & Touche, detailing illegal acts committed within YBM's ranks. The report also questioned the disposal of more than $2 million in company shares by the firm's chief executive officer, Jacob Bogatin, and other executives.

Comment:

Is a subject of a criminal investigation conducted by various US agencies, which includes FBI

Government regulation (cont)

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YBM Magnex chairman steps down

Article Abstract:

Newtown, PA-based YBM Magnex's chairman, Harry Antes, has relinquished his post in the industrial magnet manufacturing firm. The erstwhile chairman of the board will be replaced by the company's chief executive officer, Jacob Bogatin. Antes' resignation was spurred by his disagreement with other company officials in connection with the proper action to take in enhancing the firm's financial performance and resolving its current problems. YBM Magnex specializes in the production of bicycles and industrial magnets.

Comment:

Its chairman, Harry Antes, relinquishes post in industrial magnet manufacturing firm

Executive changes & profiles

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