December 2, 2013

Briefcase

N.H. man is banned from securities industry

A New Hampshire man accused of bilking investors in Maine and New Hampshire has been banned from the securities industry.

The Securities and Exchange Commission announced Monday that James Philbrook of Concord, N.H., was sanctioned after his convictions for theft and securities violations in Maine, where he was sentenced to prison and ordered to pay restitution.

Authorities said Philbrook sought investors for a proposed pay-per-view program starring celebrity Carmen Electra. The Maine couple wired him about $195,000, and residents in Nashua and Enfield in New Hampshire also invested tens of thousands of dollars.

Authorities said the funds were used to pay off bills and restitution to a former employer of Philbrook’s son, who was found guilty of theft by deception against his employer in a New Hampshire case.

State’s gasoline prices up slightly over last week

The average retail cost of a gallon of gas has gone up a penny over the past week.

Price-monitoring website MaineGasPrices.com reports Monday that the price is averaging $3.46 a gallon.

In-state prices remain 21 cents above the national per-gallon average of $3.25.

Maine prices are 3.9 cents per gallon higher than a month ago and 10.6 cents per gallon lower than at this time last year.

Hilton Worldwide might raise $2.37 billion in IPO

Hilton Worldwide Holdings Inc. said Monday that it could raise as much as $2.37 billion, making it one of the year’s biggest IPOs.

The hotel operator said in a regulatory filing that the offering of 112.8 million shares is expected to price between $18 and $21 each. Hilton is offering about 64 million shares, and selling shareholders are offering 48.7 million shares. Selling additional shares to banks could put the IPO’s proceeds at as much as $2.72 billion.

The initial public offering comes as the hotel industry has started to recover over the past two years from its battering during the recession and as the IPO market heats up.

U.S. manufacturing posts strong November growth

U.S. manufacturing grew in November at the fastest pace in 2½ years as factories ramped up production, stepped up hiring and received orders at a healthy clip.

The Institute for Supply Management said Monday that its index of manufacturing activity rose to 57.3. That was up from 56.4 in October and was the highest since April 2011. A reading above 50 signals growth.

– From news service reports

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