Ponzi Schemer is Sentenced
MINNEAPOLIS—Gerard Cellette Jr., the confessed Ponzi schemer who took the unusual tact of going into custody a year ago to begin his sentence, was given eight years in prison for bilking investors out of $53 million. Cellette had pleaded guilty to 36 counts of securities fraud in a scam linked to phony contracts for his printing business.
Inco Graphics Shutting Down
MASON, MI—Saddled with debt resulting from a 2004 technology investment, Inco Graphics planned to close its doors this month after all work in process was completed, the Lansing State Journal reported. The newspaper cited a letter to customers in which the company explained how the real estate bust reduced its pool of housing-related publications from 19 to three. Inco Graphics, which was founded in 1963, employed 48 at the time of its demise.
Staples Obtains PRINTSouth
FRAMINGHAM, MA—Staples Advantage, the business-to-business division of Staples, announced that its Print Solutions business has acquired PRINTSouth Corp. (operating as Miami Systems), a national manufacturer of business forms. Customers of Staples Print Solutions and Miami Systems will reportedly benefit from expanded product and service offerings, and improved distribution capabilities.
Edwards Adds Book Press
ANN ARBOR, MI—Edwards Brothers (EB) has installed a new Timsons T48A ZMR (zero makeready) one- and two-color press, adding to one of the biggest fleets of Timsons presses in the country. This press will significantly increase capacity and help EB meet the needs of its professional and educational clients with short- and medium-run offset book manufacturing.
Cenveo Selling Bindery?
STAMFORD, CT—Cenveo Inc. has signed a letter of intent to sell the assets and equipment of its bindery division at Cenveo-St. Louis to an undisclosed party, the general manager of that facility told the St. Louis Business Journal. The move could result in the reduction of 65 jobs there. There are 208 employees at Cenveo-St. Louis, according to the newspaper.