Business News brief

Depot winds up big year

High production resulted in a 17 percent increase in repair and overhaul completions over fiscal year 2008 at Tobyhanna Army Depot, and $846 million in orders exceeded the plan by 2.7 percent, according to a release from the depot. The depot’s fiscal year runs from Oct. 1 to Sept. 30.

Employees worked more than 6.2 million hours in direct labor in fiscal year 2009, the second highest ever at the depot, which is the largest employer in Northeastern Pennsylvania. Employment rose by 270 to a total of about 5,900. Depot employees also provide soldiers around the world with technical assistance, installations and maintenance of communications and electronics equipment. In the past fiscal year, Forward Repair Activities employees worked 80,000 man days in 46 countries.

Banks still struggling

The Federal Deposit Insurance Corp. said Tuesday that banks earned $2.8 billion in the third quarter, but nearly 40 percent of that was from a one-time accounting trick. Loan balances plummeted and the fund that insures their deposits was $8.2 billion in the red.

The number of banks on the FDIC’s “problem list” rose to 552 from 416 on June 30, the highest level in 16 years. Fifty banks failed during the quarter — the largest number since the second quarter of 1990.

Philly scammer sentenced

A Philadelphia-area fund manager has been sentenced to 15 years in prison for running a Ponzi scheme that cheated investors out of $35 million.

Federal prosecutors say Joseph Forte, 53, of Broomall, tried to boost his social status by accumulating wealth and pledging large charitable gifts. He also used the investments on a beach house and to raise his family.

Forte ran an investment fund from his basement and dummied up reports showing high returns from about 80 investors between 1995 and 2008.

State’s drivers back off

In September 2009, Pennsylvanians drove 41 million fewer miles, a decrease of 0.4 percent compared to September 2008, AAA said Tuesday. Pennsylvania and Nevada are the only states along with the District of Columbia that posted decreases in September, according to recent Federal Highway Administration data. Nationally, Americans drove 2.5 percent or 5.8 billion more vehicle miles than in September 2008.