E E R F Thursday, december 30, 2010
Bring your guns to Concord? New House Speaker wants to reverse ban on firearms in N.H. Statehouse — P. 2
VOL. 11 NO. 151
LacONIa, N.h.
Free
Power failure triggers smoky fire at plant in Northfield; no injuries
thursday
Harley said to be tired of downtown location for Bike Week ‘road show’
By Gail OBer
THE LACONIA DAILY SUN
NORTHFIELD — A smoky fire in a wax pit under an oven led to the evacuation of the second shift at the Wyman Gordon plant on Granite Street yesterday afternoon. One worker who was standing outside said the foundry section lost power while a mold was being submerged into a bath of water and wax. “When we lost power it only got half way into the bath. And that’s not good,” he said. According to John Fitzmartin who was at the site and said he was authorized to speak for Precision Castparts Corp., of which Wyman Gordon is a subsidiary, the important thing is that none of the employees were injured and all were able to safely leave the building. “We have accounted for everysee FIrE page 9
LACONIA — City Manager Eileen Cabanel told the City Council last night that officials of the HarleyDavidson Motor Company have assured her that the firm will return to Motorcycle Week in June, but indicated they were eying venues other than downtown where their rally “road show” has been staged for the past four years. Cabanel said see h-d page 10
POLARIS SAVINGS
A group of firefighters looks into the smoky interior of the Wyman Gordon plant in Northfield on Wednesday afternoon. (Alan MacRae photo)
Banking department missed FRM’s insolvency because Hildreth streamlined oversight function to ignore that aspect of regulated firms
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THE LACONIA DAILY SUN
Clean sheet
Peter Fagan enjoys some ice boarding time on Lily Pond in Gilford on Christmas Eve. (Karen Bobotas/for the Laconia Daily Sun)
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CONCORD — According to its president, Scott Farah, and the company’s financial records, Financial Resources Mortgage, Inc. (FRM) was a bankrupt and fraudulent operation for much of its 20 year history. Yet the Meredith firm’s ruinous financial condition and deceptive business practices escaped the eye of the New Hampshire Banking Department, which licensed, regulated and examined the company, until it collapsed in November 2009 after bilking clients of more than $20-million in what ranks as the biggest Ponzi scheme in the state’s history. How FRM and its affiliate, CL&M, Inc., eluded regulators, particularly from 2001 to 2008 when its operations prompted civil litigation and consumer complaints and six examinations revealed numerous violations, has been the subject of three investigations, including one still underway. Although shares of blame were cast on the see FrM page 10