Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, March 26, 1994 TAG: 9403280160
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Thursday night, agents with a search warrant raided the headquarters and confiscated a computer system and records. No one has been charged.
Secret Service spokesman Dale Pupillo said Michael Bischoff and his wife, Suzanne Latour Bischoff, run the company.
``They used this new electronic banking,'' Pupillo said.
Since January, the company computer system transferred millions from company accounts at other banks to a Comerica account, according to an affidavit filed in U.S. District Court. In reality, those accounts at the other banks were closed and contained no money.
Comerica said its losses were $953,617.
All the accounts were in the name of Group One Ltd., which the Secret Service identified as the parent company of Pizza One Inc. The chain has dozens of stores in Michigan.
Lawyer Richard Herman said Group One and Pizza One are separate and distinct businesses. State incorporation records show a Suzanne Latour Bischoff as the registered agent for both companies.
Comerica fraud investigators discovered the transfers and reported the matter to the Secret Service.
- Knight-Ridder/Tribune
Government counts on gains this year
WASHINGTON - Despite recent increases in interest rates, the Clinton administration still thinks the economy is set to enjoy solid growth this year, the president's chief economic adviser said Friday.
Laura Tyson, head of the president's Council of Economic Advisers, also said long-term interest rates could well decline in coming months as financial markets realize that inflation is not getting out of control.
``We think that inflation fundamentals continue to look good. The recent concerns about inflation look to be exaggerated,'' Tyson told the National Press Club.
- Associated Press
by CNB