Monday P.M. Report

Credit union worker admits Cisco computer parts scam: A Twin Cities credit union employee has admitted scamming Cisco Systems out of about $388,000. Phillip Adrian Webb, 46, on Monday pleaded guilty to one count of mail fraud, Minnesota’s U.S. Attorney’s Office said. The Brooklyn Park man, as Woodbury-based Postal Credit Union’s network services manager, falsely requested replacements for faulty computer parts, which he then sold online and pocketed the profit. Read full story

State names global trade winners:
The Minnesota Department of Employment and Economic Development has recognized nine companies for global market building. DEED picked the companies for developing and expanding significant business in foreign markets, creating and keeping Minnesota jobs that support global sales and for innovative international competition, the agency said in a news release. “Minnesota companies sold nearly $15 billion in manufactured exports last year,” said DEED Commissioner Dan McElroy. Read full story

Developer Jerry Trooien files for Chapter 11 bankruptcy protection: Jerry Trooien, founder of the St. Paul-based development firm JLT Group Inc., has filed for Chapter 11 bankruptcy. Trooien, who filed his bankruptcy petition with Minnesota’s U.S. Bankruptcy Court in late October, estimated that he owes $100 million to $500 million to at least 50 creditors. He estimated his current assets are $1 million to $10 million. Read full story

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