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Thursday, February 13, 2014

Ex-UPS exec's son faces fraud charges in scheme over Maxim magazine, (NYSE: UPS)

U.S. prosecutors on Thursday charged the son of a former United Parcel Service Inc executive with impersonating his father to fraudulently obtain millions of dollars that was intended to finance the purchase of Maxim magazine last year. Calvin Darden Jr., 39, faces two counts of wire fraud for his role in an elaborate scheme involving fake emails and bank statements to obtain more than $8 million and attempt to secure another $20 million, the prosecutors said.Darden was arrested Wednesday after what a prosecutor described as a manhunt. He is the son of Calvin Darden Sr., a former vice president of U.S. operations at UPS.A lawyer for Darden, Xavier Donaldson, declined to comment. His father did not respond to requests for comment.In September, Alpha Media Group Inc, which is partially owned by Cerberus Capital Management, announced an agreement to sell Maxim to Darden Media Group, a company headed by Calvin Darden Sr. It was unclear from court documents whether Darden Jr. was involved in that deal, which did not go through.

United Parcel Service, Inc. (UPS) is a package delivery company. Shares of UPS traded higher by 0.55% or $0.53/share to $96.56. In the past year, the shares have traded as low as $81.51 and as high as $105.37. On average, 3369900 shares of UPS exchange hands on a given day and today's volume is recorded at 2376419.