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Wednesday, November 5, 2014

Ex-UPS exec's son pleads guilty to fraud scheme over Maxim magazine, (NYSE: UPS)

The son of a former United Parcel Service Inc vice president pleaded guilty to a scheme in which he impersonated his father to fraudulently obtain millions of dollars intended to finance the purchase of Maxim magazine. Calvin Darden Jr., 40, pleaded guilty to two counts of wire fraud on Tuesday before U.S. District Judge Jed Rakoff in New York, less than two weeks before his criminal trial was scheduled to begin.Prosecutors had accused Darden of an elaborate scheme using fake emails and bank statements to secure more than $8 million to purchase the men's magazine. He was also accused of a separate fraud in which he tricked a Taiwanese company into paying him $500,000 after falsely claiming he would arrange a New York Knicks exhibition basketball game in Taiwan.Darden's father, also named Calvin, is the former vice president of U.S. operations for package delivery company UPS.The younger Darden is scheduled to be sentenced in April.

United Parcel Service, Inc. (UPS) is a package delivery company. Shares of UPS traded higher by 0.07% or $0.08/share to $107.16. In the past year, the shares have traded as low as $93.19 and as high as $108.00. On average, 3147430 shares of UPS exchange hands on a given day and today's volume is recorded at 1155619.