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LOCAL BUSINESS NEWS

Former broker barred from securities work

Daniel S. Flitt, a former broker at AIG Financial Services in Williamsville, has been barred from the securities business after allegedly borrowing $2,660 from the account of an elderly client.

Flitt, who worked at AIG for nearly six months until April 2006, borrowed money from the 87-year-old client's account without his permission on eight occasions between November 2005 and March 2006, the Financial Industry Regulatory Authority said.

Flitt, without admitting or denying the charges, accepted a lifetime ban from the securities business, the financial services industry's self-regulatory agency said.

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BBB updates methods on member references

The Better Business Bureau in Upstate New York is changing the way it refers to the businesses that are affiliated with the organization.

The Better Business Bureau now will refer to the businesses affiliated with the organization as a "BBB Accredited Business," rather than the old "BBB Member" designation, the group said.

The change, which is part of a series of moves that includes a redesigned Web site, is aimed at making it more apparent to consumers that companies affiliated with the BBB have agreed to meet the organization's standards for reliability and integrity in their dealings with consumers.

The Better Business Bureau serving Upstate New York provided 2 million reliability reports to consumers last year over its Web site, www.bbb.org, and handled 20,000 complaints.

"Our product is information, and when consumers know how to find it, they're better suited to make informed buying decisions," said David Polino, the group's president, in a press release.

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Nanodynamics cancels public stock offering

Buffalo technology company Nanodynamics Inc. has dropped its plans for an initial public offering of stock, which it had put on hold in August.

In a filing Friday at the U.S. Securities and Exchange Commission, Nanodynamics withdrew its registration statement for the stock sale.

The company "may undertake a subsequent private offering," the filing states, rather than selling stock to the public.

The filing didn't give a reason for the move, and company representatives were unavailable to comment Monday. In August, they said that stock market volatility caused the plan to be shelved.

In its registration statement filed in July, Nanodynamics described plans to raise $79 million to $92 million to fund development of its fuel cell electricity generators and other products.

The company is based on Fuhrmann Boulevard, with other offices in Potsdam, N.Y, Pittsburgh and Columbus, Ohio.

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Gibraltar, Cupron join to make antimicrobials

Gibraltar Industries' copper powder products business in North Carolina has formed a joint venture with Cupron Advanced Materials to make antimicrobial products.

Under the joint venture, Gibraltar's SCM Metal Products business near Raleigh, N.C., will supply Cupron with cuprous oxide made from recycled copper. Cupron then will use the powder to make antimicrobial products for the health care, medical, military and apparel industries.

Copper has antimicrobial properties, and Cupron has manufacturing technology that can bind the copper products to textile fibers, latex, paper and other products.

The terms of the joint venture were not disclosed. The venture will be located in a segregated building at SCM's plant.

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