Newswire

Kretchmer Memorial Fund Established
The Steven KretchmerMemorial Scholarship Fund for Metallurgy has been established at the Rhode Island School of Design in memory of the goldsmith and designer who died in a motorcycle accident in July. Send checks to the Rhode Island School of Design, and on the memo portion of the check, please indicate the gift is in memory of Steven Kretchmer. For credit card contributions, call (401) 454-6323.

Atlanta Area Jeweler Charged with Money Laundering
Toros Seher, 38, of Alpharetta, Ga., has been charged with taking part in a money-laundering scheme that funneled drug money through his two jewelry stores, Chaplin’s in downtown Atlanta and Chaplin’s Midtown in nearby Atlantic Station, according to reports in the Atlanta Journal-Constitution and the Atlanta Business Chronicle. Authorities allege that Seher failed to report cash purchases exceeding $10,000, as required by law, and knew that the jewelry sales were being used to launder money from criminal activity, the two publications report.

'Jacob the Jeweler’ Pleads Not Guilty
Jacob Arabov, founder ofJacob & Co, has pled not guilty to money-laundering charges, the Associated Press reports. He is currently free on $100,000 bond.

Federated Sells Lord & Taylor
Federated Department Stores is selling its Lord & Taylor division to NRDC Equity Partners, Purchase, N.Y., for $1.2 billion in cash. The sale includes 48 Lord & Taylor stores and is expected to close in the third quarter of 2006.

Mervyns Promotes Tomasi to V.P.
Julie Tomasi, Mervynsdivisional merchandise manager for jewelry, accessories, and intimate apparel, has been promoted to vice president, merchandise manager for jewelry, accessories, and intimate apparel. Tomasi joined Mervyns in 1997 as a business analyst and has held various merchandising positions there. In her new role, Tomasi will oversee the merchandise process for her division.