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3 HARTFORDBUSINESS.COM | June 6, 2022 Biz Briefs Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Valerie Clark | Director of Audience Development, ext. 332 vclark@nebusinessmedia.com Jill Coran | Human Resources Manager jcoran@nebusinessmedia.com Megan Mason | Events Manager, mmason@hartfordbusiness.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Subscriptions Annual subscriptions are $110.00. 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Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Education entrepreneur Scheinberg reaches $1M settlement with Feds Mark Scheinberg, the well-known Connecticut education entrepreneur who built East Hartford's Goodwin University from the ground up, has reached a more than $1 million settlement with the U.S. Department of Justice to resolve allegations that he attempted to improperly influence the student loan default rates of another school — Stone Academy — that he owns. As part of the agreement announced Friday by the U.S. Attorney for the District of Connecticut, Scheinberg has agreed to cease his involvement and participation in Stone Academy and another for-profit school, the Paier College of Art. The 66-year-old has also agreed to retire from Goodwin University, where he is president, and the University of Bridgeport, where he is a board member, within five years. Stone Academy, a for-profit school with campuses in East Hartford, Waterbury and West Haven, was accused of concealing money order payments made by Scheinberg to prevent loans from defaulting and being counted in Stone Academy's student loan default rate. The school also failed to disclose Stone Academy's actual, higher default rate to the U.S. Department of Education, according to the U.S. Department of Justice. The settlement was made to resolve allegations that Scheinberg and Stone Academy violated the federal False Claims Act. Stanley Black & Decker CEO Loree to step down; Allan tagged as next chief executive New Britain toolmaker Stanley Black & Decker announced CEO James M. Loree is stepping down from his position and will be replaced by current company President and Chief Financial Officer Donald Allan Jr. Allan will take over as CEO July 1. He will also retain his president title and join the company's board, Stanley announced. The timing of the transition is a result of the company's recent refocusing around the global tools and outdoor power equipment markets, Stanley officials said, making it a good time to "execute the board's CEO succession plan." BLS: CT has 110,000 open jobs; 36K workers quit in March The state's labor shortage is showing few signs of abating, with new federal data indicating Connecticut had 110,000 open positions at the end of March. That number was slightly better than the 111,000 open jobs in February. Nationally, there were 11.5 million jobs open in the United States at the end of March, as the state and country grapple with labor shortages impacting a wide range of industries. In addition, an estimated 36,000 Connecticut workers quit their jobs in March, BLS data shows, with about 112,000 quitting during the first three months of 2022. CT wants tourists to 'Find Your Vibe' this summer in $3M marketing campaign A screenshot from the state's new "Find Your Vibe" summer tourism campaign. HBJ FILE PHOTO The state wants travelers to "Find Your Vibe" when visiting Connecticut this summer in its new $3 million advertising campaign. The state has launched the Find Your Vibe campaign through Labor Day weekend that will include a large multimedia push both nationally and internationally and the first major update to www.CTvisit. com in several years. According to the state, the new campaign "reflects a more updated, youthful, and holistic view of Connecticut's vibrant culture, while focusing on the energy and excitement travelers experience when visiting tourist attractions, hotels, and restaurants, and exploring the state's abundant outdoor offerings." Former N. Britain Stanley Black & Decker HQ slated for apartments Westport developer Amit Lakhotia and New Britain Mayor Erin Stewart recently celebrated the launch of a $7.5 million effort to transform Stanley Black & Decker's former vacant headquarters building on Myrtle Street into apartments. Lakhotia plans to renovate the 135,000-square-foot building into 106 market-rate apartments over the course of a little more than a year. He is on track to build or renovate about 285 apartments in various projects in the city, with additional prospects under development. Northland refinances debt on Hartford 21 apartments Northland, which recently put up for sale two downtown Hartford office buildings, has also refinanced the debt on its most prized city asset: the Hartford 21 luxury apartment tower, land records show. The company in April took out a 10-year, $65.2 million mortgage that will mature on May 1, 2032, land records show. The loan was facilitated by CBRE Capital Markets Inc. and financed by the Federal Home Loan Mortgage Corp., the government-sponsored housing lender better known as Freddie Mac. The refinancing is the latest in a series of recent moves Northland has been making on its downtown holdings. Over the past month it has put up for sale two of its last remaining office buildings in the city: the 304,413-square-foot mid-rise office/retail complex at 242 Trumbull St., and the smaller 24,000-square-foot Crosthwaite Building at 100 Allyn St. Northland founder and Chairman Larry Gottesdiener. HBJ FILE PHOTO Goodwin University President Mark Scheinberg. HBJ FILE PHOTO