Man pleads guilty to fraud scheme

A Woodinville businessman has pleaded guilty to federal charges of defrauding more than 200 investors in his asset-management firm of $13 million.

Joseph C. Lavin, 42, admitted to one count each of wire fraud and money laundering in connection with the scheme, which centered on investment funds offered by Lavin's firm, Global Asset Management.

According to a criminal information filed Thursday in U.S. District Court in Seattle, Lavin claimed the funds would invest in foreign currencies and other "asset-backed investments." He promised monthly returns of 1.5 percent to 2.5 percent.

In truth, the document states, Lavin placed some of his investors' money in other business ventures, used some for personal expenses, and paid earlier investors with money from later investors.

Lavin's sentencing is set for Feb. 8. He also faces two civil suits from federal securities regulators stemming from the Global Asset Management scheme.

Amgen

Mustelin named head of state site

Amgen has appointed Dr. Tomas Mustelin as head of its Washington site, the largest biotech employer in the Pacific Northwest.

He replaces Terry Rosen, who will now head the biotech company's Chemistry Research and Discovery Department.

Mustelin will retain his role as vice president for the Research Inflammation Therapeutic area.

Mustelin has M.D. and Ph.D. degrees from the University of Helsinki and was a postdoctoral fellow at the Scripps Research Institute and director of inflammatory research at the Burnham Institute, Amgen said.

Amgen, which has facilities in Bothell and Seattle, is undergoing a major change as the company seeks to cut costs amid a dramatic drop in the sales of its best-selling anemia drugs.

Compiled from Seattle Times business staff