In brief: More charges likely in Madoff fraud

New York – Federal authorities will charge at least two employees from disgraced financier Bernard Madoff’s former firm in the coming weeks – and Madoff’s brother and two sons could be next, two people familiar with the probe into Madoff’s financial fraud told the Associated Press.

Madoff’s brother, Peter, and sons Andrew and Mark – executives in the Madoff firm’s legitimate market-making and proprietary-trading business – are likely to face tax fraud charges later this year, but may escape more serious securities fraud charges if authorities fail to come up with solid evidence they knowingly participated in the massive fraud, the people said.

The sources declined to name the two employees or specify possible charges.

Four other employees and an outside accountant already have been charged with helping Madoff pull off a multibillion-dollar Ponzi scheme that spanned decades and burned thousands of investors.

The 71-year-old Madoff is serving a 150-year prison term.

Associated Press

Acura TSXs recalled for steering hose fix

Washington – Honda Motor Co. is recalling about 167,000 Acura TSX cars to fix power steering hoses that could deteriorate and cause a fire under the hood.

The recall, announced Friday, involves TSXs from the 2004-2008 model years. The National Highway Traffic Safety Administration said on its website that high temperatures under the hood could cause the power steering hose to crack and leak power steering oil.

The oil can leak onto a hot exhaust pipe and cause smoke and a burning smell, or even a fire.

The Japanese automaker said the recall is expected to begin late this month. Dealers will replace the power steering hose and seal it at no charge.

Owners can contact Acura Client Services at (800) 382-2238.

Associated Press

Farm bill hearings to include Idaho

Des Moines, Iowa – A hearing on the new federal farm bill Friday in Des Moines began the arduous process of writing a mammoth bill that covers everything from farm credit to food stamps.

The current $284 billion bill, approved in 2008, expires in September 2012, and members of the House Agriculture Committee hope to avoid disagreements that delayed passage last time.

Hearings are scheduled to continue through May 18 in Nampa, Idaho; Fresno, Calif.; Cheyenne, Wyo.; Morrow, Ga.; Troy, Ala.; Lubbock, Texas; and Sioux Falls, S.D.

Associated Press