The Villeroy & Boch tableware retailer at 390 Post Road East in Westport’s Compo Acres shopping center will close sometime around mid-August, according to store manager Jillian Bass. Bass said that the store has been in its current location since February 2005 having moved from its prior location at 56-58 Main St. which at the time replaced Banana Republic when it expanded and moved next door to the former Klein’s space.  Westport is the retailer’s only Connecticut location. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Studio 44 Dance and Fitness has opened its doors at Westport’s 44 Main St., formerly occupied by several tenants and years ago by Klein’s. In spite of the address, the only entrance to this third-floor business is from Elm Street.  The owner, Westporter Candy McCarthy, said that she opened the dance and fitness studio after being a stay at home mom for 23 years. McCarthy, who was a client of Chi Dance, the previous tenant in the same location before it closed in April, said.“This was perfect timing in my life to open a business of my own.” (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

An investment firm long based in Westport and its founder and chairman, Arthur J. Samberg, have agreed to pay a total of $28 million to settle regulators’ charges of insider trading in shares of Microsoft Corp., the Securities and Exchange Commission said today.
Arthur J. Samberg: settlement costs $28 million. File photo

In announcing the settlement with Samberg and Pequot Capital Management Inc., which had been based at Westport’s Nyala Farm office complex before announcing a move to Wilton last year, the SEC said neither admitted nor denied wrongdoing.

Pequot Capital Management Inc. announced in May 2009 that Samberg was closing it down amid an ongoing investigation into possible insider trading, (See WestportNow May 27, 2009)

The SEC alleged that the hedge fund traded Microsoft shares on confidential information provided by a former employee of the technology giant whom it later hired.

The Double L Market returns to Westport on Friday at 730 Post Road East next to Calise’s Deli and International Wines, according to owner Lloyd Allen. Double L previously was on Kings Highway North near Post Road West for 12 years as a roadside stand befoe moving to Southport for the past two years. This will now be a year round operation focused on local and organic fruit and vegetables, Allen said. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Federal prosecutors investigating the events leading up to the collapse of the American International Group in 2008 will not bring charges against Joseph Cassano, the Westporter who was the chief executive of the unit that insured mortgage-related securities with calamitous results, The New York Times reported today.
Joseph Cassano: Returned to Compo Beach home last summer. File photo

The newspaper, which first reported the story on its

Web site Saturday, quoted “two people briefed on the matter.”

Cassano, a resident of Westport’s Compo Beach area since 1993, ran A.I.G’s Financial Products unit from London. He and other executives came under scrutiny by the Department of Justice after the insurer failed in September 2008.

A.I.G. had insured almost $80 billion in mortgage-related securities. Cassano resigned in late February 2008 after A.I.G. wrote down $11 billion on the insurance it had underwritten on the mortgage securities.

Westport’s Legends of the Game sports memorabilia store at 381 Post Road East in the Compo Shopping Center will close its retail business on June 30. Mike Riccio Jr, 33, co-owner with his dad, Mike Sr., 57, said “Our lease was up—it was decision time. We had a great four years here even though the economy made it tough toward the end.” Riccio Jr. said Legends, which has been generous in its support of local organizations, will focus on promoting merchandise through fund-raiser events with not-for-profits. “Meanwhile, until we close in June, everything is being sold here for 50 percent off,” he said. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

There was a ribbon cutting late today for Rahelia Evening Wear at 125 Post Road East. The “high end” woman’s apparel store is owned by Rachel Durrani of Easton. Her family has been in business for 32 years starting in Mount Kisco, N.Y. and then Fairfield before relocating to Westport. Among those on hand for the official opening were members of the Westport Weston Chamber of Commerce. (See WestportNow April 17, 2010) (CLICK TO ENLARGE) Contributed photo