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Updated: Wednesday, January 8 2014 11:55 PM EST2014-01-09 04:55:08 GMT

Winter Weather Advisories through noon Thursday.

Winter Weather Advisories are in effect for parts of the Heartland tonight through noon Thursday.

Updated: Wednesday, January 8 2014 3:10 PM EST2014-01-08 20:10:09 GMT

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Roofing noises, pops likely in low temps

DAYTON, Ohio (WDTN) - The owner of a Dayton area roofing company admits to conspiring to bring illegal aliens to work for his company.

Gregory Oldiges, 55, owner of Williams Brothers Roofing and Siding, pleaded guilty in US District Court Tuesday.

Court documents reveal that Oldiges' company handled around 40 contracts between 2004 and 2013 that involved illegal employees working on roofing jobs.

The report says the company knew the workers were illegal aliens using aliases in order to work.

Oldiges also pleaded guilty to committing wire fraud by sending fraudulent invoices to insurance companies for work by his company.

Investigators believe Williams roofing took in nearly $12-million worth of roofing business using illegal workers from 2009 to 2012. The workers were paid a total of $1.7-million.

Oldiges also financed the smuggling of some of the workers to the United States.

The schemes perpetuated by this defendant were pervasive, touching nearly every aspect of the business. These unscrupulous tactics clearly gave his company an unfair advantage over competitors, said Marlon Miller, Special Agent in Charge, HSI Detroit.

The plea agreement includes at least two years in prison, plus Oldiges must pay restitution. He will be sentenced April 8.

Another employee, Jim Honius pleaded guilty to a wire fraud charge. He too will be sentenced April 8.

Continue reading here:
Roofer guilty of employee illegal aliens

Business News of Tuesday, 7 January 2014

Source: Graphic Business

Phastor Limited, a leading concrete products and roofing sheets manufacturer in the country, is to construct 120 affordable houses at Oyibi in Accra by the first quarter of this year.

The two to three-bedroom houses, which will be built on a serviced plot with water and electricity on site, will be targeted at the lower to middle income earners in the country.

The Managing Director of the company, Mr John Stephen Sam, who disclosed this to the Graphic Business, said we intend to rely on the quality but affordable building materials we produce to beat the cost of housing construction down drastically.

We will be cheaper than competition because we are already producing building materials and roofing sheets and, therefore, we will use what we produce to build the houses at cheaper costs, he said.

According to him, the company has been at the forefront of producing concrete and roofing products for many real estate developers in the country. He noted that this time, we also want to venture into that area to see how best we can contribute our quota to improving the housing stock in the country at affordable rates.

Housing deficit

Rough estimates of the countrys housing deficit stands at about 1.5 million units.

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Phastor to build 120 affordable housing units

On Jan 2, we upgraded our recommendation on Beacon Roofing Supply, Inc. ( BECN ), one of the three largest roofing material distributors in the U.S. and Canada, to Neutral. While the company is likely to face challenges such as pricing pressure and general market softness, it will benefit from continued focus on acquisition and its strong balance sheet position.

Why the Upgrade?

On Nov 26, Beacon Roofing reported adjusted earnings of 56 cents per share for the fourth quarter of fiscal 2013 (ended Sep 30, 2013), down 7% year over year. The results fell short of the Zacks Consensus Estimate of 62 cents. Despite record revenues and continued cost control, lower gross margins led to the year-over-year decline.

Revenues in the quarter increased 14% year over year to a record $683 million but missed the Zacks Consensus Estimate of $689 million.

The company reported cash and cash equivalents of $47 million as of Sep 30, 2013, up from $40 million as of Sep 30, 2012. Total leverage ratio was low at 1.6x compared to 1.5x at the end of 2012. Additionally, interest coverage ratio of Beacon Roofing was 15.9x compared with 15.8x at the end of 2012. These metrics demonstrate its balance sheet strength, which will benefit its growth strategy.

Beacon Roofing, a Zacks Rank #3 (Hold) stock, remains committed to growth in core industry trends. The company opened seven new branches in the fourth quarter and is on track to open another 15 to 20 branches in fiscal 2014.

For fiscal 2014, the company expects full-year earnings per share to be at the lower end of the current published range of $1.80-$1.70 owing to lower demand and a competitive environment.

In addition, the Architecture Billings Index fell to 49.8 in Nov 2013 from 51.6 a month earlier. A score below 50 indicates contraction. The building and construction market continues to suffer due to the uncertainty in demand for commercial, industrial and institutional buildings. This in turn will affect Beacon Roofing's sales.

Moreover, higher construction costs, labor shortage, lack of funds for real estate projects and the adverse effects of sequestration are likely to remain headwinds for the company.

Other Stocks to Consider

Read more:
Beacon Roofing Upped to Neutral - Analyst Blog

Gregory Oldiges, the owner of Williams Brothers Roofing and Siding Co., pleaded guilty Tuesday in a plea bargain to a case where he was accused in U.S. District Court documents of a years-long conspiracy of recruiting, transporting and using illegal immigrant workers from Mexico, falsifying documents and wire fraud.

Oldiges will get between 24 to 57 months if the judge accepts the plea deal in the human trafficking case. He also will forfeit more than $2 million in cash, a $500,000 house and his pickup.

The prosecutor called it a greedy scheme that goes way beyond just hiring undocumented workers. Prosecutors allege that between 2009 and 2012, Williams Brothers charged its customers about $11.75 million for roofing-related work performed by its illegal immigrant subcontractors, for which Williams Brothers paid the illegal immigrants about $1.7 million, according to court documents.

Prosecutors also claim Williams Brothers encouraged and transported illegal immigrant workers into the country and defrauded insurance providers with "dummy" or duplicate invoices.

Prosecutors also allege: Between 2004 and 2013, Williams Brothers entered into at least 39 purported subcontracts with illegal immigrants, some of whom used false names with the knowledge of Oldiges or other employees. Between 2004 and 2012, Williams Brothers employees prepared and submitted to the IRS approximately 20 materially false 1099 forms that identified the illegal immigrant subcontractors with known false names. The forms also noted payments to the subcontractors of about $1.1 million.

In April 2007, a Williams Brothers employee - authorized and paid for by Oldiges - drove to Texas to pick up an illegal alien subcontractor and his crew and drove them back to the Dayton area. That same month, Oldiges authorized $9,000 to be paid to human smugglers ("coyotes") who brought the crew from Mexico to Texas. The cost for each illegal worker was $1,000 per immigrant. Oldiges then recouped that money by withholding a portion of the amount paid to the crew during that roofing season.

Other alleged schemes were carried out in 2008 and 2011.

For example, in November 2010, Oldiges paid an illegal worker crew $3,706 while charging the customer $18,869. The $15,163 difference represented Williams Brothers' materials cost and gross profit, according to court documents.

The government seized property and money from Oldiges and his wife, Linda, after it claimed in an April lawsuit that the couple had generated millions of dollars of profit on the backs of Mexican workers they conspired to bring to the United States.

In the lawsuit, the government claimed that Williams Brothers, founded in 1937, made between $3 million to $4.5 million in 2012 during a time in which the company paid one worker $1 per hour to pick up nails at job sites as he recovered from injuries he sustained when he fell off a roof.

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Local roofer pleads guilty in human trafficking case

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