Princeton Review to sell test prep business
FRAMINGHAM — Princeton Review Inc. is selling its test preparation business for $33 million in cash to a private equity firm and plans to change its name as it focuses on its online education division.
The Massachusetts-based company is best known for the test preparation materials that it sells under the Princeton Review brand, which is also being sold as part of the deal to an affiliate of the private equity firm Charlesbank Capital Partners.
The company’s test prep business has struggled as customers are opting for less expensive SAT-preparation programs.
Princeton Review said the sale will help it expand its Penn Foster division, which provides online degrees and vocational programs in fields like health care, technology and education. It will adopt a new name, as yet undetermined.
FBI: Man stole Microsoft co-founder’s identity
PHILADELPHIA — An AWOL soldier’s simple scheme to defraud one of the richest men in the world has landed him in federal custody, according to a criminal complaint.
In the complaint unsealed Monday, federal investigators allege Brandon Lee Price changed the address on a bank account held by billionaire Microsoft co-founder Paul Allen, then had a debit card sent to his Pittsburgh home so he could use it for payments on a delinquent Armed Forces Bank account and personal expenses.
Mr. Price called Citibank in January and changed the address on an account held by Mr. Allen from Seattle to Pittsburgh, then called back three days later to say he had lost his debit card and asked for a new one to be sent to him, an FBI investigator wrote in a criminal complaint filed in February.
The card was used to attempt a $15,000 Western Union transaction and make a $658.81 payment on the Armed Forces Bank loan account the day it was activated, according to the complaint. Surveillance footage also captured him attempting purchases at a video game store and a dollar store, authorities charged.
Investigators found Mr. Price was listed as absent without official leave from the Army and wanted as a deserter, authorities said in the complaint. He was arrested March 2 and ordered detained until Monday unless the Army takes him into custody.
• From wire dispatches and staff reports