The Ticker

Aereo to close Southie office, lay off 43

Streaming Internet television startup Aereo will close its South Boston office and lay off 43 employees to cut costs after a series of losses in court.

Aereo said it will close its Hub engineering office next Wednesday, but will not shut down completely.

In a letter to employees, CEO Chet Kanojia said the company had been pursuing acquisitions and additional investment, but potential investors balked after a federal court in New York last month said Aereo did not qualify for a cable license.

Aereo attracted the ire of every major broadcaster for retransmitting over-the-air channels to customers' computers or mobile devices for a monthly fee. The Supreme Court ruled against Aereo over the summer.

3 arrested in Hub co. securities fraud

The Securities and Exchange Commission yesterday charged an attorney in Orange County, Calif., and two men in Massachusetts behind a pump-and-dump scheme that defrauded investors in a Boston-based ticket brokering business.

The SEC alleges Richard Weed, a partner in a Newport Beach law practice, facilitated a scheme to pump and dump the stock of CitySide Tickets Inc., which he helped structure into a publicly traded company through reverse mergers. Weed created backdated promissory notes and authored false legal opinion letters that enabled Boston stock promoters Thomas Brazil and Coleman Flaherty to obtain millions of purportedly unrestricted shares of stock in the company, the SEC said. Investors were then allegedly blitzed with a false and misleading promotional campaign touting CitySide Tickets.

Dow, S&P hit new record highs

U.S. stocks edged up in a volatile session yesterday, with the Dow and S&P 500 hitting fresh record closing highs on an indication that the European Central Bank would take more policy action if needed to boost a struggling euro zone economy.

The Dow Jones industrial average rose 69.94 points, or 0.4 percent, to 17,554.47, the S&P 500 gained 7.64 points, or 0.38 percent, to 2,031.21 and the Nasdaq Composite added 17.75 points, or 0.38 percent, to 4,638.47.

Today

• Labor Department releases employment data for October.
• Mark Diodati, left, a certified public accountant, has been promoted to partner at Damon & Associates Inc., a Pembroke-based accounting and tax firm. For five years previous, Diodati was an associate at the firm and served as the audit manager, responsible for managing projects, the budget and the accounting staff.

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