Key SEC lawyer joins Steptoe & Johnson

The Securities and Exchange Commission said Monday that Christopher Conte, an enforcement division lawyer who led the agency's investigation of accounting violations at Dell, is stepping down after almost 18 years.

Conte, 49, is leaving to become a partner in the Washington office of Steptoe & Johnson, the SEC said in a statement.

He joined the SEC as a staff attorney in 1992 and was promoted to associate director in 2006, the agency said. Conte, who has overseen investigations involving bribery, short selling, backdating of stock options, insider trading and accounting fraud, will join Steptoe & Johnson's securities practice to represent companies and executives facing investigation by the SEC and other regulators, the law firm said.

- Bloomberg News

Simon closes on Prime Outlets deal

Simon Property Group said Monday that it has completed its $2.3 billion acquisition of 21 outlet shopping centers owned by Prime Outlets Acquisition. Simon said it has signed a proposed consent agreement with the Federal Trade Commission now that the deal is complete.

Under the terms of the deal announced in December, Simon paid about $700 million for the owners' interests in Baltimore-based Prime Outlets and assumed $1.55 billion of Prime's debt and preferred stock. Simon amended the original deal so that Prime's owners would retain several properties.

- Associated Press

Lockheed satellite on slower path to orbit

Lockheed Martin's new military communications satellite will take at least four months longer than scheduled to reach its proper orbit after an engine slated to run about an hour shut down before burning a full minute, the Air Force said Monday.

The first of six new satellites in the $12.4 billion Advanced Extremely High Frequency program was planned to reach its orbit of 22,236 miles by Nov. 12, about three months after its August launch from an Atlas V booster rocket, also built by Bethesda-based Lockheed.

Reaching the correct orbit, while taking longer than planned, shouldn't require using extra fuel that would shorten the satellite's 14-year life span, said Dave Madden, the satellite programs director at the Space and Missile Systems Center in Los Angeles.

Separately, the company was downgraded to "market perform" from "outperform" by Wells Fargo Securities. Shares of Lockheed fell 2 percent, to $70.22, amid broader losses on Wall Street.

- Bloomberg News

CACI gets part of Army IT deal: CACI International said Monday that it has been awarded part of a $16.4 billion Army contract for communications and electronics work. The contract, one of 17 that will be awarded by the Army, is for information technology support for all defense and civilian agencies. CACI did not say how much its share will be worth.

Northrop tapped for 5-year Navy contract: Northrop Grumman said Monday that it received a five-year contract from the U.S. Navy that will allow the defense contractor to compete for delivery orders of security systems worth up to more than $39 million.

The contract is for enhancements, hardware, design, installation and support. The award is a follow-on to a $9 million contract the company in September 2007.

SAIC wins Navy work: Science Applications International Corp. said Monday that it won a new prime contract from the U.S. Navy Space and Naval Warfare Systems Center Atlantic worth up to $37 million. The contract is to provide technical and engineering services in support of the Enhanced Tactical Automated Security System.

- From news services