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...jury forewoman's voice broke as she said "Not guilty" to each of the charges against banker and lawyer Robert Altman. Moments later, jurors with watery eyes hugged Altman and his wife, actress Lynda Carter, then posed for photos with them and exchanged addresses. All agreed: this was an innocent man, unfairly accused...

Author: /time Magazine | Title: Innocent As Charged | 8/30/1993 | See Source »

...verdict ended Altman's five-month New York City trial on eight felony charges, ranging from bribery to deceiving the government, all relating to his various affiliations with the corrupt Bank of Credit & Commerce International. Altman, whose partner, Clark Clifford, was deemed too ill to stand trial, had endured a 30-month personal struggle during which he and Clifford were stripped of their bank jobs, lost their once powerful law firm, and saw their reputations tarnished...

Author: /time Magazine | Title: Innocent As Charged | 8/30/1993 | See Source »

...financial scandal in history, the prosecution of the bank and its operators now seems destined to end with a whimper. Even though as much as $20 billion was stolen, misappropriated and lost outright by B.C.C.I. officers, a mere handful will ever stand trial anywhere. The maddening complexity of the Altman case illustrates the difficulty of even mounting a prosecution of B.C.C.I.'s principals and their associates. The case dragged on through 45 witnesses and reams of documents -- 15,000 pages of transcript in all. The material was so numbingly complex that some jurors fell asleep listening to it. Meanwhile...

Author: /time Magazine | Title: Innocent As Charged | 8/30/1993 | See Source »

...pivot of the trial was whether Altman -- and by extension Clifford -- knowingly helped B.C.C.I. secretly buy an American bank and then lied to regulators about it. The issue was neither their long and intimate involvement with B.C.C.I. nor their huge profits from that relationship. The two men acknowledged making millions of dollars in fees from their roles as legal counsel to B.C.C.I. in the U.S. and reaping additional millions from stock deals as payment for their work running First American Bank, the largest bank in Washington, which B.C.C.I. illegally owned through front investors. Nor did the case address the larger...

Author: /time Magazine | Title: Innocent As Charged | 8/30/1993 | See Source »

After five months of testimony, a New York jury acquitted attorney Robert Altman on the four remaining counts of engaging in a conspiracy to defraud bank regulators and the public in the case of the Bank of Credit & Commerce International's secret takeover of First American Bankshares Inc. of Washington. Said Altman: "This is a prosecution that never should have been brought...

Author: /time Magazine | Title: News Digest August 8-14 | 8/23/1993 | See Source »

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