Word: arnholt
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...elaborately constructed business empire of Financier C. Arnholt ("Mr. San Diego") Smith has been under unrelenting attack for months. He is fighting the Securities & Exchange Commission, which has charged him and several cronies with fleecing the stockholders of Westgate-California Corp., the multimillion-dollar conglomerate of which Smith is chairman. The suit is scheduled to go to trial in San Diego this week. Smith is also dueling with the Internal Revenue Service, which claims that he owes $23 million in unpaid taxes and interest. Even his old, close friendship with Richard Nixon, whom Smith has helped bankroll politically since...
...bought the property and later sold an interest in part of it to a still unnamed investment company; and that he ultimately made a good deal for himself. The industrialist-lender was Robert Abplanalp, the aerosol spray-valve tycoon. Still another of Nixon's helpful millionaire friends, C. Arnholt Smith, gained unwonted attention last week. He was in deep trouble with the Securities and Exchange Commission and the Internal Revenue Service (see ECONOMY & BUSINESS...
...many ways, C. Arnholt Smith seemed to personify the American Dream. A high school dropout and former grocery clerk, he rose to the ownership of a major league baseball team (the San Diego Padres) and became head of a financial empire that included one of California's largest banks and a multimillion-dollar conglomerate with interests that ranged from hotels, real estate and insurance to tuna-fishing fleets, canneries and a commuter airline. He became the chum of a President, so close to Richard Nixon that the two watched the 1968 election returns together on television...
...interests in banking, real estate and restaurants in California and horse racing, dog racing and legalized bookmaking in Mexico. One of his enterprises was the erection of a twelve-story office building on the very same street in San Diego where he used to shine the shoes of C. Arnholt Smith, a fund-raising friend of Richard Nixon and Alessio's mentor and business associate. Alessio, named "Mr. San Diego" of 1964 by a local civic group, appreciates having friends in high places. In 1968, after years of contributing to Democratic campaigns, Alessio switched to the favorite and donated...
Arriving in the midst of the ITT affair, an article in LIFE last week raised still more questions about the relationship between the Nixon Administration and some of its wealthy political backers. The central figure in the story was San Diego Millionaire C. Arnholt Smith, a longtime Nixon backer. Smith was under investigation in 1970 for possible violations of federal law by channeling campaign contributions to Nixon in 1968. LIFE charged that through the White House, the Justice Department and the Internal Revenue Service, the Administration tried to squelch investigations, delay prosecutions and interfere with cases involving Smith, another major...