Word: brantly
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...scheme allegedly worked out between Brant and Winans in October had at first gone smoothly. The journalist would call the broker from a pay phone near the Journal's newsroom in lower Manhattan to alert him to upcoming stories. For instance, on Oct. 26 Winans told Brant about a negative story that was due to appear on Commodore International, the home-computer maker. By selling the stock short, Clark made a profit of $134,671.79. Not all the trades were successful, though. When a favorable story on oil service stocks, including Schlumberger, failed to move the stock higher, Felis...
...early November, Kidder Peabody's internal surveillance system picked up the pattern of trading connected with Journal stories. Felis was told to discontinue such activity, and a company lawyer warned Brant's client Clark about questions of criminal violations...
...disguise payments made to Winans for the tips, Brant and Felis wrote checks to Carpenter. Phony invoices were created to give the impression that Carpenter was being paid for interior decorating work. On Jan. 29, Carpenter deposited a $10,000 check written on Felis' account at Morgan Guaranty Trust with "drapes" written on it. Despite their careful precautions, the scheme began unraveling in February. Tipped off by the American Stock Exchange about trading irregularities, the SEC began questioning Clark and Brant. At one point, Brant showed up at Clark's law office in a "state of high emotional...
...March 22, Brant and Felis met with Winans and Carpenter over dinner at Manhattan's Plaza Hotel to discuss how they would handle the SEC inquiry. Winans said Brant told him, "All we say is that ... I was the source of yours and we talked frequently and we just guessed ... what direction the columns were going to go in." Brant also promised to pay Carpenter $50,000 or $60,000 after selling an apartment he owned. Brant added, "When it is all over, we will go into business in Florida and will all become millionaires...
...profits in the case have been found, and the Government suspects that some of the money has been moved to Switzerland. While Winans was apologizing for his actions last week, Clark vigorously denied the charges. Said he: "I had no idea that any money changed hands between Mr. Brant and Mr. Winans." Clark said that $1.2 million was taken from his account at Kidder Peabody and deposited in Brant's account at Morgan Guaranty Trust without Clark's knowledge...