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...reputation of Wall Street dealmakers. Last year E.F. Hutton pleaded guilty to a check-kiting scheme. The Securities and Exchange Commission said in May that it had cracked the largest insider-trading case ever: the $12.6 million scam allegedly engineered by Dennis Levine, a former managing director at Drexel Burnham. The Shearson indictment is the latest chapter in a continuing saga of Wall Street scandal. No one is calling it the last...

Author: /time Magazine | Title: Washday Blues: Scandal Strikes Shearson | 7/7/1986 | See Source »

Dennis Levine was one of Wall Street's hottest young investment bankers. A managing director with Drexel Burnham Lambert, Levine, 33, was glib and gregarious, and had a knack for cultivating clients. In addition, he had a particular gift for obtaining information about impending hostile merger bids and then persuading takeover targets to hire his firm for their defense. According to federal law-enforcement officials, Levine also used his expertise for a less innocent pursuit: buying stock in companies that he knew were about to be acquired, and then selling the shares at a profit after a takeover bid sent...

Author: /time Magazine | Title: Dark Clouds Over Wall Street | 5/26/1986 | See Source »

...Levine case was the largest insider-trading complaint ever filed by the SEC, and it spurred anxiety and soul-searching in Wall Street boardrooms. Levine had allegedly amassed a total of $12.6 million in illicit profits while working for three investment firms--Drexel Burnham Lambert, Lehman Bros. and Smith Barney--during the past 5 1/2 years. Insider-trading cases come and go like stock-market rallies, but never has such a high-level executive been accused of using privileged information for so much personal gain over so long a period of time. Wall Streeters think that Levine must have been...

Author: /time Magazine | Title: Dark Clouds Over Wall Street | 5/26/1986 | See Source »

...time went on, Levine's purchases--and profits--grew larger. In November 1982, after joining Lehman Bros., he bought 50,000 shares of Itek. He sold the stock two months later, after Itek was acquired by Litton Industries, netting $805,035. By last May Levine had joined Drexel Burnham Lambert, and in his most lucrative deal yet, he bought 150,000 shares of Nabisco. Three weeks later, speculation over Nabisco's merger talks with R.J. Reynolds enabled him to sell the stock for a profit...

Author: /time Magazine | Title: Dark Clouds Over Wall Street | 5/26/1986 | See Source »

...Laurie Burnham was Sam Burke's section leader in Science B-15, "Evolutionary Biology." She is a resident tutor in Lowell House...

Author: By Laurie Burnham, | Title: 'I Hope the FDO Has Learned Something...' | 1/24/1986 | See Source »

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