Word: carr
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Dates: during 1970-1979
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Authorities seize "Carr's " Bermuda cash...
...outside the door to a $130-a-day suite at the smart Innisbrook resort complex at Tarpon Springs, Fla. So ended a two-week hunt for the elusive Alan Abrams, the bail-jumping Boston commodity-options con man (TIME, Jan. 30) who, it is charged, under the alias "James Carr" swindled U.S. investors out of as much as $75 million...
...wife. Just where he will end up, no one is certain; he is wanted in at least four states on charges ranging from parole violation to escaping from prison. The biggest trial will probably be in Massachusetts. Authorities in that state attached deposits of nearly $2 million made by "Carr" in Bermuda banks...
...deal in which a customer was billed $8,000 for an option that was being sold for $2,500 by other firms. Indeed, investigators wonder whether the firm ever made any of the options purchases that it claimed to. Two of the three London-licensed traders that Lloyd, Carr supposedly used as brokers deny ever having had dealings with the firm; the third, based in Bermuda, turns out to be owned by Carr...
Last week a federal judge in Massachusetts ordered the firm to cease operating and placed it in receivership. Many questions remain as to why the regulators did not investigate and act sooner. Although the CFTC denied the firm registration, Lloyd, Carr continued its operations for several months while challenging a shutdown order. Criminal fraud was never an issue during that period. However, some critics maintain that the CFTC withheld evidence that hampered state investigations. At week's end the only response from embarrassed CFTC officials was that they were not changing operational methods. As for the elusive Abrahams: Criminal...