Word: concealment
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Dates: during 1970-1979
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Skirmishing Continues. At first, most of Cornfeld's customers were Americans abroad. But the Securities and Exchange Commission complained that I.O.S. was illegally selling unregistered securities to U.S. investors and that some of its funds were submitting false statements to conceal illegal rebates of brokerage commissions. The SEC was also concerned that criminal elements might be using I.O.S. as an outlet for illicit profits, and demanded that Cornfeld reveal the names of all his customers. Cornfeld refused to do so, but he settled the case in 1967 by agreeing to cut all I.O.S. ties...