Word: costa
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Dates: during 1970-1979
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...arrest. The SEC fraud suit is now before the courts; it seeks to halt further plundering from Investors Overseas Services. If this civil action is successful, the decision could well become the basis for a criminal suit against Vesco. Meanwhile, he is believed to be living in comfort in Costa Rica (see BUSINESS) and planning to become a citizen of that country...
...ever brought by the U.S. Securities and Exchange Commission. Investigations of his activities have forced him to move his operations outside the regulatory reach of one country after another, from Switzerland, through France to the Bahamas. Now Vesco is trying to gain a beachhead for his operations in tiny Costa Rica and, as usual, his efforts are making waves...
...Costa Rica has the potential of becoming a kind of financial Shangri-La for Vesco, and he has taken pains to win over some of the country's most powerful politicians. According to the SEC, one of the I.O.S. funds, IIT, has made an unsecured loan of $2,150,000 to Sociedad Agricola y Industrial San Cristobal, a firm founded and still partly owned by Costa Rican President José ("Don Pepe") Figueres. Says Figueres: "Vesco's investments here are very secure and creative. I can't understand the fuss." I.O.S.'s Fund of Funds allegedly...
...from Gulf Oil Corp., a big piece of San Jose's Royal Dutch Hotel, the El Molina coffee plantation, and a share of the anti-Figueres newspaper, La Nacion. There even are wild rumors that he has linked up with the ultimate business recluse, Howard Hughes. Until the Costa Rican Congress turned thumbs down, Vesco's attempt to set up an international free zone in the country drew an angry public outcry. The plan called for a financial district that would enact its own laws and regulate all banks and trusts in its area. Critics charged that...
Meanwhile, Vesco goes on establishing himself in Costa Rica. Crateloads of furniture have arrived in San José from I.O.S. offices in France. Vesco has been granted a provisional Costa Rican passport and, according to Figueres, he intends to renounce U.S. citizenship. He has rented a chalet in a wooded area on the outskirts of San José and parks his private plane -a Boeing 707-at the San José airport. Yet for Vesco, the relentlessly ambitious son of a Detroit auto worker, San José, with no stock market and less than a dozen banks, is a pale...