Word: costa
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Dates: during 1970-1979
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...shareholders do not report the earnings from such investments to the IRS, they can escape-illegally-the taxes due on them. The islands' registrar is several months behind in processing companies' new applications, and planeloads of businessmen arrive daily on flights from Miami, Nassau and Costa Rica to file new ones. Aside from meeting a few rudimentary regulations, they are free to run their firms with no government interference. Says a recently arrived investment banker: "We like the place because it is suitably devoid...
...Commissioner Philip Loomis called it "one of the largest securities frauds ever perpetrated." The scene of the dealings sweeps from New York to Luxembourg, the Bahamas, Puerto Rico and Costa Rica, and the characters in the story are a movie director's dream. Besides Vesco, who denies all charges, the 42 individual and corporate defendants include James Roosevelt-oldest son of the President who created the SEC-three lawyers from Wendell Willkie's old Wall Street firm and a gaggle of shadowy American, European and Latin financiers. Involved on the fringes of the case, though not named...
...Bahamas) Ltd., a Vesco company that is trying to buy the Paradise Island gambling complex in the Bahamas from Resorts International. Vesco's IIT fund also lent $2,150,000 to Sociedad Agricola y Industrial San Cristobal, a company that was founded and is still partly owned by Costa Rican President Figueres. Meanwhile Fund of Funds put $60 million into Inter-american Capital, a shell company allegedly controlled by Vesco and formally headed by Alberto Inocente Alvarez, an adviser to Figueres...
According to the SEC, Vesco has chosen Costa Rica as a "haven" and Alvarez is helping him relocate there. President Figueres says that Vesco is still welcome to Costa Rica. At IOS's complex of buildings at Ferney-Voltaire in France, just across the border from Geneva, functionaries are preparing for relocation. They are selling everything movable, including bosses' rosewood desks and even toilet seats. Rumors are that the move will be either to Madrid or-no surprise-Costa Rica...
...Rafael Díaz-Balart, a former brother-in-law of Cuba's Fidel Castro, but the group now is reportedly trying to back out of the deal. In any case, the group has ties to Vesco; one of its members is Alberto Alvarez, the head of the Costa Rican company that got $60 million from Fund of Funds...