Word: fraud
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Dates: during 1960-1969
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...dreads most: a serious attack on its integrity. Last week, when just such a blow fell, it landed where it really hurt. The staff of the Securities and Exchange Commission accused Merrill Lynch, Pierce, Fenner & Smith, Inc., the world's largest and best-known brokerage house, of practicing fraud and deceit by misusing inside information. Even though Merrill Lynch immediately protested its innocence, the charges by their very nature can only tarnish Wall Street's zealously nurtured image. That image is of a market where 24 million investors can trade with confidence that they are not being cheated...
Before the Public. The SEC filed fraud charges against Merrill Lynch and 14 of its officers and salesmen, including Executive Vice President Winthrop C. Lenz. For the first time, the agency also brought fraud charges against the recipients of the information. All are large institutional investors, including the Dreyfus Corp., the Madison Fund and Investors Management Co. All were accused of violating SEC regulations, issued under the 1933 Securities Act and the 1934 Securities Exchange Act, that prohibit insiders from acting on information before it becomes public knowledge...
...exchanges to pare their commissions began only this year, but the drive to erase insiders' advantages in the stock market started long ago. The agency established in 1961, in the Cady, Roberts case, that a broker who buys or sells stock on the basis of inside information commits fraud. Such police work intensified after Lawyer Manuel F. Cohen, an austere career civil servant, took over as SEC chairman in 1964. In the Merrill Lynch case, the SEC contends that not only the inside-tip giver is acting illegally, but also-and it is a word that was heard...
Public attention usually does Scientology more harm than good. In Australia, a 1965 government inquiry branded Hubbard a "fraud" and Scientology "evil, fantastic and impossible, its principles perverted and ill-founded, its techniques debased and harmful." In 1963, the U.S. Federal Drug Administration raided the cult's church in Washington, D.C., and seized all its E-meters on the grounds that Scientology falsely promised the cure of "neuroses, psychoses, schizophrenia and all psychosomatic illnesses." Last week the British Home Office announced that 800 Scientologists planning to arrive in England this week for their international congress will not be allowed...
...sincere. Charming and forceful, he presses his case with compelling ease. Despite being married and the father of two, he has been working on it seven days a week, for nearly two years. "It should be evaluated in a courtroom," he says. "If it's a fraud, I should be removed from office." No matter what the outcome, a courtroom can only be an improvement on the current wonderland...