Word: fraud
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Dates: during 1990-1999
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...Eighties, Michael Milken pioneered the $200 billion junk-bond market that powered the decade's epic takeover wars. But last week a hounded and weary Milken, who had vowed to fight a 98-count indictment that the Government brought against him last year, agreed to settle the largest securities-fraud case in U.S. history. Faced with the threat of expanded new charges, the former head of Drexel Burnham Lambert's junk-bond department struck a tentative deal to plead guilty to six criminal counts and pay a $600 million penalty. Milken, who earned $550 million from Drexel in 1987, would...
...contained such a web of insider-enriching transactions. Stockholders of DEG, who saw their shares plummet from a peak of $19 to less than 40 cents, have responded with fiery class-action lawsuits. At the same time, DEG is suing De Laurentiis for $50 million, accusing its founder of fraud, misrepresentation and self-dealing...
Opponents of the agreement charged that was theresult of voter fraud...
Even without needed resources, the Justice Department insists it is making some headway. The FBI boasts 770 convictions involving major bank fraud in 1989, with $361 million in restitution ordered by courts, up 200% from 1987. A five-year extension of the statute of limitations, obtained last August, should help prosecutors. Even so, investigators agree that many of the biggest scoundrels are still at large. Besides lack of manpower, prosecutors must contend with the enormous complexity of the crimes, the murkiness of the line between fraud and ineptitude, and the difficulty of conveying all this to juries...
That counterfeit case, which is pending in two state courts, may be the most elaborate and costly example yet of a new form of fraud: desktop forgery. Using the methods of desktop publishing -- the technology by which professional-looking publications are prepared on inexpensive personal computers -- desktop forgers can cheaply and easily create official documents that are virtually indistinguishable from the real thing...