Word: fraude
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...savings institutions across Ohio. A month after the E.S.M. fiasco came the collapse of several divisions of Bevill, Bresler & Schulman, a New Jersey firm that traded heavily in Government securities. Customers suffered losses of at least $198 million, and the Securities and Exchange Commission charged the company with fraud...
Many law-enforcement officials contend that giving corporate criminals the benefit of a double standard is destructive to society. Asks Rudolph Giuliani, the U.S. Attorney for the Southern District of New York, who has prosecuted some of the largest tax-fraud cases: "If executives who make healthy salaries can't abide by the law, how do we expect the disadvantaged not to break the law?" Says Anton Valukas, the U.S. Attorney for Northern Illinois: "I guess what bothers me is that we are talking about privileged people, people with the best educations who seem to have the basest motives...
...gentle treatment that E.F. Hutton got last month was especially controversial. Hutton pleaded guilty to a fraud that bilked some 400 banks out of at least $8 million between 1980 and 1982. In its settlement with the Government, Hutton agreed to pay a fine and court costs totaling $2.75 million and to repay banks the money they lost. No individuals, however, were prosecuted, even though the Justice Department admitted last week that two people were primarily responsible for the scheme "in a criminal sense." The department defended this act of amnesty by arguing that it wanted a fast settlement...
...remains unclear why the Hutton employees carried out the fraud. One possible reason is that Hutton managers are paid bonuses tied to the company's profits. But management experts doubt that greed is the full explanation. They point out that middle-level executives in many companies are constantly under stress to meet tough earnings targets. Says John Fleming, a professor at the University of Southern California Graduate School of Business Administration: "For middle managers, there is so much pressure to get a certain degree of performance that they sometimes feel they almost have to do something illegal to meet...
...Ohio bar's long-standing ethical tenets, is "commercial speech" protected by the First Amendment. Advertisements, wrote Justice Byron White for the majority, are not comparable to face-to-face solicitation of clients, which can be prohibited because it is "rife with possibilities for overreaching . . . and outright fraud." The court rejected the contention that ads like Zauderer's will "stir up litigation" unnecessarily. "That our citizens have access to their civil courts is not an evil to be regretted," said White. "The state is not entitled to interfere with that access by denying its citizens accurate information about their legal...