Word: frauded
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Dates: during 1990-1999
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...sure didn't look that way in 1989, after Lincoln bit the desert dust and Keating faced a series of highly publicized trials. Prosecutors vilified him as a high-living, white-collar sociopath, and he was convicted on no less than 90 federal and state counts of fraud, racketeering and conspiracy. The main charges: that he directed the sale of fraudulently marketed junk bonds to tens of thousands of Lincoln customers and that he orchestrated a series of sham real estate transactions to inflate Lincoln's profits. Packed off to prison in handcuffs and chains under the glare...
...tell that to the thousands of losers in Keating's junk-bond schemes. Ramona Jacobs of Burbank, California, a telephone-company assistant manager who testified in one of the civil-fraud cases, says she lost $11,000 when the junk bonds she was talked into buying at Lincoln Savings turned out to be worthless. (Most of the purchasers have since recovered about 70 cents on the dollar.) The loss, she says, delayed desperately needed medical treatment for her daughter Michelle. "The people at his bank told me it was safe; they said there was nothing to worry about...
...flat $19.95-per-month, all-you-can-surf price. It sounded terrific, but the glut of new subscribers--along with increased use by 7 million veteran members--made AOL nearly inaccessible at times. One result: last week a subscribers group nailed the service with a $20 million consumer-fraud lawsuit. Just two days after issuing a statement downplaying the suit, AOL--famous for blitzkrieg marketing tactics--reconsidered and announced a full retreat: the company will throttle back efforts to sign up new subscribers and invest $350 million to upgrade its networks. That may not be a fast enough...
...announcement that AOL's woes have caused a large number of customers to defect to its WorldNet service. And to add to the fiasco, New York State Attorney General Dennis Vacco said today he may file a lawsuit alleging AOL has engaged in "false advertising" and "repeated and persistent fraud." AOL has said it will upgrade its network to handle the increased number of members who stay on longer because of the new flat-rate plan. But for the moment, AOL's problems don't seem to be getting any better. In an attempt to log on to the network...
...armed standoff than a delusion. Last week Emmett Clark, 68, was in court to hear a new set of indictments against him and 13 of the 24 self-styled Freemen of Jordan, Montana. Clark, a leader of the group, listened carefully to the litany--false tax claims, bank fraud, threats against federal officials, firearms violations--and then refused counsel. "All these things are better done by a lawyer than a lay person," admonished U.S. Magistrate Richard Anderson. "This isn't a game, Mr. Clark." To which Clark replied, "Well, I haven't granted you venue or jurisdiction...