Word: frauds
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Dates: during 1980-1989
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When anyone at Drexel Burnham Lambert talks, the Government may soon be listening. Last week the investment firm said it would submit to unprecedented federal supervision as part of an agreement with the Securities and Exchange Commission to settle charges of insider trading and stock fraud. The deal will enable Drexel to proceed with a separate settlement of criminal charges, first announced last December, for which the firm will pay $650 million in fines...
...would also reorganize the regulatory bureaucracy, provide $50 million a year for the Justice Department to pursue fraud in S&Ls and enact other reforms, chief among them a requirement that thrift owners back their lending with more of their own capital...
...Hills-based junk-bond department. Milken almost single-handedly created the junk-bond market, which has grown from $1 billion in 1981 to $180 billion last year. His downfall began three years ago, when arbitrager Ivan Boesky, collared on insider-trading charges, began singing to prosecutors about alleged stock-fraud schemes he carried out with Milken and Drexel. Last December Drexel struck a deal with prosecutors that called for the firm to plead guilty to six felony charges and pay $650 million in fines. Drexel also said it would withhold $200 million in compensation owed to Milken...
...after receiving you-are-a-winner letters are asked for their credit-card numbers and card-expiration dates "as verification." The new car or microwave oven never arrives. But before long, mysterious charges begin to show up on the cards. Joel Lisker, MasterCard's vice president for security and fraud control, & estimates that thieves using such methods skimmed at least $105 million from the $120 billion in U.S. credit-card transactions last year...
...laws stand in the way of these scams, partly because they have taken forms that were not anticipated when current statutes were written. In addition, laws covering such crimes as interstate wire fraud are difficult to use against the relatively small swindles usually worked on consumers. The FTC has now joined forces with consumer groups, telephone businesses, securities regulators and banking officials in an organization called Alliance Against Fraud in Telemarketing, which is pressing for legislation to curb telescams. A House bill under consideration would toughen FTC rules on telemarketing and allow state law-enforcement officials, as well as companies...