Word: frauds
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Dates: during 1980-1989
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Even so, last week's developments suggested that much more fraud may emerge in the near future as the misdeeds of the gilded '80s are uncovered and brought to justice. What is encouraging, however, is the way in which many law-enforcement agencies are conducting the cleanup with a newfound toughness and technical skill. Among the developments...
...turned over their trading records to the New York Stock Exchange, which is conducting a computer analysis. Says one investigator: "There is nowhere to hide. We're going to catch anyone who profited by advance knowledge of the column." Such individuals could face criminal charges for wire and mail fraud...
Even in these days of rampant white-collar crime, few businesses have been more riddled by fraud than banking. One of the latest lenders to surface as a possible wrongdoer is James Wasson, known to friends in Cushing, Okla. (pop. 7,720), as "the General." The title was more than a reflection of his close- cropped hair and commanding ways. Wasson, chairman of Cushing's First National Bank & Trust and a director of Citizens Bank in nearby Drumright (pop. 3,162), was a brigadier general in the Oklahoma National Guard...
...respect faded fast in 1986, when the two banks went belly-up. Soon thereafter Wasson left the Guard and resigned his banking posts. Last week a federal grand jury in Oklahoma City charged Wasson, 50, with 16 counts of fraud. The indictment handed up against him and a partner, Melvin Pulliam, 63, said the duo conspired to embezzle $1.3 million from the banks and the U.S. Government. Authorities contend that Wasson used the confidential records of soldiers who had served in his National Guard unit to create applications in their names for six bank loans guaranteed by the Small Business...
...Texas and California, where financial institutions grew especially fast in the early 1980s. But the problem is by no means restricted to those states. A report issued in January by the Comptroller of the Currency found that in 35% of the 189 U.S. bank failures from 1979 to 1987, fraud or insider abuse was "a significant factor." Among S and Ls, the malfeasance is even more pervasive. In testimony before Congress last year, representatives of the five U.S. bank-regulating agencies described an "epidemic" of fraud that had figured in as many as half the S and L failures since...