Word: frauds
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Dates: during 1980-1989
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...opposition alleged massive fraud, but the government warned its opponents not to challenge the outcome...
...retail branch offices (total brokers: 6,500) and avoided being taken over during Wall Street's consolidation binge in the early 1980s. But the firm apparently grew faster than its supervisory structure could handle. In 1985 Hutton pleaded guilty to 2,000 counts of mail and wire fraud for operating an elaborate check-kiting scheme in which the company's cash managers had used at least $10 billion from 400 banks without paying interest...
...Switzerland has always been willing to help the U.S. track down criminals who used Swiss accounts to stash their loot. But the two countries do not always agree on what constitutes a crime. In the Iran-contra case, there was no problem: North and his associates are accused of fraud, which is clearly a crime in Switzerland. Tax evasion, though, is not against Swiss law. An American who underreports his income can still hide the extra money from the Internal Revenue Service by putting it in a Swiss account...
Last week the court came close, upholding the mail- and wire-fraud conviction of R. Foster Winans, a former Wall Street Journal columnist who was paid by stockbrokers to leak information about upcoming stories on particular companies. The court also let stand his conviction on a securities-law violation. Investigators had feared that an adverse decision in the Winans case could cripple their efforts to go after big-time insider traders like Ivan Boesky and Dennis Levine. The high court's action, said Gary Lynch, head of enforcement for the Securities and Exchange Commission, "is tremendous news...
...while the decision gave prosecutors a big lift, it left the law that governs insider-trading cases as murky as ever. By a vote of 8 to 0, the Supreme Court ruled that Winans had violated general laws that prohibit wire and mail fraud. On the separate issue of whether Winans had been correctly convicted of breaking federal securities laws, the court split down the middle, 4 to 4, a decision of no value as a legal precedent. Thus the court has still not settled the question of when insider trading is a violation of the securities statutes...