Word: gulf
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Dates: during 1960-1969
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...brought suit against the men and the Texas Gulf Sulfur Company--the company which owns the rich deposits and of which the men are either employees, officers, or directors. The SEC is asking that the company and the men be compelled to reimburse people who sold them Texas Gulf stock without knowledge of the ore discovery...
...suit filed in a federal district court, the SEC alleged that Harvard Fellow Thomas S. Lamont '21, a director of Texas Gulf and also of the Morgan Guaranty Trust, informed one of the bank's other officers of the discovery. Then, this man bought 8000 shares of Texas Gulf for the bank's clients, the SEC charged...
...telephoned Longstreet Hinton, head of the bank's trust department, some ten minutes after the press conference ended and told him to look at the broad ticker tape for something about Texas Gulf," the statement said...
According to the SEC's suit, the 12 other men first knew of the rich deposits of zinc and copper near Timmins, Ont. as early as Nov. 12, 1962. Acting on this information, these men bought Texas Gulf stock, the SEC alleged...
Then, on April 12, 1964 Texas Gulf issued what the SEC called a "false and misleading" statement about the deposits. Finally, on April 16 it revealed the true worth of the mineral field, now valued between $1 and $2 billion...