Word: guterma
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Dates: during 1959-1959
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Between appearances in Federal court in Manhattan last week. Fancy Financier Alexander L. Guterma (TIME, Feb. 23) took time out to pass his own sentence. Bleated he: "I'm a mortally wounded animal. I've been completely ruined and discredited before any determination by the courts." There was little doubt that Guterma, charged with fraud by SEC, spoke the truth...
...Guterma resigned as chairman and president of F. L. Jacobs Co., the diversified holding company for his 13 (at last count) corporations. In as chairman went beefy (225 Ibs.) Hal Roach Jr., whose heavy interests in Hal Roach Studios and Mutual Broadcasting System, two Jacobs' affiliates, spurred him to purchase Guterma's stock interests in F. L. Jacobs. Said Roach: "I want to get what I believe is an inherently good company back in shape." But SEC insisted that the only way to achieve that was for F. L. Jacobs to be placed in the hands...
...also charged that "some $2.000,000" appears to be "siphoned out" of the Jacobs Co. into Comficor, Inc. "Comficor," said New York SEC Administrator Paul Windels Jr., "is Guterma." Guterma denied this...
Last week SEC was also digging into Guterma's dealings with Lowell Birrell, another Wall Street high flyer, last reported hiding out in Brazil. Birrell sold control of United Dye & Chemical Corp. (now Chemoil Industries) to Guterma's group. The stock was run up to $38.25 a share. When Guterma got out, the price sagged to 1⅛. SEC is also interested in Guterma's relationship with George A. Heaney, former president of the Huntington, N.Y. Security National Bank, which bought F. L. Jacobs notes...
...week's end Guterma said he could not understand all the excitement. Cried he: "Outrage! This is like getting a man for spitting on the sidewalk...