Word: illicited
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Dates: during 1980-1989
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...hand man of the late populist dictator Omar Torrijos, of being "head of the biggest drug-trafficking operation in the Western Hemisphere." Even Noriega's staunchest supporters in Washington suspected that Helms was on to something. Says one Reagan Administration official: "Noriega gets a cut of every kind of illicit business down there...
...across the U.S., investors were raging at the discovery that Wall Street high rollers had been ripping off millions of dollars by trading on knowledge not available to the general public. That sweeping form of sophisticated fraud did not merely touch the pocketbooks of professional stock-market players. The illicit profits came from taking unfair advantage of price movements in a broad range of stocks. That meant, in the end, that the speculators had pilfered from funds that countless thousands of ordinary investors had contributed to the market, in the form of their own stock purchases or investments in pension...
Almost everyone agrees that one of the best defenses against illicit insider trading is to increase the likelihood that offenders will be caught -- and that getting caught will hurt. So far the SEC has been reluctant to use the powers of treble confiscation of illegal profits granted to the agency in 1984. That should change. At the same time, the SEC under Chairman John Shad has shown greater eagerness than it had under his predecessors to pursue insider cases. Says Shad: "If the public believes that a few have privileged information and take advantage of it, it is going...
Ironically, the offense that Boesky was charged with committing is anything but clear cut. Insider trading is a crime that goes virtually undescribed in U.S. securities statutes, although it is roughly defined in court cases as the illicit profiting from information about private corporate behavior before that knowledge has reached the public domain. It has been compared to playing poker with marked cards. But deciding when the cards have been improperly marked -- and, above all, proving it -- is no mean feat, since rumor, innuendo and split-second inference are the stuff of ordinary stock trading...
...outcome had never been in doubt. Ample evidence, and Hasenfus' own admission, confirmed that the former Marine had been delivering weapons to the U.S.-backed contras when his C-123K cargo plane was downed over Nicaragua on Oct. 5. For that act, Hasenfus was found guilty of terrorism, illicit association and violation of public security. He received a 30-year sentence, the maximum penalty under Nicaraguan law, and will seek an appeal...