Word: leu
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Dates: during 1980-1989
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...trading irregularities on the part of two of the company's employees in Venezuela, both of whom have since left the firm. In tracking down the accusation, Merrill Lynch authorities discovered that their employees' actions mirrored trades ordered through an account at the Bahamas branch of Switzerland's Bank Leu International. The brokerage did not know it, but the account was the main conduit used by Levine for making his own insider moves. Merrill Lynch passed on the information about Bank Leu to U.S. authorities in June 1985; it took almost a year before Swiss authorities agreed to divulge...
Whomever it was that Levine traded tips with, he allegedly conducted his deals through Bernhard Meier, 35, an executive for the Bahamas subsidiary of Bank Leu, a Swiss institution with headquarters in Zurich. Meier, who is accused of pocketing $152,000 from Levine's insider trades, was charged last week as an accomplice in the case. Their first transaction took place in May 1980, when Levine was an associate at Smith Barney. He bought 1,500 shares of Dart Industries and sold them less than two weeks later for a modest profit of $4,000, when Dart announced that...
Meanwhile, the SEC's enforcement division, headed by Gary Lynch, was on Levine's trail. After tracing a large number of insider trades to Bank Leu, the SEC found out from unnamed sources in the investment community that Levine was behind the deals. Armed with this information, U.S. officials persuaded lawyers for the bank to provide them with details of Levine's illegal trades. After learning about the SEC investigation, Levine ordered Meier to get rid of his passport and other documents at the Bahamian bank. On May 9, SEC officials say, Levine tried to transfer $10 million from...