Word: lloyds
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...neighbors, James A. Carr seemed a solid citizen. He was the smooth-talking president of Boston-based Lloyd, Carr & Co., which billed itself as the nation's largest firm in the arcane field of commodity options, and in less than two years had spawned twelve offices, reaching west to San Francisco. He lived in a $200,000 harborside house, drove his wife and three daughters around in a Rolls-Royce, and gave sage interviews to Boston newspapers. Last week he appeared to have also been the author of one of the biggest frauds to surface in years...
...Cayman islands. An FBI fingerprint check revealed that "James Carr" was really one Alan Abrahams, an escaped convict with a 22-year criminal record, who in 1974 had fled a New Jersey prison farm, where he was serving a sentence for a commodities scam. Officials say that Lloyd, Carr may have swindled investors out of as much as $75 million over the past 18 months. Investigators found that one escrow account in a Boston bank supposed to contain $3.6 million to safeguard clients' funds contained only $200. Massachusetts authorities believe the total siphoned off in their state alone could...
Abrahams had no difficulty slipping through a superficial SEC and FBI name check in 1977 and getting a license as a commodity trading adviser from the Commodities Future Trading Commission, the federal agency created in 1974 to regulate the industry. He set up Lloyd, Carr in mid-1976 to specialize in the most speculative of all investments: options in futures of such items as coffee, sugar, cocoa and copper, which are traded on the London commodities market...
Clients would pay Lloyd, Carr large sums to purchase rights either to buy or sell a "commodity futures contract" maturing at some given date in the future. Trading in U.S. commodity futures options has been banned in America since 1936, but dealers can offer options based on the London market. Carr's firm did this and prospered; it grew to employ 1,000 salesmen, and got the blessings of the Boston Better Business Bureau as well as a Dun & Bradstreet "triple A" credit rating...
Sadat was imprisoned twice. At the Barrages, puffing on a pipe in his huge French chair, Sadat recalled his days in Cell 54 of Qurah Maydan Prison. He remembered books he had absorbed, like Lloyd Douglas' The Magnificent Obsession and Jack London's The Sea Wolf. All dealt with the victory of the spirit over adversity. Even in prison, Sadat was a loner who kept silent, remembers Moussa Sabry, one of four inmates who escaped with Sadat from an earlier jailing. They crawled through a hole in the roof of the camp's rabbit hutch. Says Sabry...