Word: ltv
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...catalog of chicanery: cheating on Government defense contracts, check-writing fraud, bogussecurities dealing, tax dodges, insider trading and money laundering. Among the culprits: General Electric, E.F. Hutton, Bank of Boston and General Dynamics. Once powerful and respected executives, including Jake Butcher, the Tennessee banker, and Paul Thayer, the former LTV chairman, are now facing the humbling prospect of spending several years in prison...
...market. In particular, the recent rash of mergers and acquisitions has created golden opportunities for investors who are tipped off to the deals ahead of time. Perhaps the most notorious episode involved Paul Thayer, the former businessman who became Deputy Secretary of Defense under President Reagan. While chairman of LTV and a member of the boards of Anheuser-Busch and Allied, Thayer passed to friends information about acquisitions that those companies were planning to make. Thayer later lied to SEC officials about his actions and last month received a four-year prison sentence for obstructing justice...
...fine. Co- Defendant Billy Bob Harris, a Dallas stockbroker, received the same sentence. Both men had pleaded guilty last March to charges that they had obstructed justice by lying to Securities and Exchange Commission officials who were investigating whether Thayer, then the chairman of LTV Corp. and a director of Allied Corp. and Anheuser-Busch Cos., had passed inside information to Harris and others about future mergers and acquisitions...
...according to the SEC complaint, Thayer passed information that made $1.9 million in illegal profits for a close-knit circle of Thayer's and Harris' friends. Though Thayer did not pocket any profits from the tips he handed out, one who did benefit was Sandra Ryno, 39, a former LTV receptionist with whom Thayer had a "private personal relationship." Ryno agreed to cooperate with the Government's investigation and was given immunity. Meanwhile the SEC is pursuing a civil case against two others allegedly involved in the scheme: William Mathis, the former New York Jets running back...
...pleading guilty, Thayer admitted to a prosecutor's allegations that in 1982, while chairman of the Dallas-based LTV Corp. and a director of four other companies, he passed confidential information to Harris on Anheuser- Busch's $560 million acquisition of Campbell Taggart, a Dallas food conglomerate. Thayer also allegedly tipped Harris to two other merger deals. The inside dope netted $1.9 million in illegal profits for Harris along with Thayer's onetime companion Sandra Ryno, a former receptionist at LTV, and six other Thayer friends. Ryno gave the Government incriminating information against her friends and was not charged. Although...