Word: merritts
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Dates: during 1960-1969
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...Merritt Island...
...Merritt Island...
Controversy keeps dogging Louis Elwood Wolfson. On grounds that he had milked the company of millions, the Government in 1956 refused to renew his contract to run the Capital Transit bus-and-trolley line in Washington, D.C. In 1958, Merritt-Chapman & Scott Co., of which Wolfson is chairman and controlling shareholder, pleaded nolo contendere to charges of bribing a county official in Washington State to help win the big Priest Rapids Dam construction job; the company paid a penalty of $50,000. Also that year, the Securities & Exchange Commission charged that Wolfson tried to drive down the market in American...
Controversy has not abandoned Wolfson, now a greying man of 54, although he has abandoned most of his ventures except Merritt-Chapman and his profitable hobby of breeding race horses at his Harbor View Stable in Florida (1965 winnings: nearly $1,000,000). Last week a federal grand jury in Manhattan hit him with the first criminal indictment in his career...
That is not all of Wolfson's woes. In April, as a result of several shareholder suits, Merritt-Chapman & Scott agreed to slash Chairman Wolfson's annual compensations from last year's $525,-000 to $150,000. The settlement came unstuck when the SEC asked the New York State Supreme Court to adjourn the case temporarily. The Commission's lawyer said that it was completing an investigation that could have consider able bearing on the case. Court hear ings resume this week, and the SEC plans to return with what it calls "ma terial facts" concerning...