Word: morgenthau
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Clifford and Altman still face a daunting battery of probes. Grand juries in Washington and New York City are studying how much both men knew about B.C.C.I.'s secret ownership of First American. Manhattan District Attorney Robert Morgenthau is investigating a 1988 deal in which Clifford and Altman reaped a combined $10 million profit after buying stock in a B.C.C.I. affiliate. The two had borrowed $18 million from B.C.C.I. to acquire the stock, which they held for less than two years. TIME's sources say investigators are probing whether the $10 million profit was a payoff for First American...
...York State grand jury indicted B.C.C.I. and its two principal officers for fraud, bribery, grand larceny and money laundering after a two- year investigation led by Manhattan District Attorney Robert Morgenthau. B.C.C.I., said Morgenthau, had looted depositors of more than $5 billion in "the largest bank fraud in world history." Named as defendants were Agha Hasan Abedi, the Pakistani founder of B.C.C.I., and countryman Swaleh Naqvi, who had been the bank's chief operating officer. But bringing the pair to trial could prove impossible. Pakistan said last week it will refuse to extradite the ailing Abedi...
...grand jury hearing evidence presented by Manhattan district attorney Robert Morgenthau was readying the first of a series of indictments against B.C.C.I. officials and others in a case stemming from the bank's secret ownership of First American Bankshares, the parent of Washington's largest bank. Among those testifying before the New York jury was former Defense Secretary Clark Clifford, the chairman of First American, who has denied knowing that B.C.C.I. owned his banking firm...
...investigators now say openly that the Justice Department has not only reined in its own probe of the bank but is also part of a concerted campaign to derail any full investigation. Says Robert Morgenthau, the Manhattan district attorney, who first launched his investigations into B.C.C.I. two years ago: "We have had no cooperation from the Justice Department since we first asked for records in March 1990. In fact they are impeding our investigation, and Justice Department representatives are asking witnesses not to cooperate with...
...week prompted the Federal Reserve to interdict all transfer of money and assets between the two banks. The regulators asked the Justice Department, which has appeared reluctant to pursue allegations, to begin a criminal and civil investigation. The Fed was responding to pressure generated by Manhattan district attorney Robert Morgenthau, who is presenting evidence of fraud, money laundering and disguised ownership to a New York City grand jury. Morgenthau has formally told the Fed his office has evidence that First American is under secret control...