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...rigging was engineered mainly by five Chicagoans: Businessman Osborn Andreas, 63, Financier Mark Rolland, 33, Attorney Robert Ness, 38, onetime Stockbroker Spero Furla, 42, and Stock Salesman Burton ("Bud") Kozak, 36, the only one not named as a defendant. Andreas had been chairman, treasurer and a director of Pentron before he stormed out after a bitter "management dispute" in December 1965. Pentron had lost $2,400,000 that year, but Andreas, according to the charges, was determined to unload his 12% shareholding at "as high a price as possible." Ness, Rolland, Furla and Kozak promised to sell...

Author: /time Magazine | Title: U.S. Business: Rumors & Rigging | 6/9/1967 | See Source »

...Pentron had been selling for under $2 in December 1965. To get things moving, said the indictment, Andreas' allies "offered and paid compensation" to brokerage house customer's men to push Pentron stock. Two New York defendants were enlisted in the campaign: Paul Heischuber, 27, a former partner in a small brokerage house, and Mario Trombona, 38, a Manhattan public relations man. As if by magic, daily 1966 trading volume in Pentron soared from around 10,000 shares in February to as much as 188,000 in April, while the stock reached a high of $3.75. "During this...

Author: /time Magazine | Title: U.S. Business: Rumors & Rigging | 6/9/1967 | See Source »

Cast of Characters. It may be little compensation to those stuck with Andreas' 319,000 shares-worth $1.621 each at last week's closing-but the Pentron perpetrators face stiff raps if convicted. Prison terms and fines could go as high as 99 years and $120,000 each for Andreas, Rolland and Furla, 97 years and $110,000 for Heischuber and Trombona, and five years and $10,000 for Ness...

Author: /time Magazine | Title: U.S. Business: Rumors & Rigging | 6/9/1967 | See Source »

...Pentron is only one of seven Amex-listed stocks that the SEC has been investigating for "churning" early last year. Leece-Neville Co., for one, zoomed from a 1965 low of $9.50 to $43.38 in April 1966. Another, Rowland Products Co., went from $8 to $48.75. The investigators' suspicions were aroused after the sudden collapse of Edward N. Seigler & Co., a Cleveland brokerage house whose month-old Chicago branch had been trading heavily in the stocks. And Kozak, as it happened, was Seigler's star customer's man in Chicago...

Author: /time Magazine | Title: U.S. Business: Rumors & Rigging | 6/9/1967 | See Source »

...thing, Kozak, a onetime bail bondsman and paint salesman, had brought to Seigler such customers as 325-lb. convicted Con Man Alan Rosenberg, who was dropped by nine gunshot wounds in the spring of 1967 in a still unexplained Chicago murder. About possible gangland involvement in the Pentron case, U.S. Attorney Robert Morgenthau would only say: "I don't want to get into that...

Author: /time Magazine | Title: U.S. Business: Rumors & Rigging | 6/9/1967 | See Source »

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