Word: riche
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Dates: during 1980-1989
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Justice Department attorneys say Rich and Green created a racket in which their company earned at least $71 million by selling crude oil at several times the Government-regulated price during 1980 and '81. Then they allegedly shipped the money out of the U.S. to escape income taxes. The 1981 tax return for their U.S. subsidiary, for example, declares profits of only $2.4 million, but the Government estimates its earnings were at least $50 million more. While sifting through hundreds of thousands of Rich's business records, federal agents also uncovered evidence to accuse Rich and Green...
...formal charges of racketeering, conspiracy, tax evasion, mail fraud, wire fraud and trading with the enemy could earn Rich and Green prison sentences totaling 325 years each, fines of more than $500,000 and confiscation of millions of dollars in assets. One of Rich's holdings is a co-ownership in 20th Century-Fox, which his company controls jointly with Denver Oilman Marvin Davis...
...Marc Rich is one of the shrewdest and most successful commodity traders in the world. Acquaintances estimate his personal fortune at up to $1 billion. After starting his own firm in 1974 with about $5 million in seed money, Rich built a group of companies that last year traded some $10 billion worth of such commodities as oil, gold, aluminum, sulfur and sugar...
...Rich, who is married and has three daughters, came to the U.S. as a child, fleeing Nazi persecution of Jews in Belgium. His father David worked in a Manhattan burlap-bag factory to put Rich through the private Rhodes School, where he earned a B-minus average and presided over the French club. An indifferent student at New York University, Rich quit to pursue commodities trading for the Philipp Bros. firm...
...Rich proved himself a prodigy at buying and selling grains and metals. One of his biggest market coups came during the Arab oil embargo of 1973-74, when he used his Middle Eastern contacts to circumvent the embargo and buy crude oil from Iran and Iraq. After purchasing the crude for roughly $12 per bbl. Rich doubled the price and sold it to supply-starved U.S. oil companies. Successes like that inflated Rich's already ample ego, and in 1974 he and Co-Worker Green set up their own company...