Word: saxonism
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...calls were flooding Abrams' office because he had become suspicious after hearing the radio spots and asked some of his aides to snoop around. Oddly enough, they could find no complaints against Saxon and his firm, Bullion Reserve of North America. It had headquarters in Los Angeles and offices in Dallas and Hong Kong. No one in gold trading in New York seemed to know Saxon well, but his company was paying its bills. On instinct, Abrams' men asked Richard Arfa, a vice president of Bullion Reserve, to produce financial records. Arfa stalled and questioned Abrams'jurisdiction...
...same day, Saxon, 39, ran a hose from the exhaust pipe of his motorcycle into the sauna of his $685,000 condo in Venice, Calif. He apparently started the engine, then sat in jeans and socks while the sauna filled with carbon monoxide. When his body was found, so was a tape recording of a message to his estranged wife Susan. It explained that he had killed himself because he could not overcome his mounting business losses...
When accountants examined the books of the company, which last week filed a bankruptcy petition, they could not determine what had happened to some $60 million in metal reserves the company had claimed to be holding. Only about $900,000 worth of metal owned by Saxon's company was found in 200-ft.-deep underground vaults managed by Perpetual Storage Inc. near Salt Lake City. A Brink's vault in Los Angeles contained an additional $150,000 in metal for Saxon's company. The Bullion Reserve records showed that the firm had loaned at least $13 million...
...California investigators believe that Saxon's company may never have purchased all the gold that investors paid for, and that Saxon diverted much of his clients' money to his personal use. He owned another home in Venice, a $59,000 Maserati, a Porsche and a Mercedes. He had made a $95,000 deposit on a Learjet. He apparently had lost $1 million in an attempt to buy the Commercial Bank of California in West Hollywood and save it from bankruptcy. The bank failed last May, and its demise has led to numerous disputes and even lawsuits among...
...Saxon's apparent swindle gone undetected for two years? Incredibly, no government agency at the state or federal level has clear-cut authority to regulate bullion dealers. The FBI and state or local police normally enter such cases only after complaints of fraud are brought by the victims. By that time, it is usually too late for help. Contends Abrams: "These are interstate frauds that cry out for federal regulation...