Word: sec
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Late Hours. The SEC's evidence of grave abuses was gleaned with extraordinary care and effort. For 17 months Study Chairman Milton H. Cohen. 51, a reflective Chicago lawyer, rarely took a day off, frequently put in 110-hour weeks. Many of his 65 staffers fanned over the U.S. to interview hundreds of brokers, exchange officials and ordinary investors. The SEC sent out meticulously intimate questionnaires to 360 trading specialists and 600 member firms of the New York Stock Exchange. 800 members of regional exchanges. 2,000 companies whose stocks are traded over the counter. 5,000 broker-dealers...
...Some companies give only the scantiest information to stockholders. Unlike companies listed on stock exchanges, an estimated 25% of the nation's 14,000 over-the-counter companies do not make regular reports to stockholders on sales earnings and trading by insiders. The SEC wants to apply to them-and to banks and insurance companies as well-the same disclosure regulations that apply to exchange stocks...
...field. One example: Robert Martin, son of a rich textile-man, at 22 bought a seat on the New York Stock Exchange in 1960-and proceeded to violate a batch of regulations before the exchange finally "advised" him to sell his seat in 1961. Requested by the SEC: new laws to set up minimum standards of knowledge for salesmen and financing for new firms, and the power to discipline and perhaps fine them when necessary...
...their employer's or client's stock by issuing fantasy announcements of expected earnings, mergers, new products. In one case an "extremely optimistic" claim that Chemtree Corp. had developed a shield against radiation fallout sent its stock up from 43? to $9.50 within a month. The SEC study proposed a new law to make "intentional or reckless dissemination of false and misleading statements" subject to stockholder damage suits and jail terms...
...Some public relations men profited directly from trading in shares of client companies, a practice frowned on by the SEC because the public may not be aware that the "information which it receives comes from an interested source." The SEC added that "the most active trader among public relations men" was Jerry Finkelstein, president of now defunct Tex McCrary, Inc., who, among other deals in clients' stock, made $2,100,000 trading in Universal Controls...