Word: sec
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Dates: during 1960-1969
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...commission ordered public hearings into charges that Merrill Lynch illegally fed corporate secrets to 15 of its largest customers-even while withholding the same information from thousands of little investors. The tipoffs, according to the SEC staff, led the 15 big outfits to unload shares of Douglas Aircraft Co. stock just before it plunged in value during June 1966. At the same time, said the SEC, Merrill Lynch kept on buying Douglas stock for less favored customers without telling them it had inside knowledge that Douglas' earnings were falling sharply...
Before the Public. The SEC filed fraud charges against Merrill Lynch and 14 of its officers and salesmen, including Executive Vice President Winthrop C. Lenz. For the first time, the agency also brought fraud charges against the recipients of the information. All are large institutional investors, including the Dreyfus Corp., the Madison Fund and Investors Management Co. All were accused of violating SEC regulations, issued under the 1933 Securities Act and the 1934 Securities Exchange Act, that prohibit insiders from acting on information before it becomes public knowledge...
According to the SEC staff, Merrill Lynch learned of Douglas' financial troubles while underwriting a $75 million offering of the company's convertible debentures. On June 7, 1966, the planemaker reported profits of 85? a share for the five months that ended the previous April 30. But by then Douglas, now a part of the McDonnell Douglas Corp., was running into production snags and unexpected cost increases. In its underwriter's role, said the SEC, Merrill Lynch discovered that the aircraft company's earnings outlook had worsened, and passed that fact on to some...
Merrill Lynch expressed "surprise" at the SEC action. "We are convinced that none of our people acted wrongfully, and we will defend our position vigorously," said a spokesman. For its own sake, the firm can afford to do no less. Merrill Lynch owes both its eminence and fortune to its success in wooing the small investor. To back the well-justified boast that it brought Wall Street to Main Street, the company points to its 1,400,000 individual customers, nearly one-third more than any other stockbroker has. Their trading, along with that of 3,000 institutional customers, last...
...first casualty is dignity; the sec ond, humanity; the last, life itself. In 1890, out of the remembered pangs of his own despairing struggle with dep rivation, Norwegian Nobel Prizewin ner Knut Hamsun wrote an acrid au tobiographical novel. Two generations later, Scandinavia's moviemakers have finally caught up with Hunger-and surpassed...