Word: sec
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Dates: during 1960-1969
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...suit filed in a federal district court, the SEC alleged that Harvard Fellow Thomas S. Lamont '21, a director of Texas Gulf and also of the Morgan Guaranty Trust, informed one of the bank's other officers of the discovery. Then, this man bought 8000 shares of Texas Gulf for the bank's clients, the SEC charged...
However, the SEC suit said that of the 13 men, Lamont was the only one not to profit personally from the information...
According to the SEC's suit, the 12 other men first knew of the rich deposits of zinc and copper near Timmins, Ont. as early as Nov. 12, 1962. Acting on this information, these men bought Texas Gulf stock, the SEC alleged...
Then, on April 12, 1964 Texas Gulf issued what the SEC called a "false and misleading" statement about the deposits. Finally, on April 16 it revealed the true worth of the mineral field, now valued between $1 and $2 billion...
...SEC is asking that people who sold Texas Gulf stock directly to "insiders"--officers, directors, and major stock-holders--be reimbursed. But for the period from April 12 until the April 16th announcement, the SEC is asking that anyone who sold the stock be reimbursed...