Word: sec
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Dates: during 1970-1979
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...Having got rid of Cornfeld,* Vesco and associates zeroed in on the securities held by four IOS-managed mutual funds: Venture Fund, Fund of Funds, International Investment Trust (IIT) and Transglobal Growth Fund. Between April and October of this year, the SEC says, Vesco and friends sold out of the funds' holdings nearly a quarter of a billion dollars worth of stocks, including Chase Manhattan, General Motors, Mobil Oil, A T & T and IBM, and used the cash to further "their personal interests and pursuits...
Some $99 million of the money has simply vanished. The other $125 million, says the SEC, was mostly "spirited" away to Luxembourg and Bahamian banks controlled by Vesco's group and then placed in a series of dummy corporations also serving as fronts for Vesco...
According to the SEC, Vesco has chosen Costa Rica as a "haven" and Alvarez is helping him relocate there. President Figueres says that Vesco is still welcome to Costa Rica. At IOS's complex of buildings at Ferney-Voltaire in France, just across the border from Geneva, functionaries are preparing for relocation. They are selling everything movable, including bosses' rosewood desks and even toilet seats. Rumors are that the move will be either to Madrid or-no surprise-Costa Rica...
...time that the stock sales were going on, Vesco sought to conceal his part in them by pretending that he was out of IOS. He resigned as chairman in September 1971 and later had International Controls sell its IOS stock. But, says the SEC, the stock was sold to Kilmorey Investments, yet another dummy company set up by Vesco in the Bahamas...
Receiver. If the SEC can prove its allegations, several reputations will be tarnished. Most of the defendants are accused of helping Vesco set up his dummy corporations. As a director of three of the funds, James Roosevelt, according to the SEC, knew what Vesco was up to and did nothing to stop it; the SEC says that Roosevelt's independence was "impaired" by a $150,000 loan from a Vesco-controlled Bahamian bank. Three members of the law firm of Willkie Farr & Gallagher-Allan F. Conwill, Raymond W. Merritt and John S. D'Alimonte-are accused of having...