Word: sec
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...witness in the year-long SEC investigation, Michael Makris, a Houston businessman, has been indicted for committing perjury concerning his involvement with Sharp and the Jesuit school. A federal grand jury is to reconvene later this month and it may consider further criminal proceedings...
...defendants, charged the SEC in its civil suit, "systematically looted the banks and insurance companies involved in their scheme." Said one official: "As far as can be determined, this is the biggest case we've ever had. It may run up into the tens of millions of dollars...
According to the SEC complaint filed in federal court, the scheme became operative in July 1969. Houston's Sharpstown State Bank, like many others, was pinched for funds because of the ailing economy. Legislation desired by Sharp was introduced at a special session of the state legislature that could have given state-chartered banks and perhaps insurance companies tremendous advantages. The measures, actively supported by Governor Smith, would have allowed a state-chartered organization to assume the functions of the FDIC in Texas. The ceiling on insured deposits, then $15,000 under FDIC, would have been raised...
...Life. The stock was then trading over the counter at between 15 and 16. Yet the Strake school, which had previously been involved in business dealings with the insurance company and the bank, bought large blocks of the politicians' stock at between 20 and 26. Why?' The SEC documents offer no clue. The Rev. Michael Kennelly, then Strake's president, said that he had not understood the manipulations, but was in the habit of following Sharp's advice. The Rev. Michael Alchediak, Kennelly's successor, said: "We, by our background and whole formation, have tended...
...them at the inflated price, netted $125,000 between them. Speaker Mutscher said that he eventually lost money because he bought back in, but on his original purchase he is said to have made between $50,000 and $100,000. Shannon cleared $30,000, and Heatly $34,000. The SEC documents did not list a specific profit for Sharp. But he benefited by having the use of some of the Jesuits' funds during the frequent dealings between them. Also, his enterprises would have been in line for a windfall had the banking legislation gone on the books...