Word: sec
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Dates: during 1980-1989
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...SEC's civil complaint against Siegel, the agency charged that he had passed on insider information to Boesky starting around August 1982. On the basis of those tips, the arbitrager was said to have made at least $33 million in illegal profits. Among the deals in which Siegel, as a Kidder, Peabody vice president, was charged with having passed on information was the proposed 1984 sale of about 20% of the shares in Los Angeles-based Carnation, a move that seemed bound to attract takeover sharks. Siegel is believed to have tipped off Boesky, who bought 1.7 million shares...
...profited from inside knowledge of his own downfall, while other, more honest arbitragers lost an estimated $2 billion in the subsequent market turmoil. The latest arrests, says Daniel Bergstein, a senior partner at the Manhattan law firm Finley Kumble Wagner Heine & Underberg, "are a reaction to claims that the SEC was treating the investment-banking community different from other white-collar criminals...
...connection with the Boesky case, at least six Drexel Burnham employees, including Siegel and Junk Bond Guru Michael Milken, have been subpoenaed by the SEC, an action that does not imply guilt of any kind. Even so, Milken has reportedly hired three of the country's top criminal lawyers, Edward Bennet Williams, Arthur Liman and Martin Flumenbaum, to represent him before the SEC and in a parallel federal grand jury investigation. In December, Drexel Burnham Chief Executive Frederick Joseph publicly admitted that for a time, when Milken lined up potential buyers for takeover junk bonds, the investment bank would supply...
Without pleading guilty, Cecola turned over hisillegal profits of $21,800 to the SEC in December...
Simultaneously, the SEC prohibited Cecola andfive other businessmen implicated in the scandal,including Levine and Robert M. Wilkis '71, fromworking for investment or municipal securitydivisions of companies in the future...