Word: sec
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Dates: during 1980-1989
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...retired businessman from Pennsville, N.J., who last week filed a class-action lawsuit in U.S. district court against Boesky and others implicated in the ^ scandal. Oriolo alleged that he had been injured financially in September 1985 when he sold 100 shares of General Foods stock. According to the SEC's complaint against Boesky, he made illegal profits from insider trading on General Foods. The Oriolo lawsuit is only the start of an expected avalanche of civil litigation that is expected to descend in the aftermath of the Boesky affair...
Walter Wriston, former chairman of Citicorp, the largest U.S. bank, observes, "I have great trouble in knowing the difference between insider information and a very fine research report." On Wall Street, says an SEC official, "knowledge is power is money. It's worth a fortune." Deciding whether that fortune is ill gotten is one of the regulators' most forbidding tasks...
...acquisition trend, however, is still vulnerable to further Boesky- related disclosures, and the odds are good that there will be plenty. Most of the furor that the Boesky case has caused so far comes from the SEC's Nov. 14 judgment against the arbitrage superstar. That, in turn, was based on the relationship investigators uncovered between Boesky and Dennis Levine, the former managing director of Drexel Burnham who first blew open the scandal when he was charged last May with illegal trading in 54 stocks...
...case against Boesky, the SEC charged that he had in effect contracted for insider information with Levine, who as a merger-and- acquisition specialist with Drexel Burnham had advance knowledge of takeover bids. Levine has been ordered to pay back $11.6 million in illegal profits and awaits sentencing on four criminal counts. In the spring of 1985 Boesky allegedly promised to pay Levine a percentage of profits for his tips, and subsequently the two agreed on a $2.4 million lump-sum payment. The SEC's complaint detailed a number of stock-trading situations in which Boesky had profited illegally...
Last week Irving Einhorn, the SEC's West Coast regional director, observed that "nobody has said that Boesky's trading was limited to tips only from Dennis Levine." In addition to the cases mentioned by the SEC in its complaint, regulators were believed to be studying as many as a dozen others for evidence of illegal trading activity...