Word: sec
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Dates: during 1980-1989
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What is also astounding is the fact that the Securities and Exchange Commission (SEC) has given him nearly two years, until April 1, 1988, to withdraw from the U.S. market. Too much time and consequently too much unfair profit. And after that he is free to practice his profession in Europe, excluding London. Yet the most astounding fact is that Boesky, with tacit SEC permission, sold off $440 million of his holdings before the announcement of his censure. He traded with inside information again. This time he was his own source...
Under the SEC's consent judgment, Boesky agreed to relinquish $50 million in illegal profits and pay an equal amount in civil indemnities. That is an enormous total by SEC standards: in the twelve months that ended in September the agency had obtained fines and returns of illegal profits totaling only $41.9 million. But the penalties will not bring financial ruin to a man whose reputation on Wall Street was gained by staking tens of millions of dollars on a single stock-market plunge. His worth has been estimated at $200 million, and could easily be much more...
...transition period is intended to guarantee the "orderly and smooth transfer of control," meaning, in effect, the return of money to Boesky's many investors, who only last March anted up $900 million to participate in his speculations. In his statement, Boesky said he was "grateful" to the SEC for allowing him to insulate from harm others involved in his business affairs...
...accepting last week's judgment, are detailed in some areas and fuzzy in others. In essence the agency says that from February 1985 to February 1986, Boesky profited as part of a far-flung insider scheme that involved Investment Banker Levine and at least three others. Named in the SEC complaint are Robert Wilkis, formerly at Lazard Freres and E.F. Hutton; Ira Sokolow, once with Lehman Bros. Kuhn Loeb and then with Shearson/American Express; and David Brown, formerly of Goldman, Sachs. The trio have given up a total of about $3.5 million in illegal profits and fines. Two weeks...
According to the SEC, Levine, whose job was to work on mergers and acquisitions, passed on insider information about the deals to Boesky. In return Boesky at one point allegedly agreed to pay Levine 5% of any profits made by his firms in trading on information from Levine that led Boesky to make an initial stock purchase. Boesky is alleged to have offered Levine a 1% commission when his information affected trade in stocks that the speculator already possessed. Around April of this year, the Government charged, Boesky offered Levine a lump-sum $2.4 million payment for his illegal tipster...