Word: sec
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Dates: during 1980-1989
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Paul Thayer. Last week the SEC charged that Thayer, as chairman of LTV Corp. and board member of Anheuser-Busch Cos. and Allied Corp., improperly passed along inside information to his friends. The day before the SEC filed its civil complaint in a New York federal court, Thayer resigned as the Pentagon's No. 2 man. Thayer termed the charges "entirely without merit" and vowed to fight them. At week's end his replacement had been named: William Howard Taft IV, the self-effacing chief counsel of the Defense Department, a protégé of Defense Secretary...
...SEC complaint follows a ten-month investigation. It alleges that Thayer, who is married, has had a "personal relationship" since 1979 with Sandra Ryno, now 38, a divorcee and a former receptionist at LTV, the company he left a year ago for Washington. During 1981 and 1982, the SEC claims, Thayer passed stock tips to Ryno and seven other defendants in the suit. All seemed to come from soap-opera central casting...
According to the SEC, Harris used the stock tips to benefit Julie Williams, 26, a public relations firm employee who also teaches aerobic dancing at a health...
According to the SEC, Thayer repeatedly told the group about the planned acquisitions, profits and dividends of Anheuser-Busch, Allied and LTV before public dissemination...
...shares of Bendix at roughly $60 a share; five days later, after Allied's tender offer had been made public, she sold it at about $73 a share, netting a profit of $51,000. U.S. securities law only penalizes tipsters who "benefit" from passing inside information, and the SEC does not claim that Thayer profited financially from his inside information. The commission will charge, instead, that Thayer benefited simply by improving his relationship with Ryno and the others. The complaint also accuses some of the defendants of trying to "impede and frustrate" the SEC investigation. The Justice Department...