Word: stockings
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Dates: during 1980-1989
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...crack cases without the help of the leads that played such a major role in the still spreading Boesky probe. Just as important, it demonstrated the SEC's willingness to track down suspects beyond U.S. borders, a crucial enforcement step in an era of global stock trading...
Their downfall began when officials of the New York Stock Exchange noticed unusually heavy advance trading in several takeover stocks. Since the 1960s, the exchange has been expanding a computerized Stock Watch system that monitors trading and alerts its experts to suspicious patterns. The exchange immediately tipped off the SEC, which built its case by tracing the trades to Vaskevitch and Sofer and then examining their telephone records. After the SEC filed the civil charges last week, a federal judge froze all current U.S. assets of Vaskevitch and Sofer to prevent the two from pulling the money...
...noted rabbi, is a silver-haired bachelor known for squiring an array of beautiful women around Jerusalem. He began building his fortune in the 1970s by discovering oil in the Sinai peninsula, then racked up more profits by speculating in the wildly bullish Tel Aviv stock market of that period. Sofer today maintains a suite in the Jerusalem Hilton, which he bought in 1982 for $18 million in partnership with a group of U.S. investors, among them Fort Worth Oilman Louis Barnett. The SEC claims that Sofer shared his illegal stock tips with Barnett and another friend, Michael Jesselson, whose...
Suspicions of a wider insider-trading conspiracy on Wall Street were fanned last week by the release of an SEC study of 172 tender offers during 1981-85. In every instance, the target company's stock price rose abnormally at least 17 days before the takeover bid was made public. The study reached no firm conclusion about the cause, acknowledging that several factors, among them rumors and speculative press reports, could help explain the phenomenon. Nonetheless, "it is possible, and logical to many, that illegal insider- trading behavior" might be a significant factor, the study said. If so, the crackdown...
...temporary damper on merger activity by taking away some of the deductions that help make the deals attractive. Another concern was that the insider-trading scandal would hurt the ability of investment firms to raise money for takeovers. A third impediment to mergers has been the continuing surge in stock prices, which has made takeovers increasingly expensive...