Word: sulphureous
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There was much background to the SEC move. Last year the commission lodged charges against 13 officers, directors and key employees of Texas Gulf Sulphur Co. for taking profitable advantage of advance word about the discovery of a huge Ontario ore field of copper, lead, zinc and silver. Among those charged was Thomas S. Lament, now 67, a retired vice chairman of Morgan Guaranty Trust Co. and a director of Texas Gulf Sulphur...
...federal court, the SEC amended its complaint against Lament, who had previously been accused of tipping the find to Morgan officers handling customer accounts. In essence, the amended complaint said that on that day of April 16, 1964, Lament had also bought 3,000 new shares of Texas Gulf Sulphur himself. This was more than two hours after a company-sponsored press conference had announced the news of the new field. The word had already been carried on Dow-Jones tickers. Brokers' representatives had attended the press conference and phoned the information to their offices. Rumors of the find...
...Securities and Exchange Commission has charged Thomas Lamont '21, Harvard Fellow and director of Texas Gulf Sulphur company, with fraud and deceit in 1964 purchase of 3000 shares of Texas Gulf Sulphur stock...
Lamont bought 3000 shares of stock for himself on April 16, 1964--the same morning that Texas Gulf Sulphur had held a public news conference to announce the rich Timmins ore discovery...
Lamont, however, said in a statement issued Tuesday that his purchase of Texas Gulf Sulphur shares had been made only after "announcement of the ore find had been widely disseminated through a variety of media...