Word: tew
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Dates: during 1980-1989
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When the highflying Florida securities dealer collapsed, it left dozens of creditors with losses totaling as much as $315 million. E.S.M. had attracted investors by offering them high returns on short-term loans backed by Government securities. Many of those securities cannot now be found. Says Miami Attorney Thomas Tew, the court-appointed receiver for E.S.M.: "It's probably one of the most colossal, stupendous frauds I've ever seen." Tew and others have sued Alexander Grant & Co., the Chicago-based accounting firm that gave E.S.M. a clean bill of financial health for the past five years even though...
...ordered by a Florida judge to halt operations. Thousands of customers from around the U.S. had complained about not receiving their metals, leading to investigations by the Florida attorney general's office, the Fort Lauderdale police, the FBI and the Postal Service. IGBE's attorney, Thomas Tew, estimates that 25,000 customers are owed more than $10 million. He admits chances of their being paid are "remote...
...less for the gold or silver sent to the client. The scheme worked well from 1980 to mid-1982, when metals prices were on a downward trend. But late last year prices started to rise, and the bullion often cost the company more than customers had paid. Says Attorney Tew: "The house of cards collapsed...