Word: vesco
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FIRST ITT, then Watergate-and now Vesco. Last week officials of the Committee for the Re-Election of the President (C.R.P.) admitted that it had received $200,000 in cash from the business executive most prominently involved in what a member of the Securities and Exchange Commission calls "one of the largest securities frauds ever perpetrated." In pretrial papers filed in a New York federal court, the commission contended that Vesco gave the cash, "in an attempt to influence the commission's investigation...
...donation was made by Robert L. Vesco, 37, a shrewd international financial operator. He had bought control of Bernard Cornfeld's International Overseas Services mutual-fund complex early in 1971 and then, according to the SEC civil suit, led 41 other defendants in "looting" $224 million from four IOS funds. The case is intriguing in view of Vesco's connections. As an administrative assistant in his business, Vesco employed Donald Nixon, 26, a nephew of the President. Vesco's lawyers were able to enlist the help of one of the President's brothers, Edward Nixon...
...second largest industry, will be forced to bail out the islands by buying long-term government bonds. Pindling has denied any such plans, but investors are worried because of the atmosphere of heightening black-white tensions, declining real estate values and bad publicity (most recently in the Robert Vesco-IOS case). Says Alan Kimble, deputy manager of the $300 million Bahamas International Trust Co.: "You ask how's business, and I answer, what business...
...seeking only civil remedies: an injunction to stop further illegal acts, and appointment of a receiver for the four IOS-managed funds. The receiver would try to track down and get back the money allegedly siphoned off by Vesco. Trial of the case against Vesco and the others has been set for February. If the SEC can prove its charges, it could later hand over to the Justice Department a readymade criminal case...
...that a country can halt activity occurring outside its borders if it "causes an effect" within those borders. If the SEC can make that claim stick, the offshore funds' freedom from supervision may be over-too late to help IOS-fund shareholders who have suffered the Cornfeld and Vesco regimes. In early 1970, IOS-managed funds had almost a million shareholders and assets of $2.3 billion; now the count is down to about 300,000 shareholders and assets of roughly $630 million-including the $224 million that Vesco allegedly made off with. But closer regulation of offshore funds might...