Word: wolfsons
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...Fortas is a target again. This week's LIFE says that while on the Supreme Court Fortas became involved with Louis Wolfson, a corporate adventurer who is serving a one-year sentence for selling unregistered stock. Three months after taking his oath, says LIFE, Fortas received $20,000 from the Wolfson Family Foundation, ostensibly for advising the foundation on philanthropic affairs. Fortas returned the money after Wolfson was indicted on criminal charges; the reason given by Fortas' former law partner was that the Justice had been too busy with court affairs to do anything for the foundation...
...Though Wolfson's personal fortune, once estimated at more than $75 million, has shriveled considerably, he still owns some $6,400,000 worth of Merritt-Chapman shares, a large horse-breeding farm near Ocala and an interest in a Jacksonville movie and television firm. Wolfson himself suffered a heart attack in 1966. His wife died last year of cancer. If both appeals fail, Wolfson still will have to serve a minimum of ten months...
...Louis Wolfson, who a decade ago controlled a $400 million industrial empire, accepted a painful verdict last week. Although a last-gasp technical appeal from a denial of a motion for a new trial is still pending in the case, the 57-year-old Miami Beach multimillionaire reported to Eglin Air Force Base near Pensacola, Fla., to begin serving a one-year prison sentence for illegally selling unregistered stock...
...immigrant junk dealer, St. Louis-born Wolfson rose to prominence during the '50s by expanding Merritt-Chapman & Scott, a heavy-construction company, into shipbuilding, paint making and chemicals as an early conglomerate. His unsuccessful attempt in 1955 to win control of Montgomery Ward won him a reputation as a controversial corporate raider. Later he managed to become the largest stockholder in American Motors Corp., which was then headed by George Romney, now Secretary of Housing and Urban Development...
Merritt-Chapman ran into a series of financial reverses and was already on the way to liquidation when a federal grand jury indicted Wolfson in 1966 for his sale of stock in Continental Enterprises Inc., a Jacksonville theater-management company. As controlling stockholder, Wolfson should have registered his shares first with the Securities and Exchange Commission, a requirement of which he pleaded ignorance. In addition to the one-year sentence, Wolfson drew a $100,000 fine. He is also appealing a second 18-month term (and a $32,000 fine), which resulted from his conviction last year for perjury...