August 7, 1987 |
David S. Ruder, a Northwestern University business law professor, was approved by the Senate to be chairman of the Securities and Exchange Commission on Thursday, despite opposition by some members of the banking committee. The opposition to Ruder, 58, to replace John S. R. Shad, now ambassador to the Netherlands, came from senators who dislike Ruder's stand on inside trading and corporate takeovers.
June 5, 1986 |
Dennis B. Levine, the investment banker accused of what federal officials called the largest insider trading scheme ever discovered, pleaded guilty today to four counts of securities fraud, tax evasion and perjury. Levine, 33, also settled a civil suit filed against him by the Securities and Exchange Commission, which accused him of making $12.6 million in illicit profits by misusing confidential information during the last five years. Details of the settlement were not immediately released.
July 1, 1986 |
Two former officials at leading Wall Street brokerage houses agreed to forfeit more than $3.5 million today after the Securities and Exchange Commission accused them of joining investment banker Dennis B. Levine in a massive insider-trading scheme. Robert M. Wilkis, until last month a 37-year-old first vice president at E. F. Hutton, and Ira B.
July 9, 1986 |
A Goldman, Sachs & Co. executive has resigned because of allegations of involvement in the Securities and Exchange Commission's widening probe of insider trading, the New York investment banking firm said Tuesday. David S. Brown, who had been a vice president in Goldman, Sachs' mortgage securities department, resigned July 3 after the SEC informed the firm that he was under investigation, Goldman, Sachs spokesman Edward G. Novotny said.
February 13, 1987 |
A limited partnership managed by arbitrageur and inside trader Ivan F. Boesky asked the Securities and Exchange Commission on Thursday for permission to pay off $640 million in debt and shut down as an active broker. Seemala Partners LP asked the SEC for permission to withdraw as a registered broker-dealer in securities and to repay $640 million in subordinated debt, most of it at a reduced 9% interest rate.
September 29, 1989 |
Stock speculator Ivan F. Boesky secretly tape-recorded three conversations with indicted junk bond financier Michael Milken in 1986 shortly before Boesky was publicly named as a government informant, court documents reveal. The nature of the discussions was not disclosed, and prosecutors and defense lawyers on Thursday declined to discuss their content. But the tapes could emerge as critical evidence in Milken's scheduled March, 1990, trial on fraud and racketeering charges.
December 10, 1986 |
Michael R. Milken, the investment star who has been caught up in the government's continuing investigation into illegal Wall Street trading practices, has been meeting with some of the nation's leading white-collar criminal lawyers.
April 1, 1987 |
A vice president at the investment banking firm Drexel Burnham Lambert Inc. was detained by U.S. Customs agents as he was leaving the Bahamas on Friday for failing to disclose that he was carrying $88,000 in cash and negotiable instruments. Documents he was carrying indicated that he had entered the Bahamas with more than $400,000, knowledgeable sources said.
December 11, 1986 |
Michael N. David, the key figure in the so-called Yuppie Five insider trading case, has agreed to pay as much as $150,000 through an unusual 11-year payback plan to settle civil charges filed here Wednesday by the Securities and Exchange Commission.