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BUSINESS
November 3, 2000 | Bloomberg News
Elliot Lavigne, a former fashion executive at Salant Corp., faces federal criminal and civil suits alleging he made more than $7 million in illegal profit by helping the Stratton Oakmont Inc. brokerage manipulate 23 initial public offerings, the Securities and Exchange Commission said. Lavigne, of Saddle River, N.J., is ex-chairman of Salant's Perry Ellis division, and also has worked as executive vice president of marketing at Salant, the SEC said. The U.S.
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BUSINESS
March 26, 1992 | ANNE MICHAUD, SPECIAL TO THE TIMES
DVI Health Services, which once issued stock through a New York brokerage that the government recently charged with fraud, said Wednesday that it will issue 2 million more common shares through other brokers. DVI hopes to raise up to $30 million to repay short-term debt in a revolving credit account, said David Higgins, president of Irvine-based DVI, a provider of health-care services and financial services to the medical industry.
NEWS
October 30, 2000 | From Associated Press
By his own admission, Jordan Belfort may have set the standard for greed and sleaze in the world of boiler-room brokerages. Belfort estimates he cheated investors out of as much as $200 million in the early 1990s. He spent his $55-million profit on a 166-foot yacht--which sank--a $175,000 sports car, prostitutes, gambling sprees and drugs for his gaggle of Gen-X pitchmen. Belfort and his partners, he said, "lied to customers. We lied to government when being investigated. We lied to each other."
BUSINESS
October 25, 1995 | AMY HARMON, TIMES STAFF WRITER
Ending a closely watched legal battle over the slippery issue of whether on-line information services are responsible for comments posted by subscribers, Stratton Oakmont Inc. said Tuesday that it was dropping its $200-million libel suit against Prodigy Services Co. In return, Prodigy said it was sorry if offensive on-line remarks about Stratton Oakmont from a Prodigy subscriber injured the Long Island brokerage's reputation in the securities business.
BUSINESS
November 3, 2000 | Bloomberg News
Elliot Lavigne, a former fashion executive at Salant Corp., faces federal criminal and civil suits alleging he made more than $7 million in illegal profit by helping the Stratton Oakmont Inc. brokerage manipulate 23 initial public offerings, the Securities and Exchange Commission said. Lavigne, of Saddle River, N.J., is ex-chairman of Salant's Perry Ellis division, and also has worked as executive vice president of marketing at Salant, the SEC said. The U.S.
BUSINESS
September 24, 1999 | Bloomberg News
The former chairman and the president of New York-based Stratton Oakmont Inc., a defunct brokerage firm, have pleaded guilty to an expanded series of stock fraud charges, federal prosecutors said Thursday. Former Chairman Jordan Belfort, 37, and Daniel Porush, 42, who was president of the firm, had already pleaded guilty several months ago to two counts each of conspiracy to commit stock fraud and money laundering in a scheme that lasted from 1990 to 1997.
BUSINESS
March 21, 1992 | From Times Staff and Wire Reports
SEC Accuses Firm of Fraud: The Securities and Exchange Commission accused a brokerage firm of manipulating a stock and defrauding investors in at least 13 states, including California, while selling securities by telephone. In a civil lawsuit, the SEC accused Stratton Oakmont Inc. of Lake Success, N.Y., and five current or former employees of making at least $11 million by manipulating the stock of one company.
BUSINESS
September 4, 1998 | From Bloomberg News
Top executives of the defunct brokerage firm Stratton Oakmont Inc. were indicted for allegedly earning $5 million by misusing a Securities and Exchange Commission exemption for foreign sales of U.S. securities. Former Chairman Jordan Belfort and former President Daniel Porush were also accused of offering $2 million to a potential witness against them in an effort to conceal incriminating evidence, according to the U.S. attorney's office.
BUSINESS
March 24, 1992
The stocks of Ventura Entertainment Group Ltd. and its Producers Entertainment Group Ltd. unit are among those involved in a fraud case brought against a New York stock brokerage firm by the federal Securities and Exchange Commission. The SEC recently accused the firm, Stratton Oakmont Inc.
BUSINESS
September 24, 1999 | Bloomberg News
The former chairman and the president of New York-based Stratton Oakmont Inc., a defunct brokerage firm, have pleaded guilty to an expanded series of stock fraud charges, federal prosecutors said Thursday. Former Chairman Jordan Belfort, 37, and Daniel Porush, 42, who was president of the firm, had already pleaded guilty several months ago to two counts each of conspiracy to commit stock fraud and money laundering in a scheme that lasted from 1990 to 1997.
BUSINESS
May 22, 1999 | JEFF LEEDS, TIMES STAFF WRITER
Harry Shuster, the flamboyant Beverly Hills entrepreneur who cast his fortunes with passing fads from animal parks to cigar clubs, has been indicted over an alleged multimillion-dollar scheme to profit from fraudulent offshore stock transactions, federal prosecutors said Friday. An indictment handed down by a federal grand jury in New York charges Shuster, 64, with four counts of securities fraud and conspiracy to launder money.
BUSINESS
September 4, 1998 | From Bloomberg News
Top executives of the defunct brokerage firm Stratton Oakmont Inc. were indicted for allegedly earning $5 million by misusing a Securities and Exchange Commission exemption for foreign sales of U.S. securities. Former Chairman Jordan Belfort and former President Daniel Porush were also accused of offering $2 million to a potential witness against them in an effort to conceal incriminating evidence, according to the U.S. attorney's office.
BUSINESS
April 17, 1997 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
In one of the largest securities arbitration judgments ever, a Pasadena physician won a $10-million punitive damage award against four principals of the defunct penny-stock brokerage Stratton-Oakmont Inc. Philip M. Aidikoff, attorney for Dr. F. Clark Gardner, said he believes it is the largest punitive award that an individual investor has ever won in an arbitration case before the National Assn. of Securities Dealers.
BUSINESS
October 15, 1996 | Times Staff and Wire Reports
NASD Accuses Stratton Oakmont of Fraud: The penny stock firm, struggling to finance a $15.5-million settlement with New York regulators for alleged sales fraud, also faces $28 million in fraud charges from the National Assn. of Securities Dealers. The NASD accused the Lake Success, N.Y.-based firm of defrauding investors in the underwriting of five initial public offerings. Also charged with market manipulation were Stratton Oakmont Inc. President Daniel M. Porush, head trader Steven P.
BUSINESS
May 26, 1995 | From Associated Press
In a ruling that could broadly affect expression on computer on-line services, a New York state judge on Thursday said Prodigy Services Co. is a publisher subject to the rules of libel. The ruling came as part of a $200-million suit brought by Stratton Oakmont Inc., an investment bank that is angry about things said about it on a Prodigy bulletin board last fall.
BUSINESS
October 25, 1995 | AMY HARMON, TIMES STAFF WRITER
Ending a closely watched legal battle over the slippery issue of whether on-line information services are responsible for comments posted by subscribers, Stratton Oakmont Inc. said Tuesday that it was dropping its $200-million libel suit against Prodigy Services Co. In return, Prodigy said it was sorry if offensive on-line remarks about Stratton Oakmont from a Prodigy subscriber injured the Long Island brokerage's reputation in the securities business.
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