Word: antifraud
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...refund since the first week of February -- and has lost her job washing laundry in a Chicago-area nursing home. "I'm looking for a job," she said, "but I haven't been able to pay the rent in three months." Her tax preparer, Betty Kafka, believes the IRS antifraud program has been poorly designed in ways that are "especially unfair to the working poor...
...decision that upheld the conviction of R. Foster Winans, a former Wall Street Journal reporter who leaked advance information about his stories to brokers. The court ruled that improper use of inside information amounted to theft of property and that defendants could be tried under the Government's sweeping antifraud laws. The decision, says Giuliani, has "made it easier for prosecutors to bring fraud cases without fear that they will be reversed." Edward Brodsky, a Manhattan- based securities attorney, agrees: "The court gave the prosecution an absolute sledgehammer for inside-information cases...
...dramatic crackdown against insider trading has been haunted by a strange irony: no specific statute outlaws or even defines the crime. Using the broad | antifraud provisions of federal law, prosecutors have been expanding the reach of prohibitions against insider trading on a case-by-case basis. Over the past few years they have won decisions in numerous courts, but none of those precedents have been explicitly endorsed by the U.S. Supreme Court...
...investors, there are good reasons for it. Unlisted stocks account for at least 60% of the maddening delays in delivering stock certificates. Moreover, the Securities and Exchange Commission virtually dictated some sort of crackdown. Two weeks ago, as part of a stern warning that dealers may be violating the antifraud provisions of federal securities law if they knowingly trade shares they cannot deliver promptly, the SEC suggested that a possession-before-sale policy would be "appropriate...
...withholding important news of the company while buying up its stock, the SEC charged in a civil law suit filed in a New York federal district court, the Texas Gulf insiders had violated the antifraud section of the Securities Exchange Act, which declares it unlawful to buy or sell securities while concealing any pertinent facts. In a departure from precedent, the SEC not only sued to have the practice stopped-its usual aim in noncriminal suits of this sort-but, for the first time, to have the stock purchases canceled and any profits returned to the previous owners...