Word: marcs
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Only a year ago, hardly anyone outside the close-knit world of commodities trading would have recognized the name Marc Rich. Obsessively reclusive, Rich kept his billion-dollar business behind frosted glass. But now Rich is on his way to becoming infamous as a white-collar fugitive. After 18 months of investigation, a grand jury in Manhattan last week accused Rich and some of his associates of evading at least $48 million in U.S. income taxes. U.S. attorneys called the case "the largest tax-evasion scheme ever prosecuted...
...found guilty on all counts. But the two may first have to be extradited in order to stand trial. Rich and Green fled New York City about three months ago and are believed to be living near the Alpine town of Zug, Switzerland, the headquarters of their commodities firm, Marc Rich...
...Marc Rich is one of the shrewdest and most successful commodity traders in the world. Acquaintances estimate his personal fortune at up to $1 billion. After starting his own firm in 1974 with about $5 million in seed money, Rich built a group of companies that last year traded some $10 billion worth of such commodities as oil, gold, aluminum, sulfur and sugar...
...then supplied the oil to the Texas firms at the legal price. The Texas companies, according to federal officials, laundered the crude through a series of purchases so that it was difficult for Government regulators to trace the oil's origin. Then the Texans sold it back to Marc Rich's New York subsidiary at a profit as high as $20 per bbl. Marc Rich then sold the laundered crude to American oil companies at the higher price. Finally, according to the indictment, a secret arrangement required the two Texas companies, after taking their cut, to return more...
Apparently tipped off to the oil-shuffling scheme by Texas traders, the FBI began looking into Marc Rich's dealings in late 1981. As the case progressed, two key officials emerged: Federal Judge Leonard Sand, an imposing, white-bearded figure who has repeatedly been outraged at Rich's maneuvers, and Assistant U.S. Attorney Morris Weinberg Jr., who leads a prosecuting team comprising agents of the FBI, Treasury Department, Internal Revenue Service and Customs Service...