The Last Tycoons: the Secret History of Lazard Frères & Co
“Just after the new year, James V. Pondiccio Jr., thirty-seven, the firm's former assistant head trader, pleaded guilty in federal court to the charge of violating insider trading regulations. Felix and Lazard had been hired by Joseph E. Seagram & Sons, the liquor giant, to advise and to structure a $2 billion hostile tender offer for St. Joe Minerals Corporation, the nation's largest lead producer. Seagram's hostile tender offer for St. Joe was launched on March 11, 1981. Shortly beforehand, Po...ndiccio caught wind of it and bought call options on St. Joe's stock through family members' accounts at another brokerage. According to the U.S. attorney's office, Pondiccio made $40,000 after the St. Joe stock rose with the tender offer. Seagram later dropped its bid after Fluor Corporation made an even higher bid for St. Joe and Seagram decided not to compete. Pondiccio faced a maximum penalty of five years in prison and/or a $1,000 fine.
While insider trading had long been an unfortunate fact of life on Wall Street, the SEC chairman John S.MoreLess
While insider trading had long been an unfortunate fact of life on Wall Street, the SEC chairman John S.MoreLess
Read book The Last Tycoons: the Secret History of Lazard Frères & Co for free
Write Review:
Guest
Read Also
9 / 10
8 / 10
User Reviews: