European Stars and Stripes (Newspaper) - February 15, 1969, Darmstadt, Hesse So Turnoy february 15, 1969 the stars and stripes Page 23 Sec charges fraud in securities Washington a the securities and Exchange com Mission disclosed thursday the operations of what it described As a ring of officials Trade Sand other employees of various new York financial firms who it said set up secret accounts an used other deceptive practices to make profitable transaction sin government securities. A complaint was filed during the Day in . District court in new York City for an injunction closing . 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Eight of the individuals Andone of the firms on the list of defendants consented to the enter ing of a final injunction before the matter was taken to court the Sec said. According to the complaint the scheme was activated in 1961 by the opening of secret accounts at Marine Midland Grace Trust co., where one of the defendants Thomas d. Ledwith was at the time vice president in charge of the Bank s Securi ties clearance Midland is listed As a defendant an Sec spokesman said solely because of led with s cited participation in the activities of the ring. There is nothing to indicate other Marine Midland officials were aware of the manner in which the Bank was being used the spokesman accounts were also opened in 1963, the regulator Agency said at Rutberg & com Pany inc., a brokerage House dealing in government and municipal others were opened in 1966 at Peterson & company Asan Francisco government securities dealer that has since gone out of business and at h. E. Hoffman & co. Inc. Of Newyork City government Securi ties & company and h. E. Hoffman & co. Were cited for violations of securities Laws As were Baxter & company Andalon s. Andrus inc., new York government securities dealers cited As firms through which transactions were channelled. 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Of Chi Cago. Without disclosing the trans actions the Sec charged participants in the scheme cause securities from the inventories of their employers to be sold tothe secret accounts or caused their employer firms to Pur Chase securities from the accounts. Delivery was sometimes made without payment in and Vance enabling the defendants to avoid the necessity of amass ing capital they would have needed if they were operating in the open the Agency said. A spokesman for the Federal Reserve said the Sec disclosures raise a serious question about the adequacy of proce dures used by dealer firms to guard against the possibility of improper activity on the part of any in a letter to dealers in government securities Alan r. Holmes senior vice president of the new York Federal Reserve Bank hinted that More of the chore of playing watchdog May have to be assumed by govern ment agencies. The situation Holmes said requires a review As to whether or not something More than the formal watch Over the mar Ket that has been exercised bythe Federal Reserve and the Treasury May be go mutineer sentenced to 15 years in prison san Francisco a the first of. 27 Mutiny defend ants to be tried was sentence thursday to 15 years at hard la Bor dishonourable discharge an forfeiture of All pay and allow ances. Pvt. Nearey Sood stood Ashen faced As he heard the sentence then clenched his fists an walked Back to the defense table six member Presidio Gener Al court martial deliberated for 95 minutes on the sentence. I took Only 35 minutes earlier in the Day to reach a verdict of guilty on nonviolent Mutiny charges. Both the conviction and sentence Are subject to re View. The charges arose from a sit Down protest oct. 14. Sood 26, of Oakland could have received up to 50 years imprisonment. He is married and the father of three children. The defense said he was in the Presidio stockade because he went awol after red tape delayed a administrative discharge. Sood said he had heard his wife was neglecting his children and found the youngsters in protective care of Alameda county juvenile authorities when he arrived. The stockade protest occurred after the fatal shooting of a Pris Oner who guards said was trying to escape. During the trial poor conditions for prison ers were also alleged. Stock Market dips in Active trading new York a the Stock Market declined in moderately Active trading Friday. Volume was 11.46 million shares com pared with 12.01 million thursday. The Dow Jones Industrial average ended with a loss of .75at 051.85 after showing a Sligh gain half a hour before. One mail Call lifts Outlook of Young go Frankfurt up until the fateful mail Call last month brought a very special letter Patrick b. Ryan was just an other go among 200.000 .servicemen in Europe. As the 20-year-Oki private firs class from Glendale calif., put it you could even Call h i a chief latrine cleaner at the missile base in Landau West Germany where he is stationed. But the letter changed All contained an engraved invitation to president Nixon s inauguration in Washington Jan. 20. Soon everybody knew that Ryan s father is the Broiher of the new first lady making Rya the Nephew of president and mrs. the Young Soldier noticed a marked improvement in his life said the overseas few Days after the letter arrived Ryan was airborne to Washington As a guest aboard the Plush c135, military v e a Sion of the Boeing 707, of Gen. William c. Westmoreland army chief of staff who was return ing from a european inspection tour. According to the overseas weekly Ryan told military newsmen at Rhein main airbase just before Takeoff that he was chief latrine cleaner for Btry a 2nd missile in 56th arty before the letter , afterwards his Battery commander and first sergeant started talking More kindly to me he was quoted As Headquarters at Heidelberg denied any favorit ism was being shown toward Ryan. A spokesman said he flew to the United states on Ordi nary leave due to expire Satur Day. As for being Westmoreland guest on the flight the spokes Man said it was not unusual for High ranking officers to take soldiers waiting to Fly on space available he added that Westmoreland brought hitchhiking air Force ser Geant with him on the flight to Europe. I Don t know Why the big Deal. I m just flying Back for Uncle Dick s inauguration Ryan was quoted As saying. We used to go Hunting together alot in asked what he thought of his first nine months in the army Ryan was quoted As replying Well i be been an e2 one Grade above Buck private fora very Long his Landau unit promoted Ryan to private first class Jan. 27. The army spokesman Dis claimed any link Between the air base remark and the pro motion. It is quite Normal for a sol Dier of nine months service to be made private first class he said. New Oil Coats sea off California Santa Barbara Calif a a new flow of Oil coated the Ocean thursday around Anoff Shore Well that before being capped last saturday leaked Early a Quarter million Gallons Over 12 Days blackening Miles of Oil co. Of California the operator said the source was not a rupture of the Ocean Bottom or of any Oil equipment but ratio a weeding off from upper Sand which Nave Gas pressure. It is unfortunate but not unpredictable flow was reported to be slower than thai of Las the much week. A spokesman said the Oil will just have to work itself out but that remedial work i being attempted to reduce pres sure within the formation Idon t know the exact nature of that attempt of was sighted around the drilling platform six mites off Shore wednesday and a Check thursday morning showed it still there with More rising. There was no estimate of the the original leak was atom about 21,000 gallon flow. Rat Day. Nor was there any Nulick Ationo any immediate new threat to beaches or Union spokesman likening the undersea Strain to a bottle of carbonated soda said it takes some time Foi it to the spokesman declined to estimate How Long it might Lake for Gas pressure to ease eur Bush so would Stop forcing Oil into the sea
