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SEC creates unit to protect small investors in securities sales
The SEC under Chairman Richard Breeden will form a 25 attorney fraud unit to police aggressive securities sales by savings and loan institutions. William R. McLucas is named director of enforcement, succeeding Gary Lynch. The agency aims to boost investor protection amid insider trading priorities and a 20 percent budget increase. Lincoln Savings sparked hearings after Lincoln/American Continental bonds misled 22,000 small investors with about 200 million dollars in bonds at risk.
MENTIONED IN THIS ARTICLE
Washington
Securities and Exchange Commission
SEC
Richard Breeden
S&l
Federal Deposit Insurance
Breeden
William R. McLucas
Gary Lynch
Ivan Boesky
Wall Street
Drexel Burnham Lambert Inc
McLucas
Bush
Congress
Savings and Loans
Lincoln Savings and Loan Association
Irvine
Calif