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Bribery Attempt Ties Brokerage to Market Rigging
Federal investigators uncovered that Jerry Re a leading American Stock Exchange official invited brokerage workers to lunch in 1958 and offered 10 cents a share under the table to induce purchasing of about 50,000 shares of I Rokeach & Sons Inc. Now expelled from the exchange May 4 the Re case centers on willful market manipulation involving nine corporations. Additional witnesses reported promises of a 75000 cash payoff for rigging stock, while Re collected 7500. The SEC probes whether the exchange properly polices its members.
MENTIONED IN THIS ARTICLE
Frank Cormier
Washington
Jerry Re
American Stock Exchange
Securities and Exchange Commission
Gerard
Res
SEC
Harrison Parsons
Edward Ballman
Parsons
Ballman
I. Rokeach & Sons Inc
Exquisite Farm Brassiere
Harris, Upham & Co
The
Exchange
Rokeach
Garrett
Eugene L. Bondy Jr
New York