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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Dec 22, 1976
Page
11
The New York Stock Exchange reports price activity at 2 P.M. with listed securities showing intraday shifts. Traders monitor final auction results and compare to morning levels as volumes adjust.
A grand jury in Los Angeles charged six individuals in a scheme surrounding employee pensions tied to a defunct California brokerage, Richardson & Co. The indictment accuses the defendants of using the firm to channel millions in stock trades at inflated prices, with kickbacks calculated from the profits. Charles Kummer and others allegedly profited through illicit sales to buy and sell stock at favorable terms, aided by brokers and accomplices tied to the firm.
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