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Hunt brothers fined over 130 million for silver market conspiracy
A federal jury found Lamar Nelson Hunt and his brothers conspired with International Metals Investment Co and Mahmoud Fustok to corner the world silver market in the late 1970s, causing $63 million in short futures losses and $12.2 million in future trades for Minoeco with $33.4 million offset by earned profits, trebling damages due to racketeering. Minpeco sought $450 million in treble damages and blamed the Hunts for a spike from about 8 to over 50 dollars per ounce.
MENTIONED IN THIS ARTICLE
New York
Hunt Brothers
Minoeco S.A
Hunts
Lamar
Kansas City Chiefs
Minoeco
Texas
H. Hunt
International Metals Investment Co
Mahmoud Fustok
Minpeco
Cymrct
Curran
Nelson Bunker Hunt
William Herbert Hunt
United States
Minocco
Wall Street
Merrill Lynch & Co
Prudential Bache Securities
Ef, Hutton & Coa
Innc
Banque Populaire Suisse
Conti Commodity Services Inc
AML Futures