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Securities and Exchange Commission

The Securities and Exchange Commission (SEC) is a U.S. government agency responsible for regulating the securities markets and protecting investors.[^1]

Mentions 4 Tags OrganizationGovernmentUSA

The Securities and Exchange Commission (SEC) is a U.S. government agency responsible for regulating the securities markets and protecting investors.1

Involvement in BCCI Scandal

The SEC filed suit against BCCI, Agha Hasan Abedi, Bert Lance, and others in connection with the purchase of Financial General Bankshares stock.1 The nominees used by BCCI to secretly acquire Financial General Bankshares were summarily sued by the SEC for failing to declare that they were acting as a group.2

Sources

  1. Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 12. ↩
  2. Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 183. ↩

Connected to

Organization
Bank of Credit and Commerce International
The Bank of Credit and Commerce International (BCCI) was a Pakistani-founded offshore bank that operated across 78 countries before its 1991 collapse exposed a decade-long conspiracy involving money laundering for drug cartels and intelligence agencies, illegal acquisition of U.S. banks, bribery, fraud, and arms trafficking, in what regulators called the largest bank fraud in history.
3 shared pages
viaClark Clifford · Financial General Bankshares
Person
Clark Clifford
Clark Clifford (1906-1997) was a Washington attorney who served as Special Counsel to President Truman, co-authored the National Security Act of 1947, served as Secretary of Defense under Lyndon Johnson, and became the central American figure in the BCCI scandal after he and his partner Robert Altman personally vouched to banking regulators that BCCI would not secretly own First American Bank -- a representation that proved false.
2 shared pages
viaClark Clifford · Financial General Bankshares

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