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Show sSt'SSE- C- ' fraud stock in sewed the Enough judicial lallygagging For stuck fraud. John E. Wort hen got 10 years and a lectun from Judge Willis W. Ritter I think one of the most vicious crimes tnai is perpetrated in my district, in the district of Utah, is mijiosmg on tlie credulity of widows, orphans, the aged, women, men who are ill physically or mentally, people w no arer: t aUe to protect from the slick ihetr.jC'lvta B Kim! wiles of crooked Dec ker tion stock and bond salesmen, said Judge Ritter from the bench Wurthens guilty plea closed his case. But as Judge Ritter noted m his lecture, Now there have been a rash ct tht.s cases here This is the first one in which I ve lmpo'x-- a sentence. In fact, three stock-frau- d indictments m addition to Worthui s were handed down by a federal grand jury in Utah over a year ago Each of the three cases involved multiple defendant?, eleven in ah Stock fraud charges in Salt Lake City were no s urpn.se A Wall Street Journal source had called Salt Lake the sewer of the securities mustry. An article m the Christian Science Monitor referred to local penny stock trading as the now y stock market " The three frauds alleged by the grand jury were sizeable 'One scheme involved selling phony stock of Hing Diamond Corp The indictment said it netted ' Almost everyone men engaged m this kmd of enterprise live rich and opulent lives, spend ng money, dnv ing big cars, travc ling, engaging m activities in the resmts. Las Vegas, Reno, seaports. the judge added And he gave the hapless Woithm the maximum prison sentence allowed by law s how Si, 'Hi mjO separate case, conspirators were charged with 'idling two million shares of mcar) worthless Intema- In a tionai Chemical and Development Corp stock at prices ranging from 75 cents to $7 a share. v tv out of ctcn-wuuu jvj intiacnts ivn investigation by the Sec unties and Exchange Commission and the Justice Department The cases are complicated One of them involves over 70 witnesses and ? documents, according m a juame department spokesman Worthen was sentenced in February. 1974, over a year ago. What has happened since then m the cases of the other defendants? A Nothing much. There has Wen some preliminary legal sparring involving motions and counter motions by the defense and prosecution. But Judge Ritter has not set trial dates for any of the cases. No one .seems to know why not Brcscntly, there arc the cases no outstanding motions in any said G Gau to court SEC office in Utah of the eggeland, attorney in charge Snow, who is prosecuting the caes for the U S attorneys office, said it would take three weeks to assemble all the witnesses in any of the cases He has to have a trial date set before he can begin issuing to Were ready go subpoenas Ritter 3 now u.k ui the hospital. But he has been healthy for most of the wterverurg year. In sentencing Worthen, and m other cases, Judie R'Uer indicated he has a stem attitude towards stock crime. fraud and other white-collGiven the serious problems m Utah, such an attitude is certainly justified But occasional lectures from the bench won't clean Ni will it up the sewer of the securities industry habilitate the reputation of the accused if they aie ar mnoceni A of year judicial ialiy gagging is long enough It s trials time to get on with the Letters from our readers FRIDAY, MAY 23, 1975 DESERET NEWS, Prog ress at the To the editor No matter which Bay Area airport jou choose, stmt ng Jane Western vJi have tne best service there is To San Jose, on June we !! be starting the frst-a- nd only nonstop serveo eve Ghered To Oakland, Western also has the only nonstop lo San Francisco International, starting June 12 we It increase our aWedule to git us the most nonstops of any a rl.ne AM this plus First Class Legspace for every passenger and the best on t me record m ne air si nf pj1 major U S Oree yea running If you're Bay Area bound choose Western lore tne only one Oat Q' ves you a c ho c e C A B selects the leading 100 U S city pairs for measuring or time per'orm mce Y, W- fj Let a ten 13 of thoe pairs which represent 34 of chm nonstop Fight, opeo-t- J 1 1 arr The following iteius may be of interest regarding prospective industrial and recreational development of the Great Salt Lake1 Unpredictable water level fluctuations of the Great Salt Lake may necoeitate that the lake be developed and maintained 2' a pLm 1975 lake level increase (contingent 2 urxn water inflow versus take temperature w aporation rate) may exceed 1974 and result! in $1 million to $3 million maintenance cosy to prevent industries of the lake 3 Maintenance costs of Antelope Island causeway since initial completion in 19 reportably average $190,000 per year systems sand hovercraft" may Ferry provide more compatible lake transportation to Antelope Island 4 Unless a solution to tlx lake imbalance dilemma (caused by the Southern Paciiic CauatWuv) i' found, curtailniint of future like industrial rievi iopment is essentially guaranteed 5 protect; n regulations may curtail piopused gas and oil development of the lake r U ti! (trilling tor pi ripost'd South Shore - Hamad Alaska 'Canada Western tS MeC Your lead editorial on May asked Social Securitys Tax Pate, how large must it id get Dr Melchior Palyi, who was an American citizen ot Hungarian descent and an educator, author, economist, and financial expert wrote a A recent survey indicat'd 7 percent of the approximately one-ha- ll that 7 mdliuii annual tourists visiting the lake would retut n to see the lake in its present condition. 40 percent would return if tourist accommodations were improved. Maximum recreational development lake could directly result m approximately 500 additional new jobs ft of the S Prominent boating industry of the lake (over 250 sail boats' is m dire need of special nav igational safety aids 19 State purchase of Silver Sands beach irsurt is heme negotiated for anpruximately $117. Ml w ith consessionary rights tentatively granted to John Silver John Smith State Representative Grantsvule in they were 3,400 These are two examples ot how large the cost fail grow While the Society Security tax bite may not grow, our regular income tax must if this system is allow ed to continue its present course Thomas D Breitling 3575 S 2175 East woihers and 19-1- small book called Compulsory Medical Care and the Welfare State." wluch was first printed m 1950 No Israel Palyi noted that English Prime Minister Bovans free medicine to all prelected a total cost during the first mile months of operation to be $700,000 000 tat $4 to the British Pourdi, but after starting with this estimate on July 5, 1943 the estimate had to be raised m February 1919 to 1 lUU.OOO.OoO. In France, payroll deduc God-blesse- standards hopes m and America Dan Elmer Rolxwts 240 W. South Temple the small society Yfi FI AH ro T&WfijL, ALL Os& AM&FLca ft ? O06&L'J& WHATMAN THIS O&AT O0tt pr u 4 expense, were 2 8 percent m IH8 went to 4 8 percent m 1940 under a new scheme, to 5 41 percent the very next year of 1947, and to 6 18 percent in 1948 Using index numbers with 19VS as base of medical expenses per 100, were 1,920 member in last week as 1 was dnv nb home from woik, I saw a beautiful young woman dre-.sein patriotic colors Her modest, lov ely dress or costume refreshed me m my d hopes for a good, menca Could we give encouragement through the Deseret News for the sons and daughters of the Imted States to proudly wear her colors m obscrv ance of her 200th birthday? In our country 's bicentennial, I believe, there is no safer, more graceful way to celebrate and inspire our families to uphold the lofty o rec reattonal dev elopnient has a depth of 100 feet of the proceeded contemplated depth oi o00 feet. Sewage services are being negotiated with city officials of Lake Point. (As industry expands west of the airport citv and county utilities will be utilized for future lake development needs to tions. partly at the To the editor. To the editor. Wf Western Airlines la 1c w Social Security's tax bite 'Red, white, and blue' Your Travel Agent knows -j- ust say you want c to fly Western. Or call us at 328 i 5 vis t our t,cket office in tne Hotel ILm 4 high density - Starting June 1, only Western flies to ail three Bay Area airports. With the most nonstops to boot. A Sr t guarantee (Editoi s note The following letter was written by United Press International's former correspondent in Israel t To the editor L. Sulzbergers i event piuposul ioi a joint Soviet American guarantee of Israels frontieis as a viable solution to the tuiJhct, ignores sonic rc d ties C hat people he i e do not w ant is to lx guaranteed They want to negotiate a peace treaty with tixtr neighbors, upon whom peace depends more than on live great poweis guarantees Israel has no confidence in the Soviet Imon which harrasses the Jews and heaps sophisticated w capons on Arab nations to renew their attempts to destroy Israel The Russians had advanced know edge of the Yom Ktppur War, ytt they did not notify the American government, in dear violation ot the U agreement on detente reached in by anyone May 1972 This has been confirmed by the Iavndon Institute lor Strategic Studies m a recently released study. The U S should attempt to do two dungs resjct Israel s right to make its own decisions on the question of its surv i ul, and it should concen'rate on diplomatic efforts to persuade Aran natioss to negotiate directly with Israel Otherwise. Israel cannot gam the confidence to hand over territories which presently form a strategic buffer zone ol inestimable value, nutwdhstandui all aiicniots to minimize their worth This is the crux of the problem, which has been overshadowed by Henry Kissingers mediation, based on the premise that direct ixgotutions are impossible, an attitude so destructive of the only real hope tor peace m the region. Ehav Simon Tel Aviv, Israel by Brickman |
