Snapshot of a white-collar crime

  • Article by: MARK BOSWELL , Star Tribune
  • Updated: September 13, 1997 - 11:00 PM

Authorities say a look at one deal shows the complexity of the stock scam. For almost two years, Robert Maietta and Steve McMichael would orchestrate similar trades in an obsessive, dizzying and ultimately futile con game. Here's an example of how they tried to drive up the price of Angeion shares by controlling the volume of stock traded:

* In late 1990, McMichael and Maietta open accounts at New York brokerage Feeley & Willcox through Maietta's broker. Maietta forges the name of McMichael's relative, John Fiebelkorn, and opens another account at the same brokerage.

* McMichael orders his New York broker to sell 40,000 shares of Angeion from his account, and buy them for Fiebelkorn on credit. This directed trade is illegal.

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