Benihana founder indicted for trades

Article Abstract:

Benihana steakhouse chain founder and CEO Rocky Aoki has been charged of illegal insider trading in Spectrum Information Technologies. Aoki allegedly paid $10,000 to Donald Kessler for information relating to former Apple CEO John Sculley's appointment in Spectrum. Documents show that Aoki gained $590,000 in illegal profits with his purchase of 200,000 Spectrum shares in weeks before October 18, 1993, the date of the announcement of Sculley's appointment. Sculley's appoinment attracted much attention raising Spectrum's stock by 46%. Aoki, reportedly, resigned from his post in Benihana after reports of his being investigated by federal authorities.

Comment:

Its Founder & CEO Rocky Aoki is charged of illegal insider trading in Spectrum Information Technologies

Food Services and Drinking Places, Restaurant Franchising, Restaurant franchises, Benihana National Corp.

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Cendant threatens to sue Forbes over spending

Article Abstract:

Cendant Corp. has threatened to sue Walter Forbes if its former chairman does not produce documents to justify his travel and expense accounts by Aug. 12, 1998. Forbes' attorney Dennis Block stated that Forbes' expenses were justified and are supported by documentation that could be submitted to Cendant by Aug. 12. Legal action by Cendant could include suing Forbes for reimbursement or to terminate him for cause. Forbes resigned from the franchising and marketing company on Jul. 28, 1998 in the midst of an accounting scandal.

Comment:

Threatens to sue ex-chairman Walter Forbes if he does not produce documents to justify his travel & expense accounts by 8/12/98

Process, Physical Distribution, and Logistics Consulting Services, Management development, Marketing Consulting Services, Avis Budget Group Inc.

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Fla. cites 'deceptive' sweepstakes

Article Abstract:

Publishers Clearing House of Port Washington, NY, will face a lawsuit to be filed by the state of Florida for alleged deceptive sales practices. The sweepstakes firm, which is accused of misleading consumers, particularly the elderly, has also been sued by Wisconsin, Washington, Connecticut and Indiana. Florida decided against a settlement upon receiving new complaints from hundreds of consumers.

Electronic Shopping and Mail-Order Houses, Mail Order Houses, Publishers Clearing House

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