New York Attorney General Eliot Spitzer has convened a grand jury to investigate the $600,000 in profits that Richard Strong, one of Fortune magazines 400 richest people in America, made, The New York Times reports.
The panel has been meeting for the past several weeks. Stanley Arkin, Strongs attorney, maintained his clients innocence. "Our position has been and continues to be that theres no way there was any crime committed," Arkin told The Times. "There is no way [Spitzer] has any jurisdiction over Mr. Strong."
Strong, whose net worth has been put at $800 million, reportedly placed the trades not just for himself but for friends and family.
Spitzer has brought his case into the jurisdiction of the Wisconsin-based Strong Funds based on the 1921 Martin Act.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.