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Show bis people
may get calls
in swindle case
LOS ANGELES (UPI) — A federal grand jury
Thursday indicted an Oklahoma attorney and 12 others for
an alleged phony oil-drilling swindle that rooked a who’s
who of show business stars and astute financiers out of
$l3O million.
Many of the prominent victims of the Home-Stake stock
sales scheme probably will be called as prosecution
witnesses, government sources said.
The list included entertainers from Jack Benny, who
reportedly put in $300,000, to Bob Dylan.
Robert S. Trippet, a Tulsa lawyer who founded Home-
Stake in 1955, and the others were charged with 39 counts
of conspiring to defraud the government and investors in
an elaborate tax shelter and securities scheme based on
the firm’s supposed oil drilling activities.
In reality, the company did virtually no oil drilling, the
Justice Department maintained.
The Securities and Exchange Commission said the firm
at one point sank three 500-footdeep wells on a California
farm so it would have pictures to show stock buyers,
although geologists know there is no oil at such a shallow
depth in the area.
A vegetable farmer reportedly said he was paid by the
company to paint his irrigation pipes with oil field
markings so they could be photographed and passed off as
part of a petroleum drilling complex.
The government charged the revenue from stock sales
went to other businesses, to inactive corporations
controlled by Trippet’s relatives and to Trippet’s personal
use.
The SEC said some of the income financed a “Ponzi
scheme” —repayment of early investors with income
from later investors to create a false impression of profit.
Hie scheme is named after Charles Ponzi, a swindler of
the 19205.
Singer Andy Williams was the biggest celebrity loser
listed, with an investment of $538,000. Others listed
included Barbra Streisand, Liza Minnelli, Walter Mathau,
Phyllis Diller, and Jonathan Winters.
The U.S. attorney’s office said the scheme succeeded
for nine years, partly because of a “domino effect” as
wealthy investors were attracted by word that others with
big money had already bought in.
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Rocky wins another round
WASHINGTON (UPI) — De
spite concern that Congress
was about to endorse a merger
of great wealth with great
power, the House Judiciary
Committee has recommended
the confirmation of Nelson A.
Rockefeller as vice president.
By a vote of 26 to 12 —there
were four more negative votes
than Gerald R. Ford got for the
same job a year ago —the
panel cleared the Rockefeller
nomination Thursday for its
next obstacle, eight hours of
debate and a vote by the full
House next Thursday or Fri-
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day.
Many of the members said
they were concerned about a
potential conflict of interest if
the vice president belonged to a
family which collectively is
worth $1 billion, much of it
invested in the nation’s richest
corporations. The 17 Republi
cans and 9 Democrats who
voted for Rockefeller said they
could tolerate that, but the 12
Democrats who opposed him
said they could not.
Rep. Charles R. Wiggins, R-
Calif., said he had no qualms
about Rockefeller, that power
could be abused by the rich or
the poor. “If the mere potential
for abuse is unacceptable,” he
said, “the only answer is to
eliminate the power of the
office itself.”
Rep. Barbara Jordan, D-Tex.,
who voted against Ford last
year, said the nation was “only
recently relieved of a president
swollen with power and now we
are asked to confirm a man
swollen with wealth.”
Can we take it, she asked,
and then answered herself:
Page 9
“Yes. It is not a comfortable
bosition, but it’s a livable one.”
Rep. Don Edwards, D-Calif.,
said that “by approving Rock
efeller, we are approving a
merger of great economic
power and great political
power.” Rep. John Conyers, D-
Mich., added it was a merger
that “is more than this country
should tolerate.”
Chairman Peter W. Rodino
Jr., D-N.J., said he planned to
appear before the House Rules
Committee next Wednesday to
get permission to limit floor
debate to eight hours.
* — Griffin Daily News Friday, December 13,1974
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