The Sharpstown Scandal

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The Sharpstown scandal, was simply a stock fraud scandal that occurred in 1971 associated with higher ups in the state government. A banker named Frank Sharp basically set up a way for himself and other legislative member to con and dishonestly make a lot of money. Sharp would grant loans to state officials, so that they would buy into his banks stock, it would then be resold for a high margin of profit. The scheme originally has success creating a quarter of a million dollars. The success didn’t last long though, the SEC filed civil and criminal charges against many of the perpetrators involved in the scheme including the former states attorney general. In the middle of everything was the “dirty thirty”, thirty members who banded together

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