페이지 이미지
PDF
ePub

Kramlich, Milton
Kutz-Kwik Corp---

Page

85
85

L
Lambertino Construction Co-----

200
Legislative proposals

10, 11, 60, 61, 219–223, 255–259, 298, 299
Leisy, Robert-- 105–109, 158–160, 212, 213, 216, 217, 218, 224–228, 230–233, 235-240
Bloomington Small Business Investment Co.:

Correspondence between SBA and, re sale of additional stock.- 235, 236
Dissolved by court order.-

237
Licensed by SBA May 1, 1959.

234
Loss to Government, estimated -

239, 240
New owners, SBA investigation of-------

234
Securities earmarked for SBA, demand for assignment of---- 236, 237
Frontiers Capital Corporation :
Cease-and-desist order.-

224
Change of ownership approved by SBA.

107, 215
Conflict of interest in investments

217
Financial reports to SBA---

216, 218
Gordon, Milton:
President and 50-percent owner.

215
SBA investigation of ---

215
Government funds in.--

215
Investigation of new owners by SBA ---

107, 108
Justice, Department of, handling actions against--

215, 224
Levenson, Franklyn:
SBA investigation of---

216
Secretary and 50-percent owner.

215
Licensed by SBA June 12, 1961----

214
Losses indicated on financial statements after change of control,
SBA actions re---

108, 109
Overline loans.

217, 223, 224
SBA actions re-

224
Owners of_

215
Private capitalization.

215
Rockville, Md., corporation --

214
SBA examination of August 20 to November 19, 1965--- 215–217, 223
SBA examiner's recommendations--

225
SBA investigation of March 21, 1966_.

215, 217, 224, 225
Cause of_.

224, 225
SBA refusal to Milton Hammer to reduce size of_--

106
Wasserman, Donald, treasurer..

215
Putnam Investors, Inc. :
CPA certificates submitted to SBA---

228
Government funds----

228
Government funds repaid to SBA--

228, 231, 232
Investigation order issued by SBA.

231
Licensed by SBA September 26, 1961.

228
Owners dealt with other SBIC's..

232
Payment of salaries to officers of, violation of agreement with
SBA

159
Private capital in.-

228
Request for additional Government funds denied by SBA--- 230, 231
Small Business Administration :
Assistant Deputy Administrator for Investment.

105, 213
Change of control of SBIC'S:
Approval now required.

216
Investigation conducted

108
Financial statements from SBIC's-

233, 234
Reports from SBIC's, handling of..

159, 160
Levenson, Franklyn---

80, 83, 84, 85, 86, 87, 90, 92, 95, 96, 97, 98, 104, 105, 107, 215, 216, 285
Declines to testify-

105
Frontiers Capital Corp., secretary and 50-percent owner.

215
SBA investigation of..

216
Levine, Mr.

273

79,

Page
Lord, Grogan----

279, 292, 293, 299, 301
Answers to questions submitted to, by subcommittee staff. --- 300, 301
Legislative proposals-----

298299
National Association of Small Business Investment Cos., president
of

292, 293
Questions submitted to, by subcommittee staff_

299, 300
Statement

293-298
Lunar Enterprises.-

87, 103, 285

Mc

McKern, Frances P---

284

70

M
Magruder, Mr.

187
Marmorstein, William.

87, 89, 91-95, 98, 100-102, 104, 285
Refusal to testify.

101, 102
Martin, Frank..

93
Martin, William McChesney-

12
Maryland National Bank_

79, 81
Medico, Frank---

55, 64, 69, 70, 71
Cascade Capital Corp.:
Capital impairment.

68, 69
SBA estimate of loss.--

69
General Accounting Office, Civil Accounting and Auditing Division,
Assistant Director of..

55
New Horizons Capital Corp.:
Capital impairment..

69
Placed in receivership-
SBA estimate of loss.

69, 70
Techno Fund, Inc. :
Capital impairment-

70
SBA estimate of loss.

71
Megadyne Electronics, Inc.

128, 129, 167–172, 185, 193, 290
Merchandise National Bank of Chicago---

85
Metropolitan Bank of Miami----

4
Michigan City Land Development Co---

203, 204
Midlothian State Bank.--

196
Midwest Capital Corp----

52
Mineola Bank & Trust Co..

146
Mintz, Charles_--

125–127, 164-167
Morris, John B.-

284
Mueller, Elizabeth S--

201, 211
Mueller, Harris C.

201, 202, 211
Mutual Development Corp---

201, 202, 204, 291
Mutual Mortgage Service, Inc.-

199–202, 291
Mutual Sanitation Corp-----

202–204, 291

N
National Association of Securities Dealers..

293
National Association of Small Business Investment Companies
(NASBIC)

279, 295, 299_302
Lord, Grogan :
Legislative proposals..

298, 299
President of..

292, 293
Press release.

292
Statement

293–298
National Bank of Rosslyn, Va---

124, 289
National Gypsum Co-----

126, 127, 172, 182, 184
Neuwirth, Max...

55, 64-68, 72, 73
American Business Capital Corp. :
Financially impaired.---

66
Government funds held by..

67
Sale of profitable stock held by, to individual stockholders---- 64, 65, 67
SBA examination of...

66
Georgia Capital Corp. :
Capital impairment..

68
SBA actions concerning-

68

Neuwirth, Max-Continued
Six cases selected for study by GAO representative of capitally im-

Page
paired SBIC's-----

73
New Horizons Capital Corp--

62, 69, 70, 72
Capital impairment.

69
Receivership, placed in..

70
SBA estimate of loss.--

69, 70
Summary of..---
Nichols, John..

195, 196, 198, 199, 200, 202–210, 223, 225
AMCAP Investments, Inc----

206, 207
Bloomington Small Business Investment Co.:
Chatham Bank of Chicago involvement with

235
Financial statement submitted to SBA.-

233
Justice, Department of, referred to----

235
Rust, Lawrence, original owner, responsible businessman.

198, 210
SBA examination of, in July 1963_

235
SBA investigations of_

209, 210

[ocr errors]

Oak Ridge

27

P
Pacific Capital Fund.-

64
Pacific Southwest Airlines..

65, 67
Parris, James_--

160
Peoples American Bank.

93
Pesky, Robert S., Esq-

80
Phelan, James T...

212, 225, 227–230, 272
Putnam Investors, Inc. :
Offices not at address indicated to SBA..

229, 230
Request for additional Government funds denied by SBA--

230
SBA examinations of -

229
Small Business Administration :
Director of the office of eastern area SBIC operations.-

212, 213
Examination of an SBIC, defines --

222
Investigation of an SBIC, defines--

222, 230
Pitt, Inc.--

130, 131, 186, 188, 193, 290
Program evaluation report 684.

9
Putnam Investors, Inc----- 111-131, 133–159, 161-162, 164–174, 177–184, 186–190,

192–194, 212, 227-233, 286–291, 299, 300
Amendment to plan of operation, March 3, 1964_.

157
BAMG Corp. loan.

118, 125, 127, 164-167, 180-183, 193, 290
Bank accounts, manipulation of-

149, 150, 151, 152
Bootstrap financing of..

115–118, 286
Borrowed capital in..

135, 136, 147
Bureau for Advanced Housing loan.

126, 127, 182, 183, 290
Capital in, private----

112, 113, 177, 180, 228
City Trust Co. bank account, restrictions on.

116,

117, 136-143, 151, 153, 177, 178, 288, 289
City Trust Co. loan to organizers--

115
Connecticut National Bank loan to organizers--

115, 122, 124, 136
Coordinated Interiors, Inc., loan---

127, 128, 172, 183, 184, 193, 290
County National Bank of Mineola, N.Y., loan to officers--

123, 180
Cross Roads Motel, Inc.; Cross Roads Industrial Park, Inc.; and
Dosan, Inc. loans_-

129, 130, 185, 193, 290
Crown Savings Bank account---

122, 124, 286, 289
Fairfax County, Va., property owned by.

190, 191
Financial reports submitted to SBA..

228
Finneran, Amy, owner--

178, 189
Government funds:
Amount received

112, 118, 123, 136, 177, 228
Disbursement of_.

151, 152
Request for additional, denied by SBA..

112, 230, 231
Return of.---.

112, 190, 193, 228, 231, 232
Interest paid to Government-

176
Licensed by SBA, September 26, 1961.

112, 228
Loan agreements filed with SBA..

158, 159
Megadyne Electronics, Inc., loan.

128, 129, 167–172, 185, 193, 290

Putnam Investors, Inc.—Continued

Page
Net worth, present---

190, 191
Owners and officers.--

112
Check signing procedures.-

114, 115, 128, 145, 149, 161-163, 173
Dealt with other SBIC's..

232
Funds used for personal purposes.-- 121-124, 144-146, 153, 162, 179, 289
Lax in handling affairs ---

192, 193
Pledged stock of, for personal loans..

113, 114, 189, 190
Salaries received

119, 120, 147, 154-158, 162, 180
Salaries to, approved by SBA, April 24, 1964...

158
Salaries to, violation of agreement with SBA.

157, 159
Self-dealing loans and investments traced to companies owned or
controlled by -----

124-131, 164–172, 180, 188, 290
Stock transfers between..

113, 114
Pitt, Inc., loans.

130, 131, 188, 193, 290
Proposal to operate as an SBIC.

112, 113, 287
SBA, contacts with...

178
SBA examinations of..

228, 229
SBA investigation of -

111, 112, 231
Source of original capital.--

115, 136, 146
VAL Corp., loans.--

130, 186, 187, 193, 290
Walter Shultise Agency, funds paid to---

161

R

Ramsey, Ralph.-
Randall, K. A..
Ranstad, Harold.
Reconstruction Finance Corp-
Richards, Andrew---
Romano, Peter J----
Roosevelt Capital Corp-
Rust, Lawrence_-

55
303

279
3, 108
137, 291

287

52
196–198, 210, 211, 234

s
St. Charles Development Co.

124, 289
Santella, Dominic---

129, 185, 186
Schoenhaut, Arthur..

55, 72
Schwinn, S. J-----

126, 127, 164, 165, 172, 182, 183
Sci-Tronics Funds, Inc.

61, 64, 65, 71
Summary of

61, 62
Securities & Exchange Commission---

6, 108, 215, 216, 285, 293
Select Committee on Small Business, House of Representatives_-- 6, 61, 255, 297
Sparkman, Senator John..

12, 293, 297
Shelton, Marvin P--

212, 213
Shenker, Morris..

99
Shultise, Walter.

123, 161, 289
Skinner, Gerald D.

279
Slagle, Jerry

188
Small Business Administration..

1-10,
12-14, 18, 19, 22–32, 34-37, 39-40, 42, 44, 48–73, 75–79, 81, 83, 97,
105–109, 112, 113, 116-120, 123, 129, 130, 131, 136-144, 154-160, 173,
174, 177–179, 185, 186, 189, 191, 193, 195, 197, 199, 200, 202, 205, 206,
209, 212–217, 220-224, 227-233, 235-238, 242, 243, 245–250, 252-260,

263–266, 269–277, 280-284, 287, 288, 292–297, 299, 301-303.
Accounting deficiencies--

10, 254, 256
Bootstrapping, express provision against

214
Boutin, Bernard, Administrator.

5
Conflicting legal views within.

252
Cooperation with other agencies---

252, 255, 256
Coordination of compliance and lending activities within, inadequate- 252
Crash program to examine SBIC's---

18, 19
Cross index of individuals associated with SBIC's establishment of. 232, 233
Deputy Administrator of, appointed by Administrator---

11
Examination of an SBIC defined.-

222
Examination manual improved...

254
Examinations and investigations now responsibility of Assistant Ad-
ministrator for Administration.-

226

Small Business Administration-Continued
Examinations of SBIC's:

Page
Frequency of----

15, 74, 253
Number

15, 74, 253
Examiners

254
Failure to assist SBIC's in financial trouble -

75
False filings and breach of loan agreements declared violations.

213
Financial statements from SBIC's..

159, 160, 233, 234
Financing of------

21, 53, 277, 278
Investigation of an SBIC defined----

222
Investigations of SBIC's rarely conducted --

74
Investigative force:
Increase in.--

253, 254
Morale poor.

75
Small in number -

74
Justice, Department of, referral of cases to-- 10, 34, 35, 36, 252, 274–276
Legislative proposals.-

219–223
Liquidation section..

53
Loan programs.

23, 24
Personnel, difficulty in obtaining-

252, 260, 261
Program evaluation report-----

234
Regular loan programs, new system of handling--

30, 31
Regulations and policies of a compliance nature since January
15, 1965.

213, 214
Reporting and accounting procedures need improvement-

254, 256
Reporting procedures and requirements, review of -

234
Sale of loans and debentures of SBIC's to institutional investors.--276-278
SBIC Examination Division:
Changes in procedure_--

20, 254
Number of employees...

18-20
Training of ---

20
Small business concerns not examined by --

251, 255
Statutory authority, need for increase in.-

219, 256
Violations of regulations, handling of.-

36, 37
Small Business Investment Act..

1, 3, 4, 10-13, 55, 57,

184, 219, 220, 283, 287, 295, 297, 298, 301
Legislative history of_---

12-14
Proposal to amend.---.

11
Small Business Investment Company program:
Accounting deficiencies.-

22
Accounting practices.

7
Accounting system complex---

270
Bootstrapping-

38, 39, 74, 115–118, 214, 253, 286
Capitally impaired companies under, treatment of

10, 43, 44
Change of control.---

7, 22, 47, 48, 108, 214, 216, 252, 253
Common control of several SBIC's..

8, 269
Companies not reporting to SBA.

244, 245, 292
Companies with most private capital penalized.

249
Conflicts of interest

7, 8, 36, 214, 250–253
Cross-dealing---

39, 40, 274
Danger signals, SBA's failure to heed_.

281
Defalcation bonds_

50
Equity capital.--

27, 28, 32, 43, 44
Examinations.---

15, 74, 252-256
Examinations and auditing inadequate---

281
Examinations and investigations conducted, by fiscal year.-

15, 253
Examination and investigation deficiencies--

9, 18
Fees.-

21, 53
Fidelity bonds.

50-52
Financial requirements.

25, 250, 253, 255, 269, 271
Financial statements required by SBA ---

233, 234
GAO review of:
Background.

55
Financial records inadequate_-

56
Lending criteria.-

57, 58
Loss estimates unreliable.

57, 71

« 이전계속 »