Wall Street Corruption Uncovered
Brokerage giant E.F. Hutton & Co., through its attorneys entered a guilty plea to charges that it carried out a large check writing scam. The firm had gotten large sums of money from numerous bank accounts without paying any interest expenses. In all E.F Hutton had written $4 billion worth of checks between 1980 and 1982. E.F. Hutton agreed to pay $10 million in fines and restitution to the banks.