Attorney General
Time magazine subsequently reported that the New York Attorney General had 'thrown the book' at Darvas charging that his story was 'unqualifiedly false' and that it could find 'ascertainable' profits of only $216,000. The action was the first to be taken under a broadened state law that banned fraud or misrepresentation in giving investment advice.
In a follow up, dated 13 January 1961 Time reported that the probe was blocked by the court, which ruled that the investigation by Attorney General Louis J Lefkowitz was an 'unwarranted invasion of the free press'.
Time also reported that state investigators admitted that they had not been able to track down all of the dancer's brokerage accounts.
Darvas called the charges false, a "cynically irresponsible action, book burning by publicity."
Read more about this topic: Nicolas Darvas
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