Business: Fraud at Continental?

In many of Louis Wolfson's battles and deals, his associate was David B. Charnay, longtime New York Daily News reporter, now chairman and part owner of a Manhattan public relations firm. Last November Wolfson sold a trailer company controlled by one of his interests to Detroit's Trans Continental Industries, of which Charnay is chairman, and it became Trans Continental's chief asset. Last week the Securities and Exchange Commission ordered a ten-day suspension of trading in Trans Continental stock on the American and Detroit stock exchanges. Reason: "To prevent fraudulent and manipulative practices."

The SEC charged that Trans Continental shares were being sold...

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