Costly Caper

Climax to a $270 million scam

One of the most complex cases of fraud ever to hit the arcane world of high finance is ending. Two men last week pleaded guilty to stealing $270 million from New York's Chase Manhattan Bank. Joseph V. Ossorio, 43, and David J. Heuwetter, 42, face prison sentences of up to 18 and seven years, respectively, for their roles in the Drysdale Government Securities scam.

The deception by the two men showed how vulnerable the financial system is to artful chicanery. Drysdale Government Securities, officially started in February 1982, was a spin-off of Drysdale Securities, a 92-year-old...

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