FRAUD: Sad Plea for A Proxy Prince

Sad Plea for A Proxy Prince

In the takeover-crazed 1980s, a cheeky business-school dropout named Donald Carter transformed the humdrum job of counting ballots at corporate shareholder meetings into a multimillion-dollar business. As head of the Carter Organization, he orchestrated campaigns to persuade shareholders to back corporate raiders. For his work, he collected ten times the going rate. But the proxy prince scooped up some illegal gravy as well. Last week in a New York State court, Carter pleaded guilty to stealing $1 million from his clients through false billing.

During his heyday, Carter employed out-of-work actors to call up corporate shareholders to try to sway their...

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