Dinkins Stock Deal Probe May Be Over
Prosecutors have concluded that the $58,000 price Mayor David N. Dinkins set for stock he transferred to his son was fair and expect to close their probe without filing tax-evasion charges, a published report said.
U.S. Atty. Andrew J. Maloney declined to comment, the Daily News said. It cited unidentified sources for its information.
Dinkins had said he sold the Inner City Broadcasting Corp. stock to his son, David Jr., in 1985 to avoid conflicts with his duties on the Board of Estimate. The board, on which Dinkins sat as Manhattan borough president, regulates cable television in the city.
Dinkins produced a handwritten letter in which his son promised to pay him $58,000 and interest.
It was later disclosed that in 1983 Dinkins had valued the same stock at more than $1 million on one financial disclosure form.
Dinkins said his longtime friend, Inner City President Percy Sutton, had told him the stock would have been worth that had the company been sold.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
