The Iran-Contra independent counsel has evidence that Richard Secord and Albert Hakim skimmed nearly $1 million from bank accounts containing money from the arms sales to Iran.
The money was used by Secord and Hakim to invest in arms, food and real estate businesses for their personal gain, the Chicago Tribune reported, citing unidentified sources close to the investigation by independent counsel Lawrence Walsh.According to the report, Secord and Hakim transferred the money from Swiss bank accounts in three installments from August to November 1986. The two reportedly used $760,000 from the accounts to buy a one-third interest in Forway Industries, a military supply company in New Jersey, and $50,000 on a plan to work with Forway to market a laser sight for night weapons firing, the newspaper said.
The Tribune said Walsh obtained some of his information through the help of Willard Zucker, an attorney and financial adviser who has been granted immunity from prosecution. The Geneva-based Zucker managed the Swiss bank accounts and allegedly set up shell corporations to mask the diversion of $18 million of the money paid by the Iranians, the Tribune said.
A federal grand jury indicted Secord and Hakim, along with Lt. Col. Oliver North and former National Security Adviser John Poindexter last week on charges of conspiring to siphon profits from Iranian arms sales and use the money for the benefit of the Contras.