Iran-Contra
Reagan Administration (R)
Senior administration officials, including Lieutenant Colonel Oliver North and Vice Admiral John Poindexter, were indicted on charges of conspiracy to defraud the U.S. for secretly facilitating the sale of arms to Iran to secure the release of U.S. hostages. The administration used part of the money to fund illegally Contra rebels who were trying to overthrow Nicaragua’s government. In a TV appearance, President Reagan assured the public there was no "arms for hostages" deal, but was later forced to admit that there had been. North and Poindexter were indicted on charges of conspiracy to defraud the U.S.
Source: NY Times
