Word: carmie
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Fidelity's president, 68-year-old Carmi Alderman Thompson, onetime Treasurer of the U. S. (1912-13), protested bitterly. But rather than go through lengthy litigation on the matter, he agreed to a permanent injunction terminating all the alleged violations of SEC regulations. This quieted SEC but brought a court petition from nine Fidelity shareholders asking that it be put into receivership for insolvency. While Fidelity voluntarily ceased selling certificates and making payments, the case dragged through several postponements in Federal District Court of Wheeling, W. Va., headquarters of the company...
Last week Carmi Thompson and his badgered associates finally won a clean bill of health. On the basis of an independent audit by a special master. Judge William E. Baker declared Fidelity fully solvent, dismissed the petition...
Growing mushrooms in a subterranean room on his Cleveland estate is the hobby of pudgy, sleepy-eyed Carmi Alderman Thompson, onetime Treasurer of the U. S. (1912-13) and currently president of Fidelity Investment Association. Old Financier Thompson may soon have more time for his mushrooms, for last week SEC asked a Federal judge in Detroit for injunctions whose effect might put Fidelity out of existence "as a fraud and deceit...
...founded by Joseph Fry Paull as a loan company in Wheeling, W. Va. 27 years ago, later bought an annuity bond business, now has branches in 57 cities with 2,000 salesmen in the field selling certificates with a face value of some $6,000,000 every month. Carmi Thompson has been president for only three years. Actual boss is Founder Paull's son-in-law, onetime Assistant U. S. Attorney General John Marshall, whose family are the biggest stockholders. Sleek, bright-eyed Mr. Marshall, who is chairman of the board, said Fidelity would fight...
...good deal more wrought up than slow-spoken Carmi Thompson, Chairman Marshall pointed out that a Department of Justice investigation four years ago found nothing wrong. Snapped he: "If the SEC followed the same liquidity rule they are trying to force on us they would ruin a good many insurance companies...