Word: defraud
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...chairman of the Federal Trade Commission. It was largely patterned after Britain's Companies Act. Five years in jail and a $5,000 fine awaited the crooked U. S. stock promoter or corporation official who today must be caught by the roundabout charge of "using the mails to defraud." The proposed legislation did not make all stock issues foolproof but it did attempt to divide investment sheep from speculative goats. When House hearings started on the measure during the week, Representatives were shocked to learn from a Department of Commerce expert that of the $50,000,000,000 worth...
Last week the following were news: A Federal grand jury in Chicago last week indicted 19 officials of the bankrupt Insull holding company, Corporation Securities Co., for using the mails to defraud. Among those indicted (on 25 counts) : The Insulls, Samuel, Martin John and Samuel Jr., Edward J. Doyle, president of Commonwealth Edison Co., Harold Leonard Stuart, head of Insull bankers Halsey, Stuart & Co., Stanley Field, board chairman of Chicago's big Continental Illinois National Bank & Trust...
...Ernest James Stevens, genial hotel man of Chicago's hotel-&-insurance family, was arrested last week on a charge of cospiracy to defraud stricken Illinois Life Insurance Co. of ''more than $1,000,000." Last month auditors learned that the sluicing of funds from Stevens-controlled Illinois Life into Stevens-owned hotels had cost Illinois Life $12,456,409 (TIME, Jan. 23). Ernest James Stevens was director of the insurance company, his brother Raymond president, his father James William chairman. Brother Ernest had obtained passports, was going abroad with his family. Later, all three Stevens were indicted...
...Colonel Luke Lea and his son Luke Jr., Tennessee publishers convicted of conspiracy to defraud an Asheville, N. C. bank, were ordered arrested last week after they failed to surrender to serve jail sentences. Buncombe County courts declared forfeit their $50,000 bonds, written by New Orleans' Union Indemnity Co. (now in receivership). Meanwhile in Nashville, Tenn., the Leas prepared to fight extradition, had a lawyer sleeping in their big house to spike any attempt by North Carolina officials to kidnap them. Few days later the Leas suddenly disappeared. Reports that they had been arrested in the mountains...
...insurance, that it bonded all state employes, all bridge and highway contractors. Most of the group's insurance and bonds were immediately taken over last week by the Aetna group of Hartford, including the $50,000 bonds of Colonel Luke Lea & Son, Tennessee publishers convicted of conspiracy to defraud a bank...