Word: hopson
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...ROSA HOPSON...
Last week U. S. criminal statutes tangled the feet of one of the nimblest and boldest industrial quarterbacks who ever lived. Indicted on 19 counts for fraud and conspiracy was fat, ill Howard Hopson, who for 18 years called the plays for flashy Associated Gas & Electric System (now in the bankruptcy courts). Among those indicted with Hoppy were three running mates: his banker-leg man Fred Burroughs, his lawyers, Charles Travis and Garrett Brownback...
Typically colorful trick play on which the indictment is based concerned two private Hopson companies called Associated Securities Corp. (ASECO) and Public Utilities Investing Corp. (PUI). In 1928, they had little capital to speak...
...Hopson, according to the indictment, then made a series of lateral passes with A. G. & E. Co. debentures, taking a profit from practically every pass. One method was simply to sell the debentures back to an A. G. & E. Co. affiliate at 100, which meant a $40 profit on every $1,000. Another arose from the fact that the debentures carried warrants to purchase A. G. & E. Co. stock. While the debentures were in ASECO's (or PUI's) hands, these warrants would be detached and exercised below the then market price. By such sleight of hand, Hopson...
Special Assistant to the Attorney General Hugh A. Fulton knows some tricks too. One reason Hopson (if he lives) may be convicted is that his stooges are indicted along with him. Great is the temptation to a stooge to try to beg off by helping the Government blame everything on the boss...