Word: tuckers
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Dates: during 1940-1949
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...promoter and would-be automaker, Preston Tucker had an easy explanation for almost all his troubles. Even when his company filed to reorganize under the bankruptcy laws, he glibly promised that everything would be all right. But he ran out of answers before a federal grand jury which called in 95 witnesses and collected 10,000 pages of testimony during a 3½-month investigation of the Tucker Corp...
Last week in Chicago the grand jury indicted Tucker and seven associates on 31 counts of mail fraud, conspiracy and violation of the securities laws.* Trading in Tucker stock, which had been floated at $5, was suspended on the Chicago Exchange, where it had been quoted...
Named with Tucker were Harold A. Karsten, alias Abraham Karatz, a promoter who once served a jail term for bank embezzlement conspiracy; former Investment Banker Floyd D. Cerf, whose firm had a net worth of only $87,352, yet made $2,500,000 on the sale of Tucker stock; and five former Tucker directors...
Profit-Takers. The indictment made no attempt to set forth the complex schemes by which Tucker had raised-and spent -$28 million collected from the sale of stock and dealer franchises for his Torpedo 8. The grand jury merely totted up Tucker's statements and labeled each one "false." Said the jury: Tucker & Associates, "seeking to capitalize on the unusual consumer demand" for autos, falsely "represented [Tucker] as an automotive inventor and designing genius" and obtained money "for [their own] personal benefit and profit" by "payments of excessive salaries and expense accounts to themselves, by the creation of fictitious...
...first four dropped were Tucker P. Smith, professor of Economics, Julian Fahy, head of the Political Sciences Department, Arthur Moore, director of the Fine Arts School, and Herbert Hyde of the Music Department. The fifth was Carleton Mabee, head of the History Department and Puitzer Prize winner...