STOLE FROM CLIENTS.

Ashburton Guardian, Volume 56, Issue 236, 18 July 1936, Page 2

STOLE FROM CLIENTS.

SHAREBROKER SENTENCED. (Per Press Association.) CHRISTCHURCH, July 17. A sentence of reformative detention for a period not exceeding two years was passed upon Richard Nunes, aged 33, a sharebroker, who came before Mr Justice Northcroft this morning for Sentence upon two charges of theft. “You undertook the calling of a sharebroker,” said his Honor to prisoner, “an honourable calling requiring the trust of the public. lu most cases that trust is accepted and honoured. In your case that was not so. As well as causing injury to clients, you have done an injury to the sharebroking profession.” Mr Sargent, who pleaded for prisoner, said it was unfortunate that the law did not insist that sharebrokers should have a trust account at the bank for moneys held on clients’ behalf. Prisoner had his trust moneys and his own moneys, which he used in personal investments, all under one account. His Honor: The law does not prevent a sharebroker from having a trust account. “That is so,” said counsel, “but I think it would be found that most sharebrokers have only one account.” “I should be sorry to think so,” said his Honor. At the end of last year, Mr Sargent continued, the prisoner found that all was not well with his affairs. It preyed upon him, the thought of tlie effect upon his wife and child causing him much mental anguish. However, instead of doing something rash lie took advice and, acting on it, lie went to the police and made a clean breast of the whole business. Before he Jiimself informed them the police had no information on the subject. It was not a case of systematic embezzlement, hut rather one of carelessness and lack of system.