A "BILLION DOLLAR "COMPANY.
WITH ASSETS WORTH £4000. SHAREHOLDERS DEFRAUDED OF MILLIONS. NEW YORK, June 16. Christopher Wilson, president of the United Wireless Telegraph Company, and Bogart, the vice-president, have been arrested in New York for defrauding investors.
Wilson was bailed out in the sum of 25,000 dollars, and Bogart in the sum of 10,000 dollars.
The company ■was ostensibly a combing , of all wireless concerns, including the Marconi and De .Forest systems, and shareholders were informed that the patents held by the company were worth. £1,000,000, whereas their real value is only £4200. N The company estimated its stock billion dollars." Twenty-eight thousand shareholders have been defrauded, the promoters netting several million dollars. OUTGROWTH OF DEAD COMPANY. (Received 8.55 ajn.) NEW YOKE, June 16. Mr. Mayer, Chief Post Office Inspector, declares that the United Wireless Telegraph Company was the outgrowth of the Amalgamated Wireless Securities Company, which had no legal existence after 1906. One promoter netted two millions sterling.
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Auckland Star, Volume XLI, Issue 142, 17 June 1910, Page 5
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160A "BILLION DOLLAR "COMPANY. Auckland Star, Volume XLI, Issue 142, 17 June 1910, Page 5
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