CHARING CROSS BANK FRAUDS

Auckland Star, Volume XLII, Issue 137, 10 June 1911, Page 17

CHARING CROSS BANK FRAUDS

•\ A CRIMINAL PROSECUTION 1 . i \ The failure of the Charing Cross Bank r ' bad a sensational sequel in London in April, 'when Alfred William Carpenter, the mau--1 aging director, surrendered to a warrant ' anil was charged at Bow-street rolice Court r ,with obtaining money by false pretences. ■ I Mr. Carpenter, who is nearly seventy years of age. was adjudged bandrupt last October, , |and It was found then that his liabilities s were nearly £3.01X1,000. and that there was a deficiency approaching £2,000.000. The precise charge against Mr. Carpenter is one of obtaining -I-'' 1 " 1 by false pretences from Charles Henry Parker, a Yeoman of the Guard of Ihe Tower of London. c LOST SAVINGS. .1 Mr. Bodkin. who prosecuted, said on !-' October lv Barker saw an advertisement d of the Charing Cross Bank, in which it was n stated that the assets of the bank amounted Ito more than £1,500.000. and that there was a surplus o; £371.078 over liabilities. a ! A leaflet copy of tb/ prospectus wuleh was n sent to him explained that nigh rates of interest were allowed on deposits, and that h a maximum of 10 per cent, could be reached, d subject to certain notice of withdrawal. „ "Ho believed these statements," said Mr. k Bodkin, "and that the bank had highly proy fiiable investments which enabled them to to pay such high rates. Mr. Tarker, be- , lieviug that the bank was in a solid and k substantial way, drew out his savings— . £o.h. in all—from the Tost Office Savings Bank. October 10, and handed them over to the Charing Cross Bank for five years at 'Ji the promised rate of 10 per cent, interest. ;On Monday. October 17. Carpenter filed his ■. ! petirion, and was adjudicated bankrupt the ,t same day." n i £10,000 BAIL. ir . ! In concluding. Mr. Bodkin pointed on 3 that "in no document issued by Carpenter it was it shown how the capital of the deposi s tors was being invested and insured. By s ■ i system of branches throughout the kingdon n. depositors were made to feel secure, bui ,d the interest to depositors which was pah i C so promptly w-as paid out of the deposi money. Carpenter took no expert advice k. and he kept the depositors absolutely in til. to dark. He advertised for years statement: nt which he knew to be absolutely false." Mr id Carpenter, who. when he first entered th, =a dock, buist into tears, was remanded unti d- Wednesday. May 17. and bail was fixed a rv £lo.o!X> —the accused in. £5000 and tw< 3 e sureties of £2500 each.