SCRAMBLE FOR EASY MONEY.

Auckland Star, Volume LIII, Issue 78, 1 April 1922, Page 19

SCRAMBLE FOR EASY MONEY.

FLOOD OF MONEY FOR TURF SYNDICATE. An amazing story of a racing scheme under which subecrlptions of eager investors were said to have poured in to a Turf syndicate to such an extent that two banks refused to accept their credit, was told at the Marylebone Police Court. Three men are concerned in the case, and they are charged with cou_piracy, together with other persons unknown, to get money from the public with intent to defraud, by inducing them to Invest money in the business of F. D. Wetherby and Son, a racin? concern. A sum of £->,000 is said to be involved ln the -charge. The accused are Frederick Woods, David WUliam Howells, and 'William John -Morris. In outlining the case for the prosecution, ■Mr. Eustace Fulton said that by some means, whether by advertisement or circular was not clear, accused got Into touch with the public in South Wales in October, 1920. They promised £10 per week interest on every £100—£520 per annum. "An account was opened at the London City and Midland Bank with £150. By November £22,000 had been paid into their account. "On November S a second account was opened hy Wetherby and Jones, James having apparently dropped ont, and the sum of £6450 was paid in. Again, on November 30, Jones having now dropped out, Wetherby opened an account, and the sum of £33,336 was paid into bis account by January 11. The public were responding quickly," addecounsel. The position at Cardiff getting difficult, proceeded counsel, Woods early in February I went to Nottingham to get offices, and he engaged a Miss Klrrage, an unemployed clerk, at £t a week. He opened an account |at Uoyds Bank, Nottingham, with £2310, and "cheques and money" began to arrive dally. "Lloyds Bank was astonished at the nature of the account," added counsel, j "enormous sums having been paid into the account. Between February 7 and February IS. -71,000 went into the bank. From that date the bank refused to accept further I credit." Woods then opened an account on Barclays : Bank, ln Nottingham, with £1000. Between February 21 aud March 11, £43,000 was paid into that bank, and on March 11 Barclays also refused to accept further deposits. Instructions were then issued to clients to send their money in cash to the office In London, at 3. Traed Street. Miss Klrrage would say that, being unable to bank, she handed several thousands of pounds to Woods from time to time, and also sums of £500, which, he said, he wanteii for racing. These sums she entered in the cash book. "It is significant," proceeded counsel, "that the cash book, which shows exactly the sums which were received by Woods, has disappeared." The time came, went on counsel. wh?n the payments they were making at the raic of £10 per week for £100 began to slacken off. According to the hook £235,000 altogether was received from the public, and the amount now repaid was £15,000. The case was adjourned.