OPENING FOR FRAUD.
DUPLICATED MORTGAGES
MOTOF DEALER IMPRISONED. SOI OF £4000 INVOLVED. (By Telegraph.—Press Association.) DUXEDIN, this day. Francis Bernard Francis, found guilty of false pretences and forgery, was sentenced to-dav to three years' reformative detention. In this case the sum of £4000 was involved. Francis embarked on a motor business without capital, and he mortgaged the same cars to different finance agents. Mr. Justice Smith said the finance companies which had been defrauded existed for the convenience of those requiring advances on cars. They issued hire-purchase agreements. These were not registerable, and consequently there ! was a clear opening for dishonest people to represent truck as free when it had already been given as security to another company. Unless these companies adopted a system of intercompany checking, fraud was possible.
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Bibliographic details
Auckland Star, Volume LX, Issue 104, 4 May 1929, Page 11
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130OPENING FOR FRAUD. Auckland Star, Volume LX, Issue 104, 4 May 1929, Page 11
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