TRUST FUNDS.

Press, Volume LXII, Issue 18725, 23 June 1926, Page 17

TRUST FUNDS.

ACCOUNTANT CHARGED WITH THEFT. COMMITTED FOR TRIAL. An accountant, Albert Herbert Rudd, was charged at the Magistrate's Court yesterday that between October and November, 1923, he did steal £323, the property of the creditors in the assigned estate of W. Grossman and Co. Eernard William Irwin, a partner of accused, is at present awaiting trial on a similar charge. Messrs A. D. Ford and F. H. Christian, J.IVs, were on the Bench. Detec-tive-Sergeant J. B. Young prosecuted, and Mr H. Twyncham appeared for accused. Robert Harold Parker, accountant, stated that a meeting of creditors in the assigned estate of W. Grossman and Co. was held in August. It was agreed to take an assignment from the partners in the company. At the meeting, B. W. Irwin and himself were appointed trustees. They opened a trust account in the Commercial Bank, and each had power to draw on that account. At the next meeting- there should have been a credit balance of £377 7s Sd. A mouth later he went through the books. On April Sth lie went to ascertain the position at the bank, and discovered that the whole of the money, with the exception of 17s Id, was drawn from the account. B. William Irwin, salesman, stated that he was at present awaiting trial in this matter. He had attended the creditors' meeting, and had been appointed one of the trustees'. The cheques produced were drawn by himself from the account opened. Ho had deposited the amounts in the Bank of New Zealand under Kudd's instructions. Detective-Sergeant J. B. Young stated that ho interviewed accused at tho Detective Office on April 15th. Accused had made a statement (produced), in the course of which he stated ho had been director in the firm of A. 11. Kudd and Co. He had entered into , a partnership with Bernard William l Irwin, who had put £6OO into the business. Ho had a trust account in ; tho Bank of New Zealand last July, and was the only one who had authority to draw upon it. Ho had later ascertained that Irwin had opened another trust account, and a largo sum was paid in. Accused pleaded not guilty, and was committed to tho Supremo Court for "Bail was allowed, self in £3OO, and one surety of £3OO.