Estes Guilty Of Fraud In 24m-dollar Scheme
(N.ZPA.-A«ut«r—Copm<o*it)
The defence contended that no fraud occurred since, they claimed, the,finance company executives knew there was no collateral at the time they bought the mortgages. A defence lawyer summing up the case for the 10 men ] and two women on the jury 1 said the mortgages would I have been paid out “but these < finance companies got to i fighting among themselves for I more of this business," lead- | ing to Estes’s arrest, and his bankruptcy.
EL PASO I (Texas), March 31. 1 A United States Federal Court jury has found the former farm financier, - Billie Sol Estes, guilty of defrauding farmers and 1 finance companies in a ■ 24,000,0 M-dollar mortgage ■ scheme, United Preu i International reported. He was convicted on four i mail fraud counts and one conspiracy count. - Estes was declared innocent ’ on nine other counts, one lof transporting fraudulent - documents and eight of mail * fraud. The Federal Government claimed that the short, sturdy ex-promoter defrauded t the finance companies by 1 selling them mortgages listi ing as security fertiliser tanks which never existed.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19630401.2.69.6
Bibliographic details
Press, Volume CII, Issue 30095, 1 April 1963, Page 8
Word Count
184Estes Guilty Of Fraud In 24m-dollar Scheme Press, Volume CII, Issue 30095, 1 April 1963, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.