LOSS OF $6m
Subpoenas issued (N.Z. Press Assn.—Copyright) CHICAGO, March 18. A Federal grand jury has subpoenaed the records of the president of the SteinbergBaum discount store chain and a former vice-president of Cosmopolitan National Bank in an investigation of the alleged embezzlement of s6m to s7m from the bank. The grand jury, F. 8.1. agents, Federal bank examiners and a firm of private auditors sought to tie together the pieces of what may be the largest bank ernbezzelment in United States history. Mr James R. Thompson, First Assistant United States Attorney, said that subpoenas were issued to Mr Louis Steinberg, president of Steinberg-Baum Inc., and Mr Donald B. Santowski, who until recently was a vicepresident of the bank. Without naming the pair, Mr Donald D. Magers, president of the bank, said that an executive for a large Chigaco merchandising corporation and a Cosmopolitan vice-president a key figure in the bank’s bookkeeping department conspired to embezzle the funds. ,
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https://paperspast.natlib.govt.nz/newspapers/CHP19710320.2.168
Bibliographic details
Press, Volume CXI, Issue 32560, 20 March 1971, Page 19
Word Count
158LOSS OF $6m Press, Volume CXI, Issue 32560, 20 March 1971, Page 19
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