(PRESS ASSOCIATION .) SHAREBROKERS & CLIENTS
NEED FOR TRUST ACCOUNTS. AUCKLAND, 19th May. In the course of o. case in which a former member of the Stock Exchange was charged with breaches of the Bankruptcy Act, Mr. Hall-Jones, who appeared for the prosecution, said the office which he represented had been strenuously endeavouring to secure a regulation whereby all sharebrokcrs would be compelled to keep trust accounts of their clients' money. When it was remembered that solicitors had to have their trust accounts audited this was a very reasonable request 'to make. In reply, the Magistrate said : "I see no reason why sharebrokers should not be brought into line with solicitors and land agents and be compelled to keep separate trust accounts into which all clients' money, should be paid. That would mean that in a case like the present—so long as the defendant did not mix his own money with his clients' money — no matter what his own personal financial position might be, his clients would not suffer. Their trust moneys would be protected by law."
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https://paperspast.natlib.govt.nz/newspapers/EP19140520.2.22
Bibliographic details
Evening Post, Volume LXXXVII, Issue 118, 20 May 1914, Page 3
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175(PRESS ASSOCIATION.) SHAREBROKERS & CLIENTS Evening Post, Volume LXXXVII, Issue 118, 20 May 1914, Page 3
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