LAND AGENT'S FAILURE

Evening Post, Volume CVI, Issue 105, 31 October 1923, Page 8

LAND AGENT'S FAILURE

MISSING MONEYS.

Failure to account for various sums of money received by him on behalf of several local firms resulted in the appearance at the- Magistrate's Court this morning of a land agent named Alfred John Scoon, 29 years of age. The total sum involved was £977 19s 7d, and the accused 'pleaded guilty. In November, 1919, h e stated, in an admission to the police, lie took over a land agency business at Petone. There was no examination of the books when he took over, . out he did not infer that, there were any shortages. Owing to financial difficulties, he decided in February last to close down. He was in bad health at the time, and shortly afterwards he went to Australia, where he worked on a farm for five or six months. He returned last August on Jus father informing him that his creditors -wished to serve him with bankruptcy proceedings. During the whole ot the time he was in business at Petons he kept true book records, and made no attempt to hide the actual state °f '»s .accounts. He had assisted Mr. letnerick, accountant, in compiling a list' of persons and firms, and the amount of moneys he had failed to account for. He admitted receiving and tailing, to account for the £977 19s 7d, winch represented trust moneys received by him on behalf of his clients. More than £900 of this amount was made up of rents. This was paid into his •trul*account^ and v,^s \.«;fchdrawn ■monthly (m some cases quarterly) in settlement of the amounts due to the various clients. His trust account now showed a credit balance of £1 6s 3d. ilis of that was that he overdrew the amounts of commission due to him during the last two years he was in business. He had spent not more than about £50 on horse racing. The rest of the money he had failed to account for had been swallowed up in meeting various losses sustained in the course of his business. He saw he was getting into difficulties when the slump came, and he held on in the hope oi it picking up, and so began to use other peoples moneys to pay someone

The accused will appear for sentence at the Supreme Court. Bail was retused. . ■ ■ • ■