TRUST ABUSED

Evening Post, Issue 15, 17 July 1936, Page 11

TRUST ABUSED

SHAREBROKER'S CASE

A REFORMATIVE SENTENCE

(By Telegraph.—Press Association.)

CHRISTCHURCH, This Day.

Sentence of reformative detention for a period not exceeding two years was passed upon Richard Nunes, aged 33, sharebroker, who came.before his Honour Mr. Justice Northcroft this morning for sentence upon two charges of theft.

"You undertook the calling of a sharebroker," said his Honour to the prisoner, "an honourable calling requiring, the trust of the public. In most cases that trust is accepted and honoured; fn your case that was not so. As well as causing injury to clients you have done an injury to the sharebroking profession."

Mr. Sargent, who pleaded for the prisoner, said it was unfortunate that the law did'not insist that sharebrokers should have a trust account at' the bank for money held on clients' behalf. The prisoner had his trust moneys and his own moneys which he used in personal investments all under one account.

His Honour: That does not prevent a sharebroker from having a trust account. .. .'.'■"""■.'

"That is so," said counsel, "but • I think it would be found thaV most sharebrokers have only one account."

"I should be sorry to think so," said his Honour.

Continuing, Mr. Sargent said that at the end of last year the prisoner found that all was not well with his affairs. It preyed upon him, the thought of the effect upon his wife and child causing him much mental anguish. However, instead of doing something rash he took advice and acting on it went to the police and made a clean breast of the whole business. Before prisoner himself informed them the police had no information on the subject. It was not a case of systematic embezzlement, but rather one of carelessness and lack of system.