INSULL FRAUDS
MISPLACED CONFIDENCE. [BY CABLE —PBESS ASSN. —COPYBIGHT.] CHICAGO, December 18. An amazing story of collusion over to the original Insull receivership in April 1932 was told in the Federal Court to-day. It was revealed that ! when the bankers refused any longer ! to carry his notes, Insull, who is now I a fugitive in Greece, personally ar- , ranged for a receivership, he designating the creditor who was to bring a suit. He insisted that a member of his family should serve as one of the receivers. No independent representatives of the common stockholders in the firms were invited to the conferences at which the' receivership was arranged. One of to-day’s witnesses declared: “We knew that the stockholders would be properly represented by Insull.”
An incident in connection with today’s hearing was that Rosa Raisa, the opera star, in a newspaper interview, declared that Insull had persuaded her and her husband, Giacomo Rimini, the baritone, to invest 500,000 dollars, their life’s savings, in his enterprise, all of which was subsequently lost. Originally they invested one hundred thousand dollars. Then each year they added 50,000 dollars. Insull continually told them of enormous book profits, but he refused to allow them to realise their profits. Once, when they were reluctant to make any further investments, she said, Insull threatened to ostracise them from the Chicago Civic Opera, which he then controlled.
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Greymouth Evening Star, 20 December 1933, Page 4
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229INSULL FRAUDS Greymouth Evening Star, 20 December 1933, Page 4
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