BIG LOANS
TO RUSSIAN REFUGEES ON WORTHLESS SECURITIES GERMAN BANK FORCED TO CLOSE (United Press Association—-By Electric Telegraph—Copyright) (Australian Press Association) BeSn, 9th April. The plausibility nt Russian refugees mid the credulity of bank directors lias compelled the closing of the Ruffensuu Bank, whose business was lending money to farmers and co-operative societies. A refugee named Ouralt/.eff, now in gaol, defrauded the bunk of a million sterling in the shape of credits for which worthless securities were exchanged. As instances of his methods ho secured advances on the strength of goods in a warehouse in Berlin, and subsequently removed, lie also secured half a million on commodities stored in Berlin. When the bank sent its own valuers to appraise the security they found it trivial and worthless. A few gems in a enshliox, on which the Russian had been able to borrow £40,000, brought only £760 when sold.
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Bibliographic details
Nelson Evening Mail, Volume LXIII, 11 April 1929, Page 5
Word Count
148BIG LOANS Nelson Evening Mail, Volume LXIII, 11 April 1929, Page 5
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