GUILTY OF FRAUD.
GAOL FOR STOCKBROKERS. HUGE SUMS INVOLVED. (Received Juno 24, 11.jo p.m.) VANCOUVER, Juno 23. A message from Calgary, Alberta, states that I. W. C. Solloway, head of tho firm of Solloway, Mills and Company, one of the largest firms of stockbrokers in Canada, to-day was found guilty on four charges of conspiracy to defraud the publie. He was sentenced to four months' imprisonment, and fined ,1145.000. Harvey Mills, partner in tho firm, was sentenced to ono month's imprisonment and fined £SOOO. Tho trial had lasted 16 days. It followed upon investigations throughout the Dominion into the activities of several firms of stockbrokers. In the mining boom Solloway's firm took £3,000,000 a month from the public by tho purchase of stocks, nearly all of which wero bought upon margin. Solloway was not called upon to doliver the certificates. lie sold scores of different issues short and then encouraged a slump when he bought them in at 20 per cent, of their previous value. It is an open secret that Solloway has £7,000,000 sequestered in cash in banks in the United States.
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New Zealand Herald, Volume LXVII, Issue 20599, 25 June 1930, Page 11
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183GUILTY OF FRAUD. New Zealand Herald, Volume LXVII, Issue 20599, 25 June 1930, Page 11
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