BROKER'S CRIME

New Zealand Herald, Volume LXXV, Issue 23016, 19 April 1938, Page 9

BROKER'S CRIME

I SENTENCE FOR LARCENY I CONFINEMENT IN SING SING NEW YORK, April 12 Richard AA hitnoy, five times president of the New York Stock Exchange, flushed with shame when he was sentenced to 10 years' imprisonment in Sing Sing gaol. Judge Owen Bohan delivered an unparalleled castigation to the defaulting stockbroker. His Honor recalled evidence that hitney had used his clients' money for his own purposes, and described him as a "public betrayer." "Your action gave a setback to the decent forces of the world," the Judge said. "You were the head of the world's greatest financial institution." The internationally famous financier was sentenced to five to 10 years' imprisonment on each of the two indictments of. grand larceny. The Judge directed that the sentences should run concurrently. Although momentarily stunned by the severity of his punishment, Whitney took the outcome stoically. If he is a model prisoner he will become eligible for release on parole after three years and four months. He is 49 years old. The broker bade his loyal wife farowell before lie was sentenced, and no relatives or friends appeared in Court. Whitney asked no special gaol favours, and will receive none. He will be transported to grim Sing Sing with four other prisoners. His will be a tiny, dark, damp cell in the oldest section of the prison until space in the modern block is available.