CONVERSION OF FUNDS

Otago Daily Times, Issue 20708, 4 May 1929, Page 13

CONVERSION OF FUNDS

CASE AGAINST BRANDRETH. FOUR YEARS’ IMPRISONMENT. (United Pree* Association, i (By Electric Telegraph—Copyright.) LONDON, May 2. Brandreth was sentenced at the Old Bailey to four years’ imprisonment and was ordered to pay the costs of the prosecution.—Australian Press Association. A meeting of Nersag, Ltd., declined to pass the accounts and decided to appoint two new directors. Mr Hackett, one pt the new directors, who presided, presented a fresh account showing a deficiency of £27,047, whereas the original balance sheet, signed by the former chairman (Brandreth) showed a profit of £104,000. Mr Hackett stated that Brandreth had a ten-years' agreement with the company, receiving £ISOO a year, plus an allowance of £IOOO fpr travelling expenses, and a commission of 3} per cent, on all sales. His wife’s remuneration was £3OO per year, plus £2OO travelling expenses. The books and papers relating to one set of transactions were missing. Brandreth had stated that his gardener had, burned them under a misapprehension. Mr Hackett said he thought that some of the sales which Brandreth had said he had .made , had never occurred, and the entries relating to them were fictitious. Brandreth was reported missing, but he was afterwards arrested and charged with converting the funds of Nersag, Ltd., to. his own use. °