NEW FRAUD CHARGE
BRITISH BARONET ON TRIAL LONDON, July 29. The septuagenarian stockbroker, Sir Arthur Wheeler, of Arthur Wheeler and Co., and his former partner, George Victor Smith, wore charged at Leicester on 2C summonses, alleging the fraudulent conversion of sums ranging from £IOO to £3900, and approximating £23,000, entrusted to them to purchase war loan stock.
The prosecution, recalling that a receiving order had been made against the accused in March, said that, undoubtedly for some time past, they had been using their clients’ money for their own purposes. In some cases Wheelers had transferred stock to their own nominee, for which they used the name of a septuagenarian ex-employee, who signed bank transfers for £250 at a time. Later they transferred from him a similar quantity of the conversion loan, but the transfer was not registered with the Bank of England. Wheelers continued paying interest on the money to prevent suspicion arising. Their clients were now among the bankruptcy creditors. The hearing was adjourned.
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Bibliographic details
Otago Daily Times, Issue 21409, 10 August 1931, Page 8
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166NEW FRAUD CHARGE Otago Daily Times, Issue 21409, 10 August 1931, Page 8
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