£l0,000 SHARE-PUSHING CHARGE

Otago Daily Times, Issue 23692, 27 December 1938, Page 4

£lo,ooo SHARE-PUSHING CHARGE

LORD HEWART'S ACTION (From Our Own Correspondent) (By Air Mail) LONDON, Nov. 24. The Lord Chief Justice, during the course of the hearing of this action, said that the case was eminently suited

for trial before an official referee, and he made an order accordingly. , The action was one in which Mr Otto Ullstrom. of Holden road, Finchely, Middlesex, an 80-year-old retired shipbroker, claimed damages from Mr Charles Naar, a Mr Richmond. Mr C. Owen, Messrs A. Williams and Co., and Mr Alfred Williams, all of Bishopsgate, E.C., and Mr James Petter. of Astor House, Aldwych. W.C., alleging that they had conspired to defraud him Alternatively he claimed against the defendants in respect of money had and received to his use and interest thereon. . Mr Naar and Mr Petter denied all

the allegations made against them. The other defendants did not appear It was stated that it was impossible for Mr Petter to be called as a witness as he had gone to America. Mr A. S. Comyns Carr, K.C., and Mr T. F. Davis appeared for the plaintiff; Mr Boggis-Rolfe for Mr Naar; and Mr G. O. Slade and Mr C. M. Calm for Mr Petter. Mr Comyns Carr, opening the case, said that the defendant, Richmond, had disappeared and had not been served with the writ in the action. Owen was serving a sentence of imprisonment for his part in one of the frauds against Mr Ullstrom. Messrs A.

Williams and Co., and Mr Alfied Williams had entered a defence, but they did not now appear. Petter was alleged to be the principal person concerned in the matter. Mr Ullstrom's case was that he had been defrauded by a gang of sharepushers of sums amounting to £ 10,1 a. Three of the defendants called at his house and induced him to part with that money in exchange for shares in a company called Nash (London). Limited. .. . . , On the first occasion Naar induced Mr Ullstrom to part with £2979 for 2000 shares in the company. On the second occasion Richmond induced

him to part with £3lßl for a further 2000 shares. Lastly, Owen induced him to part with the balance of some £4OOO. It was in respect of the last-named transaction that Owen was serving a term of imprisonment. ACTION STOPPED Lord Hewart stopped the case, remarking: " I cannot hold up the work of the special jury list with this class of case," he said as he made the necessary order. When Mr A. S. Comyns Carr, K.C., asked for leave to appeal, the Lord Chief Justice said: "I think the course I have taken is a proper one. You

must get some other court to say that I am wrong. I am not going to encourage you to do that." _ Later, on the application of Mr Comyns Carr, the Court of Appeal granted leave to appeal from the decision of the Lord Chief Justice.