U.S. BANKERS’ TRIAL
CRIMINAL NEGLIGENCE CHARGES NEW YORK, Oct. 30. Twenty-eight directors of the defunct Bank of the United States, together with Joseph Broderick, State Superintendent- of Banks, were indicted to-day oil charges of criminal negligence. Broderick was also charged with conspiring with the bank directors to circuirivent the banking laws. Among the directors indicted arc Bernard Marcus, president, and Saul Singer, vice-president. They have already been convicted and sentenced for otic of their deals in fhe bank, and are at liberty on bail pending an appeal. Several other directors indicted are well knmvri in the city. They include Frank ITeilley (president of the Underground Railway), and Herman Metz (former City treasurer). When ltie bank failed in December investigation showed that, despite orders the year previously hy the Stain banking officials that certain - policies should he changed, nothing was done. In that time, however, £3.500.000 disappeared, it is alleged, through juggling with the accounts.
Enormous Inarm were, approved without- proper inquiry. The directors had borrowed large sums without any security, and millions were lost, through loans to subsidiaries.
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Bibliographic details
Poverty Bay Herald, Volume LV, Issue 17640, 2 December 1931, Page 5
Word Count
178U.S. BANKERS’ TRIAL Poverty Bay Herald, Volume LV, Issue 17640, 2 December 1931, Page 5
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