AN AMAZING CAREER

Poverty Bay Herald, Volume LXI, Issue 18332, 26 February 1934, Page 10

AN AMAZING CAREER

STAVISKY THE IMPOSTER MODEST BEGINNINGS AUDACIOUS SWINDLES PARIS, Jan. 6. Brief Ihough Stavisky’s career before the public eye has been, lie will undoubtedly go down to history as one of the most audacious and imaginative imposters of our time. The son ol a petty merchant migrated to France from Russia, lie began his career lis a dealer in gems, anti at. one time had jewellery shops at Deauville and Le Templet. Gradually he developed into a company promoter. Several undertakings which were founded by him—but with which he had severed tiis connection —seem to be still in existence. Stavisky appears always to have sailed pretty close to the wind. After one or two minor conflicts with the authorities, which led to criminal charges though not to convictions, he was arrested in 1926 on a grave charge of swindling. For reasons which have not even yet been made quite clear—indeed, this is one of the chief points of the “affair” in so far as it constitutes a mystery —the hearing was adjourned again and again, and the fourteenth hearing was fixed for one day in the present month. ■ -■ „ HUGE PROFIT DREAMS With success Stavisky’s ambitions ex panded with ever-accelerating speed. There is a good deal of evidence to show that he actually regarded himself at times as a heaven-sent financial genius, who would eventually put straight all the economic complications from which rile world is now suffering. He looked round for suitable fields in which to exploit his talents. He caught a glimpse of the yet unsettled claims of dispossessed Hungarian owners of land winch is now situated in other States formed out of the old dual monarchy. The Tull story of his buying up of these claims has still to be told. But apparently if I.is gigantic scheme had been realised as he had planned it he would have been indeed cue of the world’s richest men.

But here Stavisky’s fantasy evidently got the better of his judgment, and the prospects of selling at a- huge profit the Hungarian claims which he had bought for an old song were dimmed by ominous clouds. An alternative plan vvas necessary, and the adventurer turned to the municipal pawnshops, beginning at Orleans.

His operations here also ended with a scandal, which, however, aroused but faint echoes >» public opinion. There' were doubts and questions, but Staviskv solved all problems bv triumphantly redeeming his pledges with ready cash, which apparently was provided,by Bayonne, where be had already become active.

Encouraged rather than deterred by his experiences at Orleans, Stavisky proceeded to develop his plans on a vast scale at Bayonne, He was well known as one of the most prodigal clients and benefactors of the fashionable wateringplaces- in which the well-to-do citizens of Bayonne brush shoulders with leaders of society from half the capitals of Europe. Thus Stavisky’s nominee! was gladly accepted as manager of the Credit. This was Tissie.r. whose full confession sealed the fato of his master and also led to the arrest of the Mayor of Bayonne. HOW BONDS WERE FORGED

Tissier has made it quite clear how the frauds were carried out. Under a law passed in the middle of last century, French municipal pawnshops are allowed to raise capital by issuing bonds up to a certain proportion of the value of the pledges held by them. It was known that Spanish refugees had pawned valuable jewellery at Bayonne, and at the first the unusual quantity of Bayonne bonds which were put on the market excited no particular attention.

Municipal bonds are valid only- with the signature of two responsible persons, so that Tissier was not able to act alone. He did, however, succeed in inducing his co-signer to put his name to blank forms, which Tissier could thus fill up with any sum required by Stavisky’s financial exigencies. -

. In this way, bonds for hundreds of millions of francs were fabricated and hawked about among the insurance coinoaiiies and other undertakings with large sums of money requiring temporary investment. This .brokers’ work was carried out by Stavisky’s agent.

PREFECT’S STATEMENT The impunity With which Stavisky was able to carry out financial operations on a scale worthy of a Rothschild or a Pierpont Morgan, while still under remand on a very serious criminal charge, is rendered all the more -mysterious by the statement made by the Police Prefect of Paris, M. Jean Chiuppe, ion- his return to tho-city'ioi-day.. !>• -, FM. Chiappe, who had been recalled froth a short holiday at Florence in order to take over the directioii of the Staviskv inquiry, was beset by journalists on alighting from the Rbme - express. He immediately replied i to. their, j questions with the assurance, V 'For 3,0 years the judicial authorities have been :<•» Stayisky’s-traek'.l’ ■ • ' A“Did you ever meet him V* someone asked, i - tq fib .' itiib ui “Duly (lice, in my office,” replied M. Chiappe. “He had- tho impudence to complain that the ludicial ,-authorities were taking too great an interest in him and inquiring into Ins actions and mode of living, i O'! need hardly. repeat the answer he got from ■■: =• 1 l! i The Prefect kidded that reports that the police hospitallhad-reeeived benefactions, from Stavisky were the very reverse of the truth. . in ih>