BROKE TWO BANKS.
PENNILESS MAN’S FEAT
An astonishing- story of how a young man, unschooled and almost penniless, started on a financial career by “kiting” cheques hats been disclosed at Yates Centre, Kansas. In one year, by his ingenious sytem, he played off one country bank against another to the extent of-near-ly £300,00(T, involving the ruin of both.
The story «s revealed in bankruptcy proceedings instituted against Nazen.
The referee in bankruptcy explains Nazen’s modus operand! thus: He deposited" in the bank of the village of Leroy a cheque for £IOOO, drawn on tlie bank of the small town of Neosho Falls.
Ho 1 i'mf 1 no money in the latter iniititution, but'.proceeded to deposit there a cheque on the Leroy Bank lor £I2OO. Then he deposited* in the Leroy Bank a cheque for £I4OO, and so oil.
He kept this “kiting - ’ process up until he had done a chequing business tniough the two banks to tlie total, of £300,000 mentioned, although he XT' v*-* of Xin
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Bibliographic details
Western Star, 3 February 1922, Page 4
Word Count
167BROKE TWO BANKS. Western Star, 3 February 1922, Page 4
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