COLOSSAL FRAUDS.

Dominion, Volume 6, Issue 1825, 11 August 1913, Page 7

COLOSSAL FRAUDS.

FRENCH AVIATOR'S CONFESSION. By Telegraph—Press Association—OopyTieht ("Times"—Sydney "Sun" Special Cables.) Paris, August 8. Strenuous efforts are being mado to prevent the stoppage of tile Deperdussin Aeroplane Works, in consequenco of the arrest of Depordussin on charges of fraud. Tho Army possesses many Deperdussins, which aire likely to becomo useless if tho works aro Closed, owing to tho difficulty that would be experienced in regard to testing and repairing. Under examination, Deperdussin told tho magistrate that ho had spent tho money ho is charged with converting to his own use on aviation. He had refused a largo sum to sell his secrets to Germany. (Rec. August 10, 5.5 p.m.) Paris, August 9. Deperdussin explained to tho magistrates how lio deluded tho bonk when in financial difficulties in 1902. He submitted a scliemo for buying silk for cash and settling it to leading Parisian houses on credit. His profit was novor below twelve per cent, and hlo paid 8 per cent, to tho bank. Ho beoamo intoxicated with his success, and turned to dishonest means. Speculating colossally, ho gained the bank's confidence, and lulled its smspicions by paying, a sharo of tiro interest out of the advances. He spent tho money on sporting and aviation enterprises, and had not seen a yard of silk for years.