ECHO OF A NOTORIOUS SWINDLE

Dominion, Volume 9, Issue 2705, 26 February 1916, Page 6

ECHO OF A NOTORIOUS SWINDLE

« DEATH OF JABEZ BALFOUR LIBERATOR BUILDING FUND FRAUDS \ By Telegraph—Press Association—Copyright London, February 24. Jabez Balfour, connected iviih the Liberator frauds, was found dead in the l<'ishguard Kxpress when it ro;iehed Newport, Jlonmouth. L'i'hc London and General Bank was established ill 1882, under the influence of Jubcz 13all'our, j.vl,l J . for Burnley. in connection with the Liberator Permanent Building Society, which was founded in 1868, and closely combined with the Land Allotment Company and several other companies, forming what was termed the "Balfour group." ?'his body, professing to have a capital <f£'7,O(JO,(XK), by means of prospectuses, false amounts, and balance-sheets, infracted thousands of shareholders c,nd depositors. Estates were purchased, speculation undertaken, dividends wore paid out of fictitious profits, and largo sums were absorbed by managing directors. The bank and companies failed in October, JBS)2, and official liquidators were appointed. An appeal was made for the poorer sufferers, and a couunitteo was appointed in December, iBS)2. A considerable sum was received and much relief was given to the sufferers. Balfour was accused of fraud,'but absconded; He was, however, arrested near Buenos Aires, and extradited. The total liabilities were £8,360,804, the supposed assets £3.033,151; there were 23,000 shareholders and 28,000 creditors. Balfour and four others were tried in duo course, and all convicted. Balfour was sentenced to 14 years' imprisonment in November, ] 800. Ho was released on April 14, I&U6.]