FINANCIAL SHARKS’ HAUL.

Hokitika Guardian, 8 April 1926, Page 1

FINANCIAL SHARKS’ HAUL.

LONDON, Jan. 2G. City men .estimate that at a. conservative figure tho sum uliieh lias beer, filched from the confiding British public by lianancial sharks in the last year or two ilannot be less than £1,50,001). A. large portion of this sum has found its way across the Atlantic as a tribute to tho enterprising methods of American swindlers, but, as the ease of the Mamlovilie Brothers testipublic by financial sharks in the last behiud-hand in taking their toll, in spite of reiterated warnings to the public. When reputable stockbrokers are asked to explain the gullibility of tho public they smile sadly. One said: It is the old story of the weaknesses which people have for getting something for nothing. AN hen sonic templing enterprise is dangled before them day after day they succumb to the desire to try their fortune. The rogue has the field to himself. A member of the Stock Bxchange may not advertise even his name and address, but there is no check on the unscrupulous advertising methods oT sharps. There are tens of thousands of people who do not know the name ol a Stock. exchange broker with whom to deal innd do not realise that their bankers can serve them. There is no limit to the enterprise ami ingenuity of fraudulent share brokers. Afany make ,an imposing office display, and spend thousands of pounds in advertising and circularising. They are astute enough, as a rule, to keep within the strict letter of ttie law. AVhcu they transgress, those wiio have becif'fleeccd are not disposed to undertake the risk of prosecution or to appear as a witness and so expose their credulity. This explains why so many bogus concerns are aide to llouri-h for so long. ‘•There are still a number of bucket, shops and bogus concerns operating in the City to-day," said a City financier, ‘•but for tiie most part they are small