BANK BROKEN
Bid FRAUDS IN (JRKMAXV
(United Proas Association—Bj Electric Telegraph—Copyright).
BERLIN, April <>
The plausibility of Itussieu re I'u gees :i.ii(l the credulity of the Bank’s directors has compelled the closing of the Rall'einsen Bank, whoso husinoss was tllat of tending money to farmers and to co-o.'oralive societies. One refugee* named Ouraltzelf, who is now in gaol, has defrauded the Bank of one million sterling, in the hope of credits, for which worthless securities were eschanged.
As instances of his methods, lie secured advances on the strength of goods jthat were in a warehouse in Berlin', and wy?re subsequon.tly removed. He also secured half a million sterling on commodities stored in Berlin. AVhon tlic* bank sent its own valuers to- appraise this security, they found that it was trivial and worthless. A few geips in a eashbox on wnich a Busdan -had been aHo to borrow lorty thonsaud sterling brought only £7SO when sold.
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Hokitika Guardian, 11 April 1929, Page 3
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154BANK BROKEN Hokitika Guardian, 11 April 1929, Page 3
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