GIGANTIC FRAUDS

Hokitika Guardian, 25 June 1930, Page 5

GIGANTIC FRAUDS

BY STOCK BROKERS

Press Association—By Electric Telegraph.—Copyright.)

YANCOUYER, dune 23

A message from Calgary. Alberta, states:—l. \V. ('. Holloway, head of tlie firm of Holloway, .Mills, and Co.. Canada, was to-day. found guilty on four charges of conspiracy of deframl mg the public. He was sentenced to 4 months’ imprisonment, and was fined two hundred and twenty-four thousand dollars.

Harvey Mills, his partner, was sentenced to one month, and was fined twenty-five thousand dollars. The trial has lasted for sixteen days, and it Hollowed the investigation recently throughout the Dominion into the activities of several stockbroker firms.

VANCOUVER, June 24. , Regarding the Solloway-Mills fraud case, a Calgary message states that during the mining boom Solloways firm took three millions sterling monthly from the public by the purchase of stocks, nearly all were bought upon margin .Solloway was not called upon to deliver the certificates. He sold scores of different issues short, and then he encouraged a slump, when he bought them at twenty per cent, of their previous value. It is an open secret that Folioway has seven millions sterling sequestered m cash in United States Banks.