LONDON FRAUDS

Hokitika Guardian, 3 December 1930, Page 3

LONDON FRAUDS

ON ASTOUNDING SCALE

mted Dress Association - By Fle< tr Telegraph.—Copyright. I

LONDON, December I

Four men were in the Guildhall dock, charged with a Stock Exchange fraud on an unparalleled scale, cop, ducted by means of the so-called “Broad Street Press Limited.” Herbers Spellen, aged 57, a journalist, Joseph Wise, diamond merchant, Frederick Newbury, aged 6b, a mining engineer, and Stanley Mon-r-rief, a clerk werq all associated in •the scheme. It was one involving the publication of a financial newspaper affording sound advice regarding the buying of .securities, but, later, the sending of canvassers, who persuaded speculators to invest their .money 1n bogus mining companies. In five months, between January mul June, one million six hundred thousand pounds passed into two banking account of the “Broad Street Press.” The prosecution stated that those who got most. rtf this money wore before the court. The evidence showed that one, H. Wise, received seven hundred and eighty nine thousand pounds from the “Broad Street Press.” Another man named. Klein, received two hunderd and nmetv eight thousand pounds.