WILD SPECULATION

Rotorua Morning Post, Volume 1, Issue 24, 21 September 1931, Page 5

WILD SPECULATION

TRUSTED MANAGER EMBEZZLED £400,000 - DOUBLE PERSONALITY

CHICAGO. [ Auditors who are investigating spe1 culations by Walter Wolf, manager of the coupon department of the Continental Illinois Bank and Trust Co., report that his total losses exceed £400,000. This is the greatest amount of stolen money lost by any individual in the history of American crime. The most amazing thing is that "Wolf has not profited a single penny by his embezzlements. He lived frugally on a salary of £15 a week. Thirteen years ago he bought shares on margin. A broker called on him for payment. He had all but £100. Wolf took securities to make up this amount, but lost; then kept stealing more and more. He kept promising himself that with his first coup he would pay back everything and quit stealing, but was never able to catch up. Jekyll and Hyde. Finally he operated accounts in 20 : different names, and hardly ever ; made a winning. "I long ago began conducting my life as two well-defined financial personalities," he said. "On one hand - I was a wild speculator, risking thousands on a turn of the market. "At the same time I watched every cent of my personal and family ac- ! counts, and kept things absolutely separate. As manager of the bank's coupon 1 department, Wolf handled in a ■ friendly way accounts and invest- ; ments for hundreds of customers, : who trusted him implicitly.