AN ENGINEER’S FRAUD

Shannon News, 30 November 1926, Page 2

AN ENGINEER’S FRAUD

MAN OF MANY SECRETARIES. ONE WAY OF RAISING CAPITAL. The fact of having 178 secretaries might be supposed to be a mark - of distinction in the world of business, but it has led to Grimaud, a civil engineer and inventor in France, being arrested on a charge of ' fraud. Some time ago Grimaud established himself in an office in Paris, where he proposed to organise the exploitation of patents for a new carburetter, synthetic petrol and telephotography. Grimaud then advertised for a confidential secretary at a salary of 2000 francs a month, plus a certain percentage of profits, a condition of the engagement being, however, that the secretary must deposit 20,000 or 30,000 francs as security. The trouble appears to be that Grimaud eventually engaged 178 secretaries on these terms ,and thus had about 4,000,000 francs placed at his disposal. The secretaries found that for the time being they had nothing whatever to do, not even being required to attend at the office, and in a very short time they discovered to what a large staff they belonged. Their salaries called . for a payment of about 25,000 .francs a month, and it was when this money was not promptly forthcoming that the secretaries organised an association for the protection of their interests. After discussing the position, it was decided that the best plan was to give their employer time to realise some of his schemes, so that they would not only safeguard their own capital, but share in the profits, but one secretary objected and reported the affair to the police. A search of Grimaud’s offices produced the sum or only 15 francs.