CHEAP MONEY

Sun (Auckland), Volume III, Issue 913, 5 March 1930, Page 11

CHEAP MONEY

FOR SENTENCE ON TEN FRAUD CHARGES LOAN NEGOTIATIONS “I’ve had enough of him and I want justice,” declared a witness giving evidence against Thomas Henry Wise, who was convicted on ten counts of false pretences at the Police Court yesterday. The total amount involved was alleged to be £76 4s. Accused was remanded for sentence until tomorrow and the probation officer was instructed to prepare a report upon him.

Wise, who was described as a collector, aged 29, was represented by Mr. A. V. Kraer. He elected to be tried summarily and entered pleas of not guilty on all counts. Detective-Sergeant Kelly outlined the case for the prosecution. About IS months ago, he said, Wise had gone into business as the New Zealand Trust Executors Agency, Mortgage, Finance and General Investment Association, incorporating the New Zealand Building and Finance Association. His capital had been only £ 5 and he had advertised that he had £250,000 to lend at 5 per cent. He got quite a number of applications and filled in forms which the applicants signed. He then collected a fee for valuing though in some cases no valuer went out. He charged from £1 Is to £3O. When the applicants pressed for progress reports of their loans he stalled them off and finally told some of them that their security was not good enough and he could not raise the money. They then asked for their money back which accused had refused. Complaints to the police, had followed. There were many witnesses for the prosecution, and the case went on into the afternoon. Witnesses told the story of their dealings with accused. Wise, in evidence, stated that he had handled about 500 applications for loans In a third of which he had been successful. His business was conducted in good faith. Accused admitted having served a term of reformative detention for breaking and entering, but that was years ago. The question of whether the advertisements amounted only to “puffing” was one that had been judicially interpreted, commented Mr. F. K. Hunt. S.M. It was clear that there was a misrepresentation of fact in the statement that money was available at 5 per cent., since it had been proved that there was nothing to substantiate the statement. If there had been one or two complaints, there might have been room for doubt, but when there were ten instances he was not disposed to accept the good faith of accused. In representing to some clients that he was a financial agent he had again been fraudulent, for it was clear from the correspondence that he was the head of his trust association, and not its agent. The remand was made until tomorrow and an application for bail was refused.