A FRAUDULENT DIRECTOR

Taranaki Daily News, Volume LV, Issue 263, 29 March 1913, Page 10

A FRAUDULENT DIRECTOR

NESTOK WILMART. Nestor Wilmart, the Belgian railway director, who was recently reported to have been arrested at Rheims for defrauding the railways of from £1,500,000 to £2,500,000. appears to have earned a place among the great swindlers of history. Wilmart dazzled Brussels society for fifteen years by his prodigal display of wealth,' and it was not until October that suspicion was thrown upon his honesty and solvency by the accidental discovery of some forged railway bonds. The shareholders of the railway company which he controlled had authorised the issue of 15.000 bonds of about Ciono each. Wilmart added 50,000 to the number and deposited his forgeries in various French and Belgian banks as securities for loans. Tt was the sale of a parcel of these worthless papers that revealed the duplication and caused enquiries to be made. Even then Wilmart allayed the suspicions of the authorities by calling in person to explain that a printer had made a stupid blunder. The police apologised for the inconvenience which their tentative investigation had caused him. and he left their presence with the air of a much-wronged man. Wilmart miyht have been safe for nilother fifteen years if he had not continued to spend money in lavish fashion. The secret of Wilmarl.'s success seems to have 1.-iiii in his winning personality. Tie was taken on trust by hundreds of hard-headed business men who under ordinary circumstances would have wondered whv the railwav company wanted to raise such enormous sums of money and where the director secured the funds which be spent so freely.