FINANCIAL SCANDAL.
BIG FRAUD IN NEW YORK. By Telegraph.—Press Assn.— Copyright. Received June 9, 5.5 p.m. New York, June 8. One of the greatest financial scandals :n New York was revealed upon the conviction of the American cotton exchange on a charge of “bucketing” the exchange and not dealing in actual sales of cotton, but merely conducting a large gambling scheme, whereby the market quotations were used to defraud customers. Several individual members were convicted and imprisoned, and the exchange was fined five thousand dollars. Other members are awaiting trial. This is the first conviction for “bucketing” under a law passed 40 years ago. It was disclosed that the brokerage houses directly gambled against their customers, who lost hundreds of thousands of dollars. — Aus.-N.Z. Cable Assn.
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Taranaki Daily News, 10 June 1922, Page 5
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126FINANCIAL SCANDAL. Taranaki Daily News, 10 June 1922, Page 5
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