AN AUDACIOUS SWINDLE.

Temuka Leader, Issue 1084, 17 March 1883, Page 1

AN AUDACIOUS SWINDLE.

This seems to be the season for aadacious swindles, says a London paper. The young gentleman who assumed the role of a subaltern at the Guards’ Club, and, on the strength of his acting, obtained meals and cash for two cheques of £lO each* is outdone by one who lately made his debut at the Bank of England, and succeeded in pocketing the proceeds of several hundred pounds’ worth of Consols, of which not one six pence belonged to him. The modus operandi was ingenious, Calling upon a medical practioner in the north of London, he introduced himself as Mr A. 8., from India, and complained ol nervous dcpiession, owing to financial worries—not from want of money, oh dear no! but from a morbid fear o! making bad investments, The doctor naturally enough suggested that his patient should be advised by a respectable broker, and finally—the poor young man being a stranger in England—wrote the name of his own broker 01. the back of his card by way of introduction. Armed with this document, Mr A. B. appeared at the broker' office in the City and expressed his d< sire to sell out a certain sum in Consolthe i int'ini. 1 *JMro"f»<jlll' with which people can draw their di\ deiuls or effect transfers of stock at t! Bank of England is puzzling to ousiders. Beyond name and amount < i stock no questions are made. The fad is, however, that the claimant is ahva - accompanied by a broker, who is hel • responsible for the,identity of his diem. In other words, the Bank, in trail l action, deals only with the broker. J i this case, A. B, being duly vouched !'<•' as the holder of the stock .in the r - sumed name, the Consols were sold, 11. broker's commission was paid, and ll.r swindler walked away plus several hundred pounds in crisp bank notes < r shining sovereigns. The unfortona l broker is, of course, responsible for t loss to the real holder of the stock ; In. might not some better system be d vised to guard against the possibilit, of such frauds ? Even brokers are r infallible, and collusion between brol and swindler might lead to disastrous consequences.