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- Title
RECENT CRIMINAL CASES.
- Abstract
This article discusses some recent criminal cases. Bernard K. Marcus and Saul Singer were charged with violation of N.Y. Penal Law sec. 305, for abstracting and misapplying funds of the Municipal Safe Deposit Company of which they were directors. Both defendants were also directors and officers of the Bank of United States which owned the stock of the safe deposit company. United States by $8,000,000 by the use of the bank's own money. The purchase of these equities by the deposit companies was not made directly, but by means of two dummy or "desk drawer corporations"--the Premier Development Corp. and the Bolivar Development Corp. The court in applying this penal statute to the instant case proceeded on the theory that if the defendants knowingly used the assets of the deposit companies "for other than corporate purposes of proper and legitimate investment," even though they had no intention of cheating or defrauding the companies, the statute had been violated. In other words Marcus and Singer subjected themselves to criminal liability by wilfully abstracting funds from the Municipal Safe Deposit Company, the actual abstracting being the loaning of money on questionable and over-rated real estate and the use of this money for purposes not those of the deposit companies.
- Subjects
UNITED States; CRIMINAL law; CRIMINAL liability; PREMIER Development Corp.; BOLIVAR Development Corp.; BANKING industry
- Publication
Journal of Criminal Law & Criminology (08852731), 1933, Vol 24, Issue 4, p774
- ISSN
0885-2731
- Publication type
Article