MONEY & BANKING: Fraud and Deceit

"Fraud and Deceit"

Growing mushrooms in a subterranean room on his Cleveland estate is the hobby of pudgy, sleepy-eyed Carmi Alderman Thompson, onetime Treasurer of the U. S. (1912-13) and currently president of Fidelity Investment Association. Old Financier Thompson may soon have more time for his mushrooms, for last week SEC asked a Federal judge in Detroit for injunctions whose effect might put Fidelity out of existence "as a fraud and deceit."

SEC has already jumped on nine other "thrift plans" this year, but mostly for minor offenses in their business of...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!