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...

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