HIGH FINANCE: Torpedo's Wake

As a promoter and would-be automaker, Preston Tucker had an easy explanation for almost all his troubles. Even when his company filed to reorganize under the bankruptcy laws, he glibly promised that everything would be all right. But he ran out of answers before a federal grand jury which called in 95 witnesses and collected 10,000 pages of testimony during a 3½-month investigation of the Tucker Corp.

Last week in Chicago the grand jury indicted Tucker and seven associates on 31 counts of mail fraud, conspiracy and violation of the securities laws.* Trading in Tucker stock, which had been floated at...

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