Automaker Preston Tucker had known plenty of trouble, but none so serious as this. The Securities & Exchange Commission, which once before looked askance at the financial undercarriage of his snazzy, rear-engined automobile (TIME, July 7, 1947), was at him again. This time it took a dim view of his first annual report (deficit $5,651,208). The report, along with Tucker's stock registration statements, said SEC, "contained untrue statements of material facts and omitted to state material facts." SEC scrutinized everything from payments to officers to the very "nature of the business done and intended to be done."
Hard-pressed Preston Tucker had...
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