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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 13, 1920
Page
4
Fitchburg reports ten arrests in recent days for violations of the Volstead act and illegal liquor keeping as police intensify efforts to stamp out illicit liquor traffic.
State Treasurer Burrell disclosed to Governor Coolidge that the Hanover Trust Company held $125,000 in state funds. Bank Commissioner Allen warned stockholders face 100 percent liability if needed to protect depositors as capital is viewed as badly impaired or wiped out.
Stockholders of Hanover Trust Company and similar corporations face personal liability for the company’s debts equal to the par value of their shares, plus their original investment. The text cites Section 30 of Chapter 116 and Sections 60 to 68 of Chapter 110, detailing preference provisions, four month periods before petition, voidable transfers, and the rights of trustees to reclaim property for creditors. It explains knowledge standards for voidable preferences and notes that subsequent good faith credit can be set off against the value recoverable from a preferred creditor.
A somber crowd of Ponzi noteholders flocked to the Attorney General’s office to report their losses. Women of all ages described lifetime savings given to Ponzi and many still held faint hope of recovery despite arrests.
Court ruling under the Bankruptcy Act orders full repayment of funds to creditors. The decision specifies the debtor must return both the principal and accrued interest within a defined period.
Fitchburg officials estimate residents were swindled of ten thousand dollars by the Ponzi operation led by Perry Illingworth, though the local agent will not be prosecuted. Police Chief David W. Tinsley attributes the failure to Ponzi’s charisma and insistence on high returns.
Morris Rudnick, longtime Roxbury real estate broker and senior partner of Morris and A. I. Rudnick Company, posted bail of 25 000 yesterday afternoon in connection with a Ponzi scheme case. He is a veteran in local real estate and contracting circles with offices at 40 Court Street and residence at 116 Homestead Street.
Mr Illingworth ran his affairs from home and refused to disclose business extent in the city. Only a few investors spoke Italian, per Frank Robino, a banker representative. Robino warned customers after reading about Ponzi to beware of “Palling for Ponzi.”
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