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i tpp liiotip iiirpLnx INSuKANCt OFFICIALS INDICTEDAccused of Conspiracy in $1,702,-000 Fraud in Martgage HoldingsCHICAGO. April 26—(UP)—Nine officials of two collapsed life insurance companies here were under indictment today, acciised of conspiracy to perpetrate a $1,702,-000 fraud.Machir J. Dorsey, president of the Security Life Insurance Company, one of the firms involved, was among those indicted. He also was chairman of the board of the Northern States Life Insurance company, a firm operated by the Securities Life.Others indicted were Bertram Day. president of the Northern States company ami a director of the Security Life; John AY. Seids, a director of the Security Life; C. Edwin Johnson, vice president of the Security Life; Harry S. Tros-«el. Northern States treasurer aiul Security director; John S. Lee. an attorney; Harry IJuttig, Charles Surface and Edwin Holt.The indictments charged that mortgages of $1,702,000 were negotiated on 38 acres ot lake front land near Waukegan. Prosecutors alleged that value of the property does not exceed $150,000, Lee and Hut tig were said to h^ owners of the property.Bonds of $5,000 were fixed for each of the defendants.
Newspaper Details
Murphysboro Daily Independent
Murphysboro, Illinois, US
Wed, Apr 26, 1933
Page 1
Full Page
Clipped by
California S.
CA, USA 26 Dec 2017
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