Oil Swindle in Western New York Prompted Major Indictment
Post Office Department reports a large oil and gas lease fraud in western New York where four men bilked elderly victims of more than 200000. Leaders included Albert Sandrow and Joseph Schoenberger. five suspects arrested. The scheme used boiler room stock promotions to push valueless New Mexico leases and left victims tangled in partial payments and notes. Dates noted: November 4 11 18 1959.
MENTIONED IN THIS ARTICLE
New York
Rochester
Arthur E. Summerfield
Albert Sandrow
New York City
Joseph H. Schoenberger
Schoenberger
New York State
New Mexico
Confidence men con victims with oil leases and bait schemes
Postal Inspectors say a ring swindled about 330000 from 50 known victims over three years. Victims traded blue chip securities for oil leases priced at 20 to 50 cents per acre, while leases were worth far less, often under 100000. More bait and further losses followed as investigations expand nationwide.
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John B. Sullivan
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Lillian M. King
Richard W. Knight
Ardath Moore Knight
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