235:
Silkworth had provided the firm's bucketing operations with the protection of
Consolidated. The Judge ruled against the motion raised by defendants, which was that bucketing did not have a Federal statute against it at the time, and ruled in favor of McCoy on February 1, 1926 with the November conviction upheld. Silkworth served three months of a year sentence in 1926, with other brokers also serving time.
189:. Firm members included D. C. Raynor, E. H. Truesdell, and B. J. Nicholas. The firm soon ran into financial difficulties. In November 1923 at the bankruptcy hearing, speculator Louis B. Appleton told that he and his brother Charles put up $ 50,000 before the failure as an advance to the firm, to help keep it afloat.
192:
The firm failed on April 29, 1922. In
October 1923, testimony about the firm revealed that it failed in April 1922 for $ 4,000,000, and that the committee of the Consolidated Exchange had been aware of its failing condition six weeks before that. The failure amount was in 1924 reported as "more than
234:
relating to his brokerage and Raynor, Nicholas and
Truesdell in 1922. During the appeal process, McCoy gave testimony before the Circuit Court of Appeals that Raynor, Nicholas & Truesdell had engaged in extensive bucketing operations since its founding late 1920. McCoy further testified that
206:. He was still missing by July 1923, when he should have surrendered for his arrest. On January 23, 1924, it was revealed after an examination of the books that Raynor, Nicholas Truesdell owed $ 1,250,000 to be divided among 2,500 customers, and had $ 80,000 in assets. That day, several
214:
and surrendered himself, disclaiming any voluntary violation of the law. On
November 6, 1924, De Witt C. Raynor pleaded guilty before a federal judge on charges of conspiracy and using the mails to defraud. Other co-defendants at the time included
201:
In
December 1923, De Witt C. Raynor was indicted by the Federal Grand Jury in connection with the failure, after testifying that May. When the hearing resumed the following June, he had disappeared, failing to answer to a
333:"Silkworth Loses; Conviction Stands; Sentence of Former President of Consolidated Exchange for Fraud Is Affirmed. Ruling Covers 5 Others Found Guilty of Bucketing -- Sixth Defendant Decided to Serve Term In Prison"
389:"Speculator Tells of Loan to Brokers; Louis B. Appleton Says He and His Brother Put Up $ 50,000 BEFORE $ 4,000,000 FAILURE Advance to Raynor, Nicholas & Truesdell Arranged at "Sumptuous" Delmonico Lunch"
170:
The brokerage firm was founded in 1920 in New York. According to records, as early as
November 21, 1921, Consolidated had discussed the firm's methods, as it was known for
566:
210:
were called in to testify on their dealings with the firm's check history. On
February 1, 1924, De Witt Raynor walked into the office of the United States Marshal in
477:
360:
388:
416:
449:
299:
186:
223:
of
Consolidated, Blaine J. Nicholas and Earl H. Truesdell, and several others including Peter Owens, office manager of the Raynor firm. Lawyer
505:
332:
272:
532:
153:, before failing on April 29, 1922. The failure resulted in a highly publicized lawsuit over whether the firm committed mail fraud and
533:"Silkworth Quits Jail; May Become Realtors; Broker Says 'Persecution' for His Advocacy of Strauss Bill Caused Imprisonment"
244:
417:"Insolvent Brokers Allowed to Go On; Condition of Raynor, Nicholas & Truesdell Reported to Consolidated Before Crash"
216:
150:
300:"Raynor Has $ 80,000 And Owes $ 1,250,000; Small Pickings Left for 2,500 Customers of the Failed Consolidated Firm"
154:
450:"Raynor Surrenders on Fraud Charges; New York Broker Involved in $ 2,000,000 Failure Gives Self Up in New Orleans"
361:"RRaynor Firm Asked Time to Recover; Partner, on Stand, Admits That It Was Not Possible to Save Brokerage House"
478:"Raynor is Guilty; Silkworth Fights; Broker, Whose Plea Is Accepted, May Become a Witness for the Government"
230:
On
November 29, 1924, Silkworth and five others also found guilty of bucketing, with Silkworth convicted of
182:
94:
178:
146:
90:
220:
537:
510:
482:
454:
421:
393:
365:
337:
304:
38:
130:
560:
142:
109:
103:
506:"Silkworth Again Held; Former Head of Consolidated Ex- change Accused in Theft."
249:
224:
207:
231:
171:
98:
79:
28:
203:
369:. The New York Times, New York City, United States. November 18, 1924
211:
486:. The New York Times, New York City, United States. November 7, 1924
458:. The New York Times, New York City, United States. February 2, 1924
425:. The New York Times, New York City, United States. October 10, 1923
397:. The New York Times, New York City, United States. November 2, 1923
308:. The New York Times, New York City, United States. January 23, 1924
541:. New York City, New York. September 7, 1926. p. 6
126:
116:
85:
74:
59:
44:
34:
24:
444:
442:
440:
122:D. C. Raynor, E. H. Truesdell, B. J. Nicholas
16:Controversial brokerage of 1920s New York, US
8:
327:
325:
323:
267:
265:
19:
341:. New York City, New York. February 2, 1926
294:
292:
290:
18:
514:, New York City, p. 13, May 18, 1933
567:Bankrupt companies of the United States
261:
187:Consolidated Stock Exchange of New York
78:Failed in 1922, partners indicted for
149:in the 1920s. It was a member of the
7:
14:
139:Raynor, Nicholas & Truesdell
20:Raynor, Nicholas & Truesdell
177:As of 1922, it was based at 42
245:Edward M. Fuller & Company
1:
197:Bucketing and fraud charges
151:Consolidated Stock Exchange
583:
185:, and were members of the
63:March 29, 1922
166:Founding and failure
145:brokerage based on
21:
538:The New York Times
511:The New York Times
483:The New York Times
455:The New York Times
422:The New York Times
394:The New York Times
366:The New York Times
338:The New York Times
305:The New York Times
39:Financial services
217:William Silkworth
136:
135:
574:
551:
550:
548:
546:
529:
523:
522:
521:
519:
502:
496:
495:
493:
491:
474:
468:
467:
465:
463:
446:
435:
434:
432:
430:
413:
407:
406:
404:
402:
385:
379:
378:
376:
374:
357:
351:
350:
348:
346:
329:
318:
317:
315:
313:
296:
285:
284:
282:
280:
269:
227:was prosecutor.
157:before failing.
70:
68:
55:
53:
22:
582:
581:
577:
576:
575:
573:
572:
571:
557:
556:
555:
554:
544:
542:
531:
530:
526:
517:
515:
504:
503:
499:
489:
487:
476:
475:
471:
461:
459:
448:
447:
438:
428:
426:
415:
414:
410:
400:
398:
387:
386:
382:
372:
370:
359:
358:
354:
344:
342:
331:
330:
321:
311:
309:
298:
297:
288:
278:
276:
271:
270:
263:
258:
241:
199:
168:
163:
119:
112:
106:
66:
64:
51:
49:
17:
12:
11:
5:
580:
578:
570:
569:
559:
558:
553:
552:
524:
497:
469:
436:
408:
380:
352:
319:
286:
260:
259:
257:
254:
253:
252:
247:
240:
237:
221:Louis Gilbough
198:
195:
193:$ 2,000,000."
167:
164:
162:
159:
134:
133:
131:Stockbrokerage
128:
124:
123:
120:
117:
114:
113:
108:
102:
87:
83:
82:
76:
72:
71:
61:
57:
56:
46:
42:
41:
36:
32:
31:
26:
15:
13:
10:
9:
6:
4:
3:
2:
579:
568:
565:
564:
562:
540:
539:
534:
528:
525:
513:
512:
507:
501:
498:
485:
484:
479:
473:
470:
457:
456:
451:
445:
443:
441:
437:
424:
423:
418:
412:
409:
396:
395:
390:
384:
381:
368:
367:
362:
356:
353:
340:
339:
334:
328:
326:
324:
320:
307:
306:
301:
295:
293:
291:
287:
274:
268:
266:
262:
255:
251:
248:
246:
243:
242:
238:
236:
233:
228:
226:
222:
218:
213:
209:
205:
196:
194:
190:
188:
184:
180:
175:
173:
165:
160:
158:
156:
152:
148:
144:
140:
132:
129:
125:
121:
115:
111:
110:United States
105:
104:New York City
100:
96:
92:
88:
84:
81:
77:
73:
62:
58:
47:
43:
40:
37:
33:
30:
27:
23:
543:. Retrieved
536:
527:
518:February 13,
516:, retrieved
509:
500:
488:. Retrieved
481:
472:
460:. Retrieved
453:
427:. Retrieved
420:
411:
399:. Retrieved
392:
383:
371:. Retrieved
364:
355:
343:. Retrieved
336:
310:. Retrieved
303:
277:. Retrieved
229:
208:curb brokers
200:
191:
181:and 30 East
176:
169:
138:
137:
86:Headquarters
25:Company type
250:Fuller case
225:Peter McCoy
183:42nd Street
95:42nd Street
256:References
232:mail fraud
118:Key people
93:and 30 E.
67:1922-03-29
545:April 12,
490:March 10,
462:March 10,
429:March 10,
401:March 10,
373:March 10,
345:April 12,
312:March 10,
279:March 10,
273:"Brokers"
172:bucketing
155:bucketing
99:Manhattan
80:bucketing
29:Brokerage
561:Category
239:See also
204:subpoena
179:Broadway
147:Broadway
143:New York
127:Products
91:Broadway
35:Industry
161:History
65: (
60:Defunct
50: (
45:Founded
275:. 1922
212:Havana
141:was a
547:2017
520:2017
492:2018
464:2018
431:2018
403:2018
375:2018
347:2017
314:2018
281:2018
75:Fate
52:1920
48:1920
89:42
563::
535:.
508:,
480:.
452:.
439:^
419:.
391:.
363:.
335:.
322:^
302:.
289:^
264:^
219:,
174:.
107:,
101:,
97:,
549:.
494:.
466:.
433:.
405:.
377:.
349:.
316:.
283:.
69:)
54:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.