First Securities Of Chicago

I. Summary First Securities Company of lucre (Ernst & angstrom; Ernst v. Hochfelder et al.) Ladislas nay immigrated to Chicago from Hungary in 1921 at the age of 18. He come a job in the security business with a diminutive firm. The beside few years for nay instal himself arduous different jobs, and 2 failed marriages due to the Great Depression. In 1942 nay landed a permanent job with Ryan-Nichols & Company, a brokerage firm. Eventually nay went on to aver 90% of the companys outstanding common stock. In 1945 nay changed the name to First Securities Company of Chicago, and applied for social status on the Midwest Stock Exchange. Over the course of the next 20 years, nay formed a close beat with his clients. His clients in particular liked the fact that nay was a conservative identifyor. His senior(a) clients loved this. Nay offered many of his clients the opportunity to invest in a memory that he personally managed. This fund was non owned by First Securities, and no one at First Securities knew of its existence. When referencing the fund, Nay referred to it as the escrow syndicate. The mechanics of the fund were that Nay would loan funds to blue chip comp[anise that were in the pick out of cash, and these companies paid very favorable interest rates. Nay was big(p) his clients a return between 7 and 12 percent.

umteen of Nays associates, and widowed friends entrusted him with their money. In total 17 of nays friends entrusted him with substantial amounts of money. On the morning of June fourth 1968, Nay called in sick. He proceeded to get his shotgun, shoot his wife Elizabeth in the back k illing her. He then proceeded to go to the b! edroom, leave of absence a suicide visor, and took his life. News of the murder-suicide shocked his friends and family. They were sluice more shocked when they saw the contents of the suicide letter. The note showed that Nay admitted to stealing from his customers for over 30 years. The escrow syndicate did not exist. periodically Nay would mail his clients...If you want to get a respectable essay, order it on our website: BestEssayCheap.com

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