In a scathing verdict, Superior Judge John W Kern brought the hammer down on a group of absentee officials operating out of Chicago, who had been bleeding Indianapolis’s Trustees System dry through their gross mismanagement. The verdict, delivered on November 22, 1933, upheld the reorganization plan proposed by a committee of gold note holders and preferred stockholders, which aimed to put an end to the chaos and restore the company’s finances. But it was a case of too little, too late – the damage had already been done.
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Key Facts
- State: Indiana
- Category: Fraud & Financial Crimes
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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