A federal court in Washington D.C. handed down a ruling that sent shockwaves through the financial world in 1923. In a case that exposed the complexities of wartime asset seizures, Justice Siddons of the District Supreme Court upheld the government’s right to retain profits made from the sale of seized securities. The decision came in a lawsuit filed by Helene A. Kny, executrix of the estate of Richard Kny, a native-born American who had his assets seized by the alien property custodian, Thomas W. Miller, in 1919. The government had confiscated a certificate for 2,000 shares of Richard Kny’s stock in the Richard Kny Company of New York and invested the proceeds, amounting to $5,898,000, in dividend-paying bonds.
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Key Facts
- State: National
- Category: Fraud & Financial Crimes
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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