THE AUCKLAND SHAREBROKING SCANDALS.

Gisborne Times, Volume XXX, Issue 3462, 29 February 1912, Page 2

THE AUCKLAND SHAREBROKING SCANDALS.

A RECKLESS BROKER. [per press association.] AUCKLAND, Feb. 28. " At the Supreme Court, James Scott Lennox, sharebroker, pleaded guilty to a charge of rash and hazardous speculation, which brought about his bankruptcy. Counsel for accused urged that the over-selling of shares by Lennox was in accordance with the practice obtaining all over the world. Judge Chapman said it was a form of gambling in which a man was legally at to judge as to taking certain risks. This was one of the risks, finding himself in •Court in a case of bankruptcy. A sentence of two months’ imprisonment was imposed. In sentencing Lennox, the judge said he did not think it necessary to inflict a long term of punishment, because lie recognised that accused was not charged with a fraudulent, but with a. reckless action. He also recognised this had been hanging over him for some time, and prevented him securing employment ills certain channels. As to the practice of over-selling shares, it was about time something was done to stop it. It was for the Government to suggest to Parliament what steps were necessary. He imposed a sentence of two months’ without hard labor.