"Private drawings irrespective of salary," amounted to $92,000, and other expenditures, considered "most ly personal," totalled $42,000.
The receiver stated that from September 1, 1990, the debtor carried Jon his business without. capital Jany description, and the firm appear-[ed insolvent from that date.
"The debtor," he said, "had been Jable to finance his various losses and excessive personal drawings, first lby pawning to banks securities held lby him in safe custody on. behalf of his clients. He later—commenced [selling certain of these securities.
"He had also received deposits of leash from his clients which were merged into the business, and used ito reduce the bank overdraft. He Jalso sold shares for clients and by various means, delayed payments {for long periods."
'The clients' securities in safe custody, disposed of by the debtor, Jamounted to $85,000. Loss by depositors on securities, used by the debtor las security for overdrafts, amounted $82,000, and clients' securities sold, but payment of proceeds held up, totatted $4,000.
Text read from the printed page and cleaned; old type leaves the occasional error.