Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1908-12-24
RECEIvERsHIP PRAYED.
Tho Seminole Company in q Great
Tangle-Seems One of Three Com
bined Schemes to Defraud.

! 4Ao 6ou1uoie CViuPduJ III GIedt
Tangle-Seems One of Three Com
bined Schemes to Defraud.
The Columbia State of the 18th
says: "There has been so much talk
about the Seminole Securities COM
pany that number of people have
expressed an interest to see the char
ter of that company. In that connec-
tion there are two other companies
promoted by Mr. Jno. Y. Darlington.
The first of these, in point of timo,
| was the Carolina Agency company
The second was the Seminole Securi.
tics company and the last is the Blue
Ridge Investment company Mr.. Gar
lington had been State agent for tho
State Mutual Life of Rome, Ga, and
had made n remarkable record as n
selera of insurance. The Carolina
Agency company was organized TO
handle his renewals of premiums.
The original officers of the three
companies named were: J. Y. Gar
lington, presidents; J. s. Young, sec
reary. Mr.. Young is from Laurens
and is first cousin of Mr.. CARING
ton. However, there has been n
wholesale change in tho list Of ofli-
GERS of the Carolina Agency COM
pany."
The first of these was chartered
March %. 1907 second. Jan. Z, 1908.
and the third Nov 6, 1908. The OBJ
lects had many feature7 similar. j.
\. Darlington was the chief figure in
the three companies.
The general purpose of the Semi
mole corporation and the nature of
business it proposed to do was: "To
act as agent and manager for finan-
cial corporations and insurance COM
! panies of all kinds. and 10 buy, sell
and own stocks and bonds and other
securities of other corporations,
both domestic and foreign.
Motions with reference to the Sem
mole Securities company have been
made in the courts and there was Of
fetal action with reference TO the
Southern Life Insurance company,
which is now subsidiary corporation
of the Securities company.
The complaint is a caustic arraign-
mcnt, and if the charges can be sub
stantiated will reveal n sad state of
/ affairs. However, most of the allie
: cations are based upon "information
and belief" and NAV not be credited
for the full face value of the accusa-
/ tions until the refense gets its turn
before Judge Watts, before whom one
of the complaints was made.
| q Al
pecting good men were secured &c
give tone TO the enterprise and solic-
iting agents used these names for all
they were worth.
After describing the offices and du-
/ ties fthe several defendants, the
complaint says: "Plaintiffs now be-
lieve, and on information and belief
nllege, that the real purpose Of the
| appointment of said trustees was to
lond tone, standing and credit to the
scheme of tho managing officers of
the said defendant company. and in
fluence the unsuspecting public to be-
come subscribers to its capital stock. +"
1t is further alleged that the char
ter itself was obtained fraudulentlv,
"upon false and fraudulent certifi-
Gates" Of the oorporators "procur-
ed' bv the said j. y. Darlington, and
that if 90 per cent of the stock was
subscribed, as is required to get a
charter, it was done fctitiously, and
20 per cent had not been paid in un-
less it had beer paid in bv the pre-
tensive services of the said CARING
, ton.
The plaintiffs allege that such ros-
cate prospects were held out that
stocks in The company were sold
above pnr and premiums for insu-
rance were paid in advance Of poll.
cies which were not issued accord
Ing TO promise. Notes were accepted
and these notes dicountcd ut the
banks at as much as DO per ctn.
! The company is alleged to be in
solvent and the records removed from
the State Of South Carolina. The
plaintiffs pray the court to enioin
certain banks from paying out sums
to the credit Of the company.
Darlington, the chief figure, claims
readiness to fight out the matter in
the courts.