New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-25
Belts PLEADS GUILTY
TO REALTY SW|NO[E
Former Connecticut State OffI-
CiaI Got $4,000 from
Fellow Workers.
BOOTBLACK AMONG VICTIMS
Head of Pretended Syndicate in
Insurance Office Changes
Plea After Brief Talk
with Clergyman.

Frederick A. Belts. formerly insurance
commissioner of Connecticut, who is said
10 have frauduenty obtained almost
Sl5c, go from fellow employees in the Metro
poitan Life Insurance Company. pleaded
guilty To grand larceny Yesterday before
Justice Seabury in the Criminal Brancn
of the Supreme Court. His plea was
made after brief consultation with the
Rev Addison Moore. formerly assistant
pastor of the Fifth Avenue Baptist
Church. which Belts attended. but not
until James O'Malley. the Assistant Dis
trct Attorney prosecuting, had got well
into his case.
Belts. until November. 1910. was AN as
sistant secretary of the Metropolitan Life
Insurance Company Dozens of persons
connected with the company were found
To have suffered by the confidence they
placed i'm MIN because OF his official posi-
ton. Belts pretended he was engaged in
syndicatins real estate. II was an eX-
coptional opportunity. he said. 10 make
paying investment. and he would extend
it only to employees Of the Metropolitan.
To some he even said that Frederick "A.
r.
act as treasurer of his syndicate. Almost
every one he approached was willing TO
chance from 600 to 5000 in the scheme.
Belts made three exceptions 10 his rule
that only employees of the life insurance
company were to be admitted He ac-
cepted small amount from the boot
black i'm the Metropolitan Building, $50
in cash from Francis Byrne. the barber
in the building. and S2.c1 from Mrs. Mary
H. Draxe. OF No 1852 Riggs Place. Wash
ngton. the widow of IN old friend and
former Insurance commissioner. In each
case ne asked the person To whom he eX-
tended this exceptional favor to treat the
information - confidential. because there
was already jealousy i'm the Office. and he
feared feeling would run nigh II it became
known that he was admitting outsiders.
The Indictment 10 which he pleaded
guilty charged Linn with the theft Of
g. 90 from Guy " Cox. Of the firm of
Butler. COX. Bacon & Murchic. Boston
attorneys for the Metropolitan Lite In
surance COMPANY. Mr. Cox got a promis-
sorry note FOR $3.50 signed by Belts rs
trustee" but he was never able To Sct
any OF his cash back. nor did h" get any
satisfactory explanation from Belts as 10
tho exact nature OF his syndicate plans.
Belts represented 20 Mir cox that IT was
property on Fourth avenue which he was
syndicating In other instances the prop
cr,v was lin the West" but tho plans
were always thc same-yague and allur-
Ing
After several months OF activity. which
is said 10 have Melted him almost $500.
Belts fcll under suspicion. and his I'M
ploycrs started an investigation. While
II was under way Belts resigned. He vas
readily found however. when two indiet-
meuts were handed up against him.
Mr.. O'Mallcy had dozen men in court
yesterday who We're ready To take the
stand ana til - the promises Belts had
made them and the money thcy had lost
by trusting TO them.
After Botts had pleaded guilty and gone
10 the Tombs. 10 stay until next Monday,
when he Will bc sentenced. "a young wom-
an came into the Criminal Branch Of
the supreme Court and asked william
Penny. clerk OF the court. il Mr.. Belts
had been called TO trial yet. When she
Was told that he had pleaded guilty and
was In the Tomts. tears came to her eyes.
"Iic is my father" -h, said
She went 10 the Tomhs To soc him. but
was told il was after visiting hours. and
She would have to return H. the morning.
Belts is hfty-,hrce years old. and gave
hts residence AZ No 81 West 9th street