Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-15

was able to tide himself over 70. briel
period.
For fully five months before he con
fessed, Sipe schemed night and oay t.
replace the funds in the banks Ev denct
has been obtained by the State showi ne
the check kiting system by which Sips
concealed his use Of the trust funds.
BOOKS IN GOOD
CONDITION.
In connection with Sipe's cont. ssec
EN- mbczzlement is the outstanding fac
that the reports of the field examiner:
Of the State board of accounts show
that Sipe's books and records wer,
satisfactorily kept. 1t is indicated in the
indictment that evidence Of shortages
was not revealed in his books, but II
the amount Of money in various banks
A system OF transferring sums o.
money from one bank TO another per
mitted Sipe to default, although his
records looked straight. For nearly
three years, Sipe freely used county
money TO the extend Of thousands OF
dollars at a time.
sIPE EASY
PICKING.
Sipe apparently was considered easy
picking. by certain stock statesmen. 4
partial list Of his stock purchases fol
low:
About s6,5A0 worth of stock in the
Celery Yesce Company and the Van
Eriggle Chemical Company.
About $500 in the Universal Air
Compressor Company.
Approximately 5000 worth of stock
in the Franklin stores.
approximately sIi..5O in the Indi-
annapolis Securities Company.
Thousands of dollars worth Of
other stocks were purchased in small
amounts.
Sipe also loaned" money to
friends" without security
Norman Zoiezzi, who, according TO Sipe
interested him in the Hoosier Stack and
Construction Company, succeeded in get
ting approximately $4,000 In loans" on
notes. One note for 81. $50 Of the Hoosiel
Stack and Construction Company. is now
in the hands of John F. Robbins who
was appointed receiver for funds in Sipe'.
possession and due him.
While appearing on the witness stand
during the hearing on a petition OF a
receiver. Sipe admitted that he loaned the
Pivot City Realty Company about $500
The State has checked up and accounted
for approximately $4,000 of Sipe',
shortage by Investigating checks ISSUED
by Sipe as county clerk. Many of these
transactions have never been made pub.
lie. Many who have borrowed" from
Sipe have since returned he money 10 the
receiver
Sipe was an easy victim Of rnOochers'
who hang around tho courthouse under
the guise Of being political workers
Sipe it Is said three days before he ad
mitted his large losses. was freely "oilIng
the palms" Of political hangerson.
Sipe said he did not real 'za he was SC
hOpelessly defaulting until November Of
last year. He then realized that he would
be unable to cover up his mounting
losses. Yet It was not until Feb y that
SiDe told officials Of his embezzlement OF
public funds.
The prosecutor is Of the opinion that
with he bond, the money recovered ana
the certificates of stock turned over 10 the
receiver, the county viii not lose any
money.
County Clerk George Y. Coffin. whc
was appointed to succeed Sipe. stated
petite likely would be fled in superior
Court, ION 1, asking that the receiver
be instructed TO turn over certain sums
IF money to the present clerk so he car
pay claims Of parties in support cases.
II is believed Sipe viii enter a plea oi
guilty to at least one charge as he has
often declared while in Jail that b. was
ready TO begin serving his prison sen
tence