New Britain herald., 1924-05-28
Snelgrove, Domijan And Smith Said To Have Admitted Forging Notes, Using Money To Play Stock Mar ket.
Deputy Commissioner Says Institution and Deposi. tors Are Protected Against Loss by Bond.

E. R. Snelgrove and Victor Domijan, assistant treasurers, and Vincent Smith. discount clerk, all of the Commercial Trust company, were today taken into custody following a confession to having forged notes using dummy names, to the extent of between S50,000 and S60,000, the same being used to obtain money for cover ing shortages in the stock mar ket. The bank was victimized to this extent although it was publicly stated by officials of the company and L. E. Shippe, deputy state bank commissioner, that there would be no loss to the bank because of the fact that it is covered against loss of this character by a surety bond. The bank is perfectly solvent, despite the loss, because of the insurance.
 There has been a suspicion of unusual practices at the bank for some time and it was ex- plained this noon that the three finally decided to a full confes- sion of their method of obtain ing money. They had been, it is said, playing the stock market heavily and the recent recession proved too much for their re- sources. In an effort to recoup it is claimed, they did the usual thing, put the burden upon their bank, using the names of some customers and of people whose names they obtained from the telephone book on forged notes, replacing the money with these notes.
 State bank examiners and the local officials of the Commercial Trust got upon the trail of the forgeries and started to trace { h em down. whereupon the three suddenly decided to con fess.
 Following the verbal confess sion, made to one of the officers, it is understood that the trio went further into the details of their alleged plot today before state officials.
 The three mon were arrested on warrants issued by the local police charging embczzipmcnt and forgery.
 statement By Bank
 The Commercial Trust company is- sued inc following statement:
 May 2Sth, I924 ''To thc Press:
 Tine following statement is given out hr tht officers and directors Of inc Commercial Trust company, New Britain:
 ''The state banking department dur ing ihe course of it's annual audit Of This hank, which vas begun at the 'los" of business May igth. 1924, de- trct'd certain irregularities which led tn a minute investigation Of the hanks lgans. The officers and diree- tors were able to assist in detcrrnin- ing that certain forEefies had been committed, resulting in defalcations aEErcgatinE Ittwcen s5e. .0gg and ESQ., rHn. Fortunately the bank is fully covered by an indemnity bond Of sfoh. ono.
 "Mgssrs. E. F. Sacirrove. assistant treasurer. Victor bomijan. assistant treasurer. and Vincent smith. discount clerk. have roHfessed to these forger- irz These three employees we're. they admit working in roliusion and wers speCuiatius in the stock market. The recent deciine in the market had ue~eeeitafrH fHsir covering nnrHssiss Ias=es which was accomplished hy forging notes. which thpy confess.
 \ rigid examination has been made 1f aH thr departments of the bank by the state barking department and it can be definitely slated that the to- iai drfalcation uili not exceed the hE- ura given abote. and that ample pro- fcetfon against loss Is afforded by the surety bond"
 IbtpHiy Isank Commissioner
 ~tafrnIe4t
 Confirmation of Inc foregoing siats- ment uas made hy L. L. Shippes. feruiy state banking commissioner. in he foiiowing.
 To the Press.
 t'1 wish Co c8rrOhorate statement fust released hy the officers and dirse- .rTs uf tho Commercial Tr71sf rorn- psny. New Britain. Connecticut. This hank has just undergone I conplsts sxainiuation and Has found to bs in a sound and solvent condition.
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