Edward M. Fuller & Company
Company type | Stockbroking |
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Edward M. Fuller & Company was a prominent
History
Founding and new branches
The New York City brokerage firm Edward M. Fuller & Company was founded in 1914.[1] The firm joined as a member of the Consolidated Stock Exchange of New York in February 1918,[2] and remained listed as of 1922.[3] By 1922, it was the largest brokerage house on the Consolidated Exchange, with only two members of the firm: Edward M. Fuller and W. F. McGee. There were two offices in New York, one uptown and one at 50 Broad Street.[1] By late June 1922, it had successful branches in Chicago, Boston, Cleveland, Pittsburgh, and Uniontown, Pennsylvania. The firm had the accounts of 1,500 to 1,800 people, with 2,100 customers in Chicago.[1] As of June 1922, Edward M. Fuller's office remained at 50 Broad Street. That month, a woman was given a suspended sentence for threatening Fuller with a non-existent gun at his office over an alleged agreement between her, the brokerage, and Arnold Rothstein.[4]
Bankruptcy
In February 1922 all trading records at the Consolidated Stock Exchange were broken after months of good business. Later that month, however, several brokerages and firms within the exchange failed "without warning," shocking the industry.[3] In mid-July a new series of unexpected failures occurred at Consolidated, including Edward M. Fuller & Company,[3] which failed on June 27, 1922[1] for $6,000,000.[5] In the bankruptcy petition filed in the U.S. District Court in New York, assets were estimated at $250,000 and liabilities at $500,000. The New York Times, however, reported that the Chicago outlook was that there were negligible assets to offset the customer claims totaling $1,250,000. Hays, St. John & Moore of 43 Exchange Place were hired as attorneys for the firm.[1][6]
On June 27, 1922, the firm was suspended from the Consolidated Exchange, with Consolidated president
Fuller bankruptcy case
On August 2, 1922, District Attorney Banton was denied access to the books of E. M. Fuller Co. to use in pursuing a case against the firm.[7] Albert Ottinger began working on an investigation into the Fuller bankruptcy in December 1922 out of the Anti-Fraud Bureau in New York.[3] The Ottinger investigation began in late May.[3][2]
In mid June 1923, Edward M. Fuller pled guilty to bucketing customers orders. He appeared on June 18, 1923 before Coffin to "reveal the methods of his firm" and the names of his superiors, and the superiors of his partner W. Frank McGee.
References
- ^ a b c d e f g h "E.M. Fuller & Co. Fail". The New York Times. New York City, New York. June 28, 1922. Retrieved April 18, 2017.
- ^ a b "REPORTS ON FULLER TO EXCHANGE LOST; Made when Broker Now in Jail Applied for Membership in the Consolidated. (Published 1923)". The New York Times. 22 May 1923.
- ^ ISBN 9781893122482.
- ^ "Mercy for Unruly Woman; Miss Black Gets Suspended Sentence for Annoying Broker". The New York Times. June 16, 1922. Retrieved May 29, 2017.
- ^ a b "HINT OUTSIDERS GOT FULLer's MILLIONS; Creditors' Attorney Calls on Federal and County Prosecutors to Investigate". The New York Times. 28 June 1923.
- ^ "Bankruptcy Attorney Guide". Saturday, April 18, 2020
- ^ "Court Denies Banton Use of Fuller Books; Stipulation Made by Brokers When They Failed Upheld by Judge Hand". The New York Times. August 3, 1922. Retrieved May 29, 2017.
- ^ "Silkworth, Target of Censure, to Quite the Consolidated. New Exchange Committee May Demand President's Immediate Resignation". The New York Times. June 7, 1923. pp. 1, 2. Retrieved March 4, 2017.
- ^ "FULLER TO REVEAL 'HIGHER-UPS' TODAY; Bucket Shop Disclosures Expected if Broker is Well Enough to Leave Jail". The New York Times. 18 June 1923.
- ^ "FULLER AND M'GEE GO TO PRISON TODAY; Judge Refuses Appeal for a Further Stay of Sentence Imposed Four Years Ago. BANTON URGES ACTION Says Brokers Won Immunity in Other Cases -- Term in Sing Sing Is From 15 Months to 4 Years". The New York Times. June 7, 1927. Retrieved May 25, 2017.
- ^ "Fuller and McGee Win Sing Sing Paroles; Served Year for $4,000,000 Bucketing Frauds". The New York Times. June 1, 1928. Retrieved May 25, 2017.
- ^ "TO BAR FULLER AND McGEE.; Division of Licenses Reported Averse to Them as Realty Brokers". The New York Times. June 18, 1928. Retrieved May 25, 2017.