Fraudulent Conversion

DOI10.1177/0032258X3100400306
Published date01 July 1931
Date01 July 1931
AuthorJohn Stevenson
Subject MatterArticle
Fraudulent Conversion
A
NEW
ASPECT
OF
PREVENTION
AND
DETECTION
By
JOHN
STEVENSON
Of
Gray's
Inn
and
the South-Eastern Circuit, Barrister-at-Law ;
Fellow, Incorporated Secretaries' Association;
General Secretary, Incorporated Auctioneers
and
Landed
Property
Agents.
THAT ' Prevention is better than
cure'
is an old but very
true saying. During the past year there have been signs
of the legislature awaking to realization of the necessity, in the
general public interest, to make one of the most prevalent
crimes, fraudulent conversion, less easy of accomplishment.
Particularly has interest been shown in the solicitors and estate
agents professions, and Bills are now before Parliament (or in
draft) designed to secure greater protection to the large body
of lay clients who place trust money in the care of members
of those professions.
In
addition, the New Year crop
of'
Slate
Club'
tares has
been accompanied by more than usual publicity, with the
result that more efficient control of such concerns may also
materialize in the reasonably near future.
WORDING OF THE STATUTE
By Section 20 (I) of the Larceny Act,
1916,
it is provided
that every person who
(i) being entrusted either solely or jointly with any other
person with any power of attorney for the sale or
transfer of any property, fraudulently sells, transfers,
or otherwise converts the property or any part
thereof to his own use or benefit, or the use or
benefit of any person other than the person by
whom he was so entrusted ; . . .
381

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