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 A case of stock fraud spins outward from an investigation
of the Solloway, Mills and Company brokerage office in Calgary in 1930.
Over
the next year, company principals I.W.C (Isaac) Solloway and his partner
Harvey Mills, were tried four times in three provinces, and only once be
acquitted of the charges of short selling and bucketing. The pair served
short jail terms and paid $600,000 in fines, an enormous sum in the years
following the Wall Street crash of October 1929 and the onset of the Great
Depression.
The outcome resulted in investigations into the
brokerage activities of another six companies in Ontario and Quebec; another
11 brokers were charged and convicted.
 In 1930, Solloway
closed his company, the largest
brokerage in the country, putting 1,500 people out of work, 115 of them from
the Calgary office alone. Two years later, he published his side of the
story in Speculators and Politicians, seemingly willing to admit the
fines, but not the jail sentences.
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Heritage Community Foundation Presents
;)
;)
