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John Dixon, Clarence Hatry, Edmund Daniels
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John Dixon, Clarence Hatry, Edmund Daniels
Arrested on a charge of conspiracy with intent to defraud: from left to right, John Dixon, Clarence Hatry and Edmund Daniels. Date: 1929
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Media ID 14186679
© Illustrated London News Ltd/Mary Evans
Arrested Clarence Crisis Daniels Dixon Edmund Finance Financial Hatry 1929 Fraudster
EDITORS COMMENTS
In this striking photograph from 1929, three men - John Dixon, Clarence Hatry, and Edmund Daniels - are seen being led away in handcuffs, their expressions a mixture of shock and resignation. The trio, who had been arrested on charges of conspiracy with intent to defraud, were at the center of one of the most sensational financial scandals of the era. John Dixon, a former stockbroker, had founded the Hatry Investment Company with Clarence Hatry, a wealthy businessman and financier, in 1927. The company, which promised investors high returns, quickly gained popularity, particularly during the economic downturn of the late 1920s. However, it was soon discovered that the company was a fraud, and that Dixon and Hatry had been using new investors' money to pay off earlier investors, creating a Ponzi scheme. Edmund Daniels, a solicitor, had acted as the company's legal advisor and had also been involved in the fraud. The three men were eventually arrested in December 1929, following a tip-off from a disgruntled investor. The scandal caused widespread shock and outrage, and the Hatry Investment Company became a byword for financial chicanery and deceit. The arrest of Dixon, Hatry, and Daniels marked the end of their criminal enterprise, but it also highlighted the vulnerability of the public to financial scams during the economic uncertainty of the time. The photograph serves as a reminder of the human cost of financial fraud, and the importance of vigilance and regulation in the financial sector. This photograph, taken at the time of their arrest, captures a moment of infamy in the history of finance and fraud. The three men, once prominent figures in London's financial world, now stand accused and disgraced, their futures uncertain. The photograph is a powerful reminder of the consequences of greed and deceit, and the importance of transparency and honesty in financial dealings.
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