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woe tee - eos Oe hee ce «en ag I ee come Aenea ane Mn ce arene nna . “ : ote - FO-250 thew. 7-16-63) : 2” te ‘ * : ° ° ') ene, * - - Cae ee . . . (Mount Clipping tr Spece Belew) ° Uncollectible Drafts on WW est Indian Bank Flood U.S. and Total Millions of Dollars | By Huoarnt G Lawson 7 Brel] Reporser uf Tus Wate Sager Joraxa, Ce ceases, vity and atete.) Pr;vrts of milions of doUars in uncollec- Gbdle cashier's checks and certif:cates of de- posl: dcaar on a tiny West Indian bank are Rectig Federal Bureau of Invesugaton of- fices thronzhout the U.S. — PAGE . The wouniies were tasved by Mercantile cf Bark & Trint Co., which was fermed two - years ag. in Fngstoen, on the istand of Sc. ws Viment:a the Brivsh West Indies — PAL, STRAET JC an nN. The Sark, which never srew beyond a ene-coot. office, apparently" is closed, and in famdes ard 3 few other men are the tar- #03 of we eprcacing investugasuor by the U.S. ‘ V— Jus e i> "sactme LS ees Keswos of Ue mveztigatior are being prreeties ty w federal gra:.d jury in Char- Boric, NC. evhere the bank's checks first ap- — Feared tn we U.S Kaboteay Wildes, an as- Mstant U.S Attorney handling toe case, says i{ may be Fedruary or March before the © Grar! Sur; takes any ection. —_ owe tiready have 12 volunes of FBI . Care repor.s,”’ Sr. Wider rays. “It's enough . & r.2xe ya throw up your hands And a lot “ ef tMerczaiie Bank's) paper is sti in the —— barcs of tuncrupubue people trying to pierge it.” A fee days 2gn, the Securities and Ex- ehange Commission placed Mercantiie Bank on tus “foreign restricted hst.” whieh means pew: 10/19/76 that registered broker-dealers can't legaly Edition: heandie any of the bank's secunmbtes. Acther: Fedcral investigators are rejuctant t - bl Gscuss details of the cane, but s picture Eéiterr . ererys trom varicus sources of 8 bank : Tithe: ~ witout assets that meverthe'ess enjoyed . . . Penomeral runof heavy patrusage. ° ; . “Tem of Niions uf Oslars” O° FR! sure says the case involves . Gatrvonsule ra.cks and CDs “ia the tess of | sratlors ef daitara.”” One FB! memorandum tc burders ta June sald that Lowsiara banks “hve wcepied ever 891.0 tm cashier's! checks" draen on tre St Vincen’ bark. The j mame also said it was believed the bank ! head is ccd severa! liters cf cred:t aad Cie | im the U3 and chewhere. ’ tae! Ore brucers says he learned of a fetter - . . ‘ ef credit for tou! a nullion doilurs from the | . Bt. Vircont oank, And a Wiscon tn oedt col: 7 Section .zency, F&H Acceptance Corp., sayz ; we ® may dS.we lost as muck as $510,000 Be- > -7 couse of tc collcedpiscascer’s checks ts: Sued by the Sank. j \y