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Show JAMS PINGREE FREED ON BOND Former Banker and Sugar Man of Ogden Indicted By Grand Jury i in a JAMES PINGREE. James Plngree of Ogden, former banker and president and director of seven banks in Utah, Idaho and Wyoming Wyo-ming and associated In many large business enterprises, is now at liberty und. r bond of J5.000 after having been served with a warrant of nrnst. yesterday afternoon bv United States .Marshall J Ruy U'ard Mr. Plngree is named In three Indictments In-dictments returned by the federal grand jury in Salt Lake. Un two indictments in-dictments he Is charged with violations of secMon y772 lor alleged misapplication misappli-cation of national bank funds. The third indictment charges violation vio-lation of section lO.JOf, or swearing falsely to two bank statements. ARRANGES FOR BOND. Bi fore the warrant waa served yesterday, yes-terday, Mr. Plngree, made aware of the Indictments returned against him, appeared before I'nitcd States Commissioner. Com-missioner. T. .1 Macinnl) a nrt a.rpaner.1 ad f '-i bond Mr Maglnnls st the bond at ? 3.000 which was furnished and Plngree was released, shortly aft-er aft-er the warrant was sered at o O'clock The preliminary hearing will be set at a later date. That Pingree's name was to be brought before the federal grand jury was known In Ugden some time, following fol-lowing itr.estiK.it. ons made here by the nsslstant United States attorney general. The matter was to have come i:p a month ago when several Ogden business men were served with papers to appear In Salt Lake as witnesses. wit-nesses. However, they were not call-,ed call-,ed at that time. SEVEN COUNTS. The first of the threo indictments ' barges tho former ogden banker with misapplication of national bank funds on seven counts. Count one alleges that on Aug-ust 4, 1919, Mr. Plngree with Intent to Injure and defraud the bank, without the knowledge and consent con-sent of the stockholders of the bank, i aused $5087.50 to be credited to the account of the First N-ationul bank of Kemnxerer Wyo, This action la alleged to have been made ,to take are of a certain promissory note made and drawn by the Pingree Sugar Sug-ar company of which Mr IMngree IV OS president and a large Hhareholder. The note was payable August 2, 1919 Count two alleges misapplication of $5U;7.60 The indictment alleges that on September 19. 1919, Mr. Plngree rec ived a note for that amount from the Pingree Sugar company and ad-wmo ad-wmo j the money knowing the note was worthless and unsecured. Count three is hatsed on a similar alleged Illegal action involving the same! Dim mint j MISAPPLICATION ALLEGED. Count four alleges misapplication of (3155 on December 22 1919, to the account ac-count of the "James Pingree companv, wth uf the consent and knowledge of the btoekholders of the bank Misapplication charged in the fifth count is th alleged crediting of $S760 to the "dividend ' account It Is further fur-ther la I rued tint .Mr I'lngree took this action knowing that the directors had nut authorized or declared the amount as a dlviuend. The sum of JJt.75 was credited to tht account of the James Plngree company com-pany on April 6, 1920. and charged to the "dividend ' account, according to the allegations contained in the sixth count. Count seven alleges that Mr Plngree on April 5 1920. credited, or caused to be credited, to tho "dividend" account, ac-count, the sum of U87.".i when he knew that no such dividend hud been authorized by the directors of the bank. HOOPHR COMPANY. Alleged violation of section 9772 Is the basis of the second Indictment Tins Involve the alleged misapplication misappli-cation of $25,003 75 for tho benefit of the Hooper Sugar company, of which Mr Plngre . was a large shareholder share-holder The action, according to the Indictment, waa taken with lutent to' defraud the Salt Iake branch of the federal reserve rank of San Fran-1 clsco, Mr Plngree. it la claimed, caused to be discounted the certain promis- sory note, under date of April a 19"0 for the sum of 125,000, and carrying 16 per cent interest. The promissory noto was said to have been secured by ten warehouse receipts of Cutter Brothers of Corcoran. Cal.. certifying th-dl the Hooper Sugar companj "h id ' deposited 100.000 pounds of beet 8eed in the Cutter Brother' warehouse Tho basis of the alleged illegal act la that the warehouse receipts wore whollv worthless at tho time of din-counting din-counting the note, according to the Indictment. THIRD 1XDIOTMENT. The third indictment returned charges Mr. Plngree, on the first count, with swearing falsely to a bank statement of January 7, 1920, before "Aar plibl!c' The eecond count of this third indictment alleges tho making- of a false statement on oath before a notary public in regard to a bank statement of April 12 1920 The third indictment is known' as an alleged violation of section 10295 of the United States law. After the affairs of the Ogden Pocking Pock-ing & Provision company were placed In the hand of a creditors' commltteo Mr. Plngree returned packing company com-pany stock and securities to tho company com-pany to the value of $425,000. About three months ago Mr. Plngre attempted at-tempted to recover securities from tho jk,ng company to the value of $425,000 in tho case which had betm b'ouht by E P. Ellison to recover $75 000 In stocks which It was alleged he had loaned to Mr. Plngreo and Mr Plngree hud turned over to the packing pack-ing company When the caao was called Mr. Ellison had the coo dismissed dis-missed ns far as ho was concerned and Mr. Plngree continued the case as cross-complainant. Mr Ellison later flld suit against Mr. Plngree in Davis county to recover the stocks or their equivalent, $75,000. NONSUIT GRANTED. During the trial of the case Mr. Pingree under cross-examination by Attorney James H. DeVine for the: pai King company testified th;it he had turned omt to the packing company' tho securities demanded because hei ha.l h.en under fear and threatened with being sent to Leavenworth (fed-1 erai i prison for alleged Issuance of false statements concerning the packing pack-ing company. Hossevet, Mr Pinrr-oe' admitted that the contract he, hndl signed tn turn over the securities on May '0. 1 2 0. had been drawn up at' his request. The case wa.s ended ; when Judge James N. Kimball granted grant-ed the motion for a nonsuit. Plngree organized the Pinsreo Sugar' company which had factories at Yls-aJla Yls-aJla and Corcoran. Calif. It was claimed that on th assets of the Plngree Pln-gree Sugar Comnany money was bor-' rowed from the Wells-F'argo banki at San Francisco. loiter the 9Ugtr; factory at VisalK was dismantled iindi moved to Hooper, in this rniinty where the Hooper Sugar company waa or- ganizerl The factory at Corcoran was dismantled and moyed to Franklin, 1 1 h " This machinery later passed Into it the hands and another company com-pany was formed and built a factory near Franklin. - BANK 1NTI:RF.STS VARIED. The banks of which Pingree waa form i r president or a direr-tor are thei following- National City ilt Lake; Plngree National, Ogden; First Na-tlonal, Na-tlonal, Lay ton; Commercial National, SmKhfleld; First National. Coalville; First N.atlonal, Preston, Idaho: Stock-grcfw'efs Stock-grcfw'efs lianky Fvanston, Wyo. He was also one of the organizers and principal officers of the Union Portland Port-land Cement company, operating the plant at Devil's Slide. When Pinrreo' resigned ns president and director of the Plngree National bank and the, name was changed to the National Bank of Commerce, he moved his office of-fice to the cement company. Dater the general offices of the cement GOIK panj in this city were moved to Denver Den-ver . Since that time Mr. Plngree has not maintained offices in this city. |
