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Banking Law Keyed to Malloy, 4th Ed.
Trade Development Bank v. Continental Insurance Co.
Citation:
469 F.2d 35 (1972)Facts
From mid-1969 to April 1970, Louis Gerard Salerian, Manager of the Securities Department of the Bank’s branch in Chiasso, Switzerland, fraudulently used bank funds for unauthorized securities transactions, intending to keep any profits for himself. When the securities declined sharply in value, he sold many at heavy losses and concealed his fraud through false entries in customer accounts and bank records. His methods included recording fictitious transactions, recording real transactions at fictitious prices, and transmitting false valuations to customers. In fall 1969, the Assistant Manager discovered some discrepancies but remained silent. The fraud was finally discovered in April 1970, when Salerian confessed. The Bank notified the Insurer, retained auditors to review records, and settled claims from affected customers for $819,520. The Insurer denied liability, and the Bank sued. At trial, the Insurer argued that the branch Manager should have discovered the fraud earlier and that some transactions were authorized by customers through their representative, but the jury rejected these defenses.
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