Trusted Bank Teller Embezzles to Cover Race Track Losses

Discussions on the economic history of the nations taking part in WW2, from the recovery after the depression until the economy at war.
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Globalization41
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Trusted Bank Teller Embezzles to Cover Race Track Losses

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Post by Globalization41 » 29 Jul 2013, 02:13

The New York Times, Sunday, May 2, 1943: A trusted bank teller who is alleged to have bet and lost $8,100 in one day at the Jamaica race track was arraigned yesterday before United States Commissioner Martin C. Epstein in Brooklyn on a charge of embezzlement. The money, according to E. E. Conroy, special agent in charge of the New York Federal Bureau of Investigation, was taken from the teller's cage of the Homestead branch of the National City Bank, where the defendant, Frank Gallo, 35 years old, has been employed for 18 years. Gallo, who lives at 213 Shepherd Avenue, Brooklyn, was released on $2,000 bail after denying the charge. ... Gallo, the father of three small children, is accused of embezzling a total $10,100. Last Thursday, according to Mr. Conroy, Gallo took $8,100 from his cage at the bank and went to the track, where he bet $7,000 on his favorite horse, Towser, to win in the sixth race. Towser, who might have won the teller a small fortune, lost in a photo-finish. ... In a desperate effort to recoup, Gallo, Mr. Conroy said, wagered the remaining $1,100 on a long shot, Bob's Boy, who also lost. ... The next morning, according to the F.B.I. chief, Gallo took another $2,000 at the bank to cover nine personal loans that had been obtained by him in the names of relatives and friends.

[The above article was transcribed from the below link.]

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