Treharne - Insurance

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Treharne - Insurance - il Paso Banker Invited To Insurance inquiry...
il Paso Banker Invited To Insurance inquiry Spencer Treharne's Loan Is Issue Paul L. Key, executive vice president o£ the Southwes' National Bank here, has beer nvited to appear before th< Travis County Grand Jurj vhich is investigating Spencer Trc larne, who headed two insuranci companies now in receivership. A telegram inviting Mr. Key ti estify tomorrow was sent by C. D Wilson, foreman of the jury at Aus in. Treharne Invited Treharne also was invited to lesti Sy. A telegram was sent to his horn at Ruidoso, N. M. Since Treharn s being investigated he cannot b subpenaed to testify. Mr. Key has been invited to test 'y with regard to a loan which th bank made to Treharne. Treharn started the operation oC his Unite jloyd firm with an assertion to th itate Board of Insurance Commissioners Commissioners that he had a $60,000 guarantee guarantee fund. It is charged that he had only $5000 of his own, and that he borrowed $55,000 from the Southwest Southwest National Bank to make up the $60,000. The commission requires that a guarantee fund bo unimcumbered. Inquiry Here Sure It was made clear in Austin today :hat the Travis County Grand Jury is investigating the possibility of perjury or fraud in documents presented presented in Travis County. There will be a separate investigation investigation by an El Paso County Grand Jury starting June 4. A grand jury cannot go beyond the scope of its own county in voting indictments. Senator William T. Moore of 3yran was to appear before tho Travis County Grand Jury today, according to District Attorney Robert Robert Long of Travis County. Question of Assets Moore had said he received $15,000 $15,000 legal fees from the Texas Mutual Mutual Insurance Co. of Beaumont, leaded by Paul and Leslie Lowry, while he was a member on tho Senate Senate Insurance Committee. He is now chairman of the committee. The Lowry brothers have been invited to testify. It is charged they presented to the Insurance Board Blames Treharne's Grandiose Ideas For Fall of Firm Air Force Officer Says He Wanted to Cushion Himself Financially Against Retirement By MARSHALL McNEII, Hcrald-I'ONl Washington Correspondent LANGLEY AIR FORCE BASE, Va., May 25. — An Air Force major general ruefully told me the story of his disastrous financial partnership with the fabulous—and now insolvent —El Paso insurance promoter, Spencer L. Treharne. Treharne is the high level flier whose amazing Horatio Alger career was built on Texas insurance law, which is notoriously notoriously full of loopholes through which many a "big operator" operator" has ridden—occasionally to a resounding fall. That was Treharne's experience. The two-star general is Horn PI- L. Sanders, a Texan who fought in the Pacific and in Europe in World War II, and whoso chest blazes with ribbons. Treharne, former Air Force officer, officer, sold insurance in El Paso, and later became the organize! and promoter oC United Lloyds, a casualty insurance company which has been declared insolvent, leaving leaving policy buyers—and Treharne— and Sanders—holding the sack. Major General Sanders was formerly formerly commander of the 19th Attack Attack Group at Biggs Air Force Base. El Paso, and later commander commander of the reorganized 9th Air Force there. He is now deputy for operations of the whole Tactical Air Command, with headquarters at this big Virginia base. Sanders, in reply to questions, said he got into partnership with Treharne because he wanted to cushion himself financially against retirement in about, five years, Trusted Treliamc He said he trusted Treharne, was sure he was not a fraud, but that he wns a big operator whom he warned to stay down on earth, so far as his now insolvent insurance company, United Lloyds, was concerned. concerned. The general said his warnings did no good. Although he has lost practically! Ma[. Gen. Homer L. Sanders marked to him: "Spencer will die a millionaire or a pauper — no halt way thing for him." Treharne ai the time was an agent for Capitol Life of Denver. Gets Business The insurance man wanted lh» general to stay in El Paso; he told everything he hag put in to the Treharne enterprises —• an amount he will not name—he believes that goin( , you in {hi business so you'll have to live hera when you retire." assets said to total $436000 but he mi «"t invest with him again—if which the board found to be not his Wl / e wouldn't get mad at him. more than $96,000. Bv UniJrrf WASHING J.Joseph Army today of producing "phony" After Sanders had been transferred transferred to Langlcy, Treharne called and asked him to join in acquir- Mi-s. Sanders, who went to the Uni-| ing some EI Paso hmises _ a | so versity at Albuquerque, said she| some property out on tho Carls- ncvcr felt quite easy about theifoad road safety of her husband's financial relationships with Treharne. General Sanders believes that In his relations with Trehnrne he has Together, in a partnership called Tex-Spcnce properties, they acquired, acquired, eventually, 12 houses; subsequently subsequently they sold two. McCarthy Blasts Charts as 'Phony p '"' Service everything he hafl to rc-i co u n i,- y ' c |i,|j would 1NGTON. May 2">.—Scnalor'porl about his relations v;ilh UIPJ Tex c;. 1(>nc . „,.„ R. McCarthy .-iceiiKod the- Treharne operations. The fact thatJi.,.,. 1 ",!':' ",...',. ,J. never violated either the word orj Sanders, at Treharne's invitation, spirit of any Air Force law or|ci ec idcd to "tako a flier" on 120 regulation. He said he hnd ac- ;ac n-s of !;mri on the Carlsbad road, counted to the Internal Revenue |The. expectation then wns that a "" " .- .--.... Id be built nearby. ,. „„ ,, .„.,,,,.....v. ,,..,pcrties did nut operations. The fact lhat; b lhjs ,.,„<,. lh(J Uvo mcn han . rrcharne s company has been de-' passes, but former com- rassecl hhn in or outside ot the mander declared that the eharls;Air Force, he said. told the truth. The charts wore introduced in lhi> 20th day ot the televised Army- JTreated Honestly of their rrnal Tex-.Spe.nce partnership. Trehavnr* inter turned up with a. proposition for Tex-Spcnce to buy <i7i ornate home at Ruidoso. He *""''** 1 « 1 ^»»"-niai.t:ir;vt,->i:u^*iLuy- i i • i t i > McCarthy hearings to shnw that trcrlled hlm n ° nesll y: a "d ncver;as a re.-;t c.-i Schine got 16 passes at Ft Dix | II30(I '" s name or rank in an effoiljhis insurance J.,"in"a period "when the 'a"veraivi Rot only six. Sanders thinks Treharne always,;tnld the general it could be used nmp" for employes of company. more business. .Contract Made McCarthy did not dispute O.-noral Sanders propped hl» leftj A conlracL Wn3 marle between le - "" on a b 'K f<«>lsluol on his T( . x . s ,,,. rl( , e ;inci United Lloyds tha Five-Day figures. But lie complained that ilv ; : bn « !u antl sunny screen porch Siin-,,.,^,,,. ;, ( j v; , nL .j nK one y( , ai .'' 3 rent pass record rm Schine's ch:irl was <l: '. v mo '' n >nK and talked about his T||js v .., s us ,. (1 as (lown p ayrncnt marked heavily in black, while 1h.it :| 'elalionships with Treharne. (;n ,, a . f (ludoso homo. Legally on the chart for the average trainee !lt ' mpt Treharne about the mid- S;irl(it . ls s< ,i ( | | lt , r i-«arded this ai U'.TS not. ,''!« of 1946, An aide told him, he ; McCarthy asserted (his was a s 1 '!' 1 . that he had "met une of the! "dishonest" and "phony" attempt to )r " ljSt fabulous charactci s — Hi-- Ideceive the television audience. H./danindesl operator I'vu ever seen.", land an aide wont owr the chartsi f ' e sf 'id his name was Spencer 'I i e Imaking black marks on the "typj-iharne, and he wonted tho Kenei al' ii/1 , cal" trainee's record. to meet him. VY flaT Maj. Gen. Cornelius E. Ryan.! "is aide said Treharne K°t out of. (ft. Dix commander, testified lha; the Air Korce wilhfmt a sovi. and 1 ISrhine was given the passes at iho'within a year was making S10D.OOO, I jrrqurst of staff members of tho'I.ater ths nennial and the insui- 'Scnate 7nvestiRHlinK Subcommittcplanoe. snlesman nit-t. j (Continued on I'agB 11, Col. !) ' Sanfirrs said liis wif«) once re- thia time. Sanderj admits to have some worrie* iiuied on 1'iige 7, Coi.

Clipped from
  1. El Paso Herald-Post,
  2. 25 May 1954, Tue,
  3. Page 1

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  • Treharne - Insurance

    mereasner – 24 Jun 2013

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