Kresel Freed of Guilt in Bank Scandal
Menu JTA Search

Kresel Freed of Guilt in Bank Scandal

Download PDF for this date

The conviction of Isidor J. Kresel in connection with the collapse of the Bank of United States was reversed yesterday by the Appellate Division of the Supreme Court at Albany.

Kresel, who achieved the pinnacle of a long and distinguished career as counsel to the Seabury investigation of the Magistrates’ Courts in 1930, was convicted as an aid in the misapplication of $2,000,000 of the funds of the defunct bank while acting as its attorney and a director.

Free on bail pending the outcome of the appeal, made in his behalf by John W. Davis, his attorney, Kresel yesterday received news of the reversal with jubilation at his offices, 15 Broad street. The sentence was from eighteen months to two and one-half years.


The specific charge on which the little man who was the nemesis of wrongdoers was found guilty was that he was connected with a transfer of money from the account of the Municipal Safe Deposits Company to the Bolivar Development Corporation to enable the latter to purchase stock in the Premier Development Corporation.

Bernard K. Marcus, Saul Singer, Henry W. Pollock and Herbert Singer were convicted on the same charge in another trial. Kresel’s case was heard separately later because of illness at the time of the first action.

In arguing the appeal Mr. Davis, former Democratic candidate for the Presidency and one-time Ambassador to Great Britain, contended that Kresel’s participation in the alleged offense was solely as a lawyer discharging his pro-

Founding Funders

The digitization of the JTA Archive would not have been possible without the generous support of the following donors:
  • The Gottesman Fund
  • Righteous Persons Foundation
  • Charles H. Revson Foundation
  • Elisa Spungen Bildner and Robert Bildner, in honor of Norma Spungen
  • George S. Blumenthal
  • Grace and Scott Offen Charitable Fund