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3 Principal Shareholders of Agudath Israel Bank Arraigned; Suspected of Violating Banking Laws: Bail

January 20, 1972
See Original Daily Bulletin From This Date

Three principal shareholders of the failing Agudath Israel Bank were arraigned in magistrates court yesterday on suspicion of violating banking laws and were released on $6,000 bail each. The shareholders, Yosef Glazer, Simha Horowitz and Menahem Yam Lahor, the bank’s managing director, are charged with knowingly harming the bank and endangering the interests of its customers and depositors. Specifically, the three are accused of granting themselves and other shareholders loans totalling $192,000 without adequate security. They have been ordered not to leave the country pending a hearing of the case. The bank, near bankruptcy, has been taken over by the Bank Leumi.

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