Gerald Caplan London and County Securities Limited > 1973 Lloyds Bank England

Description

Old Stock Yard Collectible Stock and Bond Certificates
London and County Securities Limited
Original 9 3/4 Per Cent Partly Convertible Subordinated Unsecured Loan Stock Certificate
1973 - London, England, United Kingdom
Issued to Lloyds Bank Limited
1970s Financial Collapse
Gerald Caplan
From February 14, 1968, to December 4, 1973, Gerald Caplan was the Chairman and Managing Director of what eventually became the London and County Securities Group, Ltd. ("L & C"). L & C was formed as a holding company for a finance company, London & County (Advance & Discount), Ltd. ("A & D"), in which Caplan had held a controlling interest since 1961. L & C acquired the entire interest in A & D in 1969.
In January, 1969, L & C became a public company, with shares first trading on the London Stock Exchange in May, 1969, at 0.25 per share. By May, 1972, the share price had risen to a peak of 4.00 per share. A more or less steady decline in price followed, tracking the downturn in the British economy.
In order to counteract the decline in share prices, Caplan arranged for A & D, through an intricate group of transactions in the names of nominee owners, to buy and hold L & C shares. This practice is labelled "warehousing" in the Government's case, and it is in relation to warehousing transactions that most of the charges against Caplan arise. The warehousing plan did not succeed in stabilizing the share price, and, with the company in disarray, trading in L & C was ultimately suspended on November 30, 1973, at 0.45 per share.
On December 4, 1973, Caplan resigned; a caretaker board of directors took over the following month. On January 11, 1974, on request of the board of directors, the British Department of Trade & Industry appointed inspectors to investigate the affairs of L & C. The investigation included an extensive examination of Caplan, who cooperated with the inspectors.
In November, 1974, after his final session with the Department of Trade & Industry, Caplan and his wife moved to France and applied for permanent resident status. A year later, in November, 1975, the two moved to Monaco where Caplan took part in a business venture. Caplan was forced to resign his Monaco position in January, 1976, in the wake of the public report issued by the Department of Trade & Industry criticizing Caplan's management of L & C; the two then moved to their present residence in Beverly Hills, California.
Caplan was arrested in April, 1978, pursuant to the provisional arrest provisions of the extradition treaty,4  on complaint by the U.S. Attorney on behalf of the government of Great Britain. The Bow Street Magistrate's warrant, dated May 18, 1978, was filed in the district court on June 7, 1978; this warrant set forth the 60 charges on which extradition was sought. Following a hearing held on December 12, 1978, the district court issued a memorandum opinion on February 23, 1979, stating that charges 2 through 60 were extraditable, but reserving certification on the charges pending preparation of findings "adequate to support a determination of 'probable cause'5  as to each element" of the charged offenses. Proposed findings were submitted by the government on March 22, 1979. On July 31, 1979, the district court adopted the findings and certified Caplan as extraditable on Charges 2 through 60.
In August, 1979, Caplan petitioned for a writ of habeas corpus, asserting various challenges to the certification of extraditability. After a hearing in September, 1979, the petition was denied in October, 1979. From that denial this appeal was taken.
(http://law.justia.com/)
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