Five partners in the defunct stock brokerage firm of Orvis Brothers & Co. were indicted yesterday on charges that they had falsified the company's records, overstated its capital and used securities owned by customers to obtain bank loans for the compady.
The nine‐count Federal indictment alleged that the defendants took part in a conspiracy to conceal the true financial position of Orvis Brothers in 1969 and 1970 when the company suffered substantial losses.
Orvis Brothers, described as an old and prestigious brokerage firm with about 23,000 customers, was suspended as a member of the New York and American Stock Exchanges on June 3, 1970, and was liquidated two years ago.
The first defendant named in the indictment was Fergus M. Sloan Jr., 41 years old, of 45 East 89th Street, the managing dartner who exercised over‐all responsibility for the operations of the company, which had its main office at 30 Broad Street.
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