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Foremost Authority 🫥
Foremost Authority 🫥
@foremostauthority.bsky.social
1 year ago
The question: I need help with a question of legality. Individual 1 is the president & principle owner of a bank in a small community in New York state on December 24th, 1945. Individual 2 is an older (65+) clerk of a local savings & loan. When visiting Individual 1's bank make a critical $8,000.00 cash deposit, Individual 2 entered into a conversation with Individual 2 involving a newspaper article of interest to the community. During the conversation, an envelope containing the cash for the $8,000.00 deposit accidentally became wrapped in the newspaper, & was mistakenly given to Individual 2 by Individual 1 prior to him approaching the teller to consummate the critical deposit. Given his age, Individual 2 became confused in regards to where the missing envelope might have been, & began to panic since the deposit was critical to his place of employment, the savings & loan. Individual 1, however, quickly discovered the envelope with the cash in his possession, & discretely observed Individual 2 scrambling to locate the missing cash deposit. Individual 1 made no attempts to return the cash envelope or consummate the deposit into the bank where he had controlling interest. My question is, given the finance laws in the US & specifically in New York State in Dec 1945, did Individual 1 commit a crime by not attempting to intervene & return the money accidentally given to him? The answer: Based on the scenario described (which seems inspired by "It's a Wonderful Life"), Individual 1's actions in 1945 likely violated several banking and financial laws: As a bank president, they had a fiduciary duty to handle deposits appropriately and maintain accurate records. Knowingly withholding a deposit intended for the bank and observing the depositor's distress likely constituted conversion or embezzlement under New York banking laws of the time. The Federal Reserve Act and Banking Act of 1935 imposed strict requirements on bank officials regarding the handling of deposits.

The question: I need help with a question of legality. Individual 1 is the president & principle owner of a bank in a small community in New York state on December 24th, 1945. Individual 2 is an older (65+) clerk of a local savings & loan. When visiting Individual 1's bank make a critical $8,000.00 cash deposit, Individual 2 entered into a conversation with Individual 2 involving a newspaper article of interest to the community. During the conversation, an envelope containing the cash for the $8,000.00 deposit accidentally became wrapped in the newspaper, & was mistakenly given to Individual 2 by Individual 1 prior to him approaching the teller to consummate the critical deposit. Given his age, Individual 2 became confused in regards to where the missing envelope might have been, & began to panic since the deposit was critical to his place of employment, the savings & loan. Individual 1, however, quickly discovered the envelope with the cash in his possession, & discretely observed Individual 2 scrambling to locate the missing cash deposit. Individual 1 made no attempts to return the cash envelope or consummate the deposit into the bank where he had controlling interest. My question is, given the finance laws in the US & specifically in New York State in Dec 1945, did Individual 1 commit a crime by not attempting to intervene & return the money accidentally given to him? The answer: Based on the scenario described (which seems inspired by "It's a Wonderful Life"), Individual 1's actions in 1945 likely violated several banking and financial laws: As a bank president, they had a fiduciary duty to handle deposits appropriately and maintain accurate records. Knowingly withholding a deposit intended for the bank and observing the depositor's distress likely constituted conversion or embezzlement under New York banking laws of the time. The Federal Reserve Act and Banking Act of 1935 imposed strict requirements on bank officials regarding the handling of deposits.

I described hypothetical scenario to Claude AI, and asked about the legality of certain acts involved. The response was very interesting!

#IAWL #PotterCrimeFamily #HappyNewYearInJail

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