Franklin, C., Discount Co. v. Wecker

This is an action to declare fraudulent certain transactions between the defendants. In 1928 defendant Joseph Wecker borrowed money from complainant, giving notes therefor. At the time he made the loan he made written statements of his financial condition which in substance represented that he had a large and flourishing business and owned certain other assets which brought him in a considerable income. In these statements he set forth that he believed his net worth to be $130,000. He stated that he owned property at Reservoir avenue, Jersey City, with an equity of $50,000. When he made the…