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STATE OF New YORK,
being duly sworn, deposes and says that the foregoing report submitted by him is true to the best of his knowledge and belief.
MURRAY ZAROFF, Examiner. Subscribed and sworn to before me this 28th day of September 1972.
RAY F. GENNARI, Notary Public, State of New York. Qualified in Kings County, Commission Expires March 30, 1973.
STATE OF New YORK INSURANCE DEPARTMENT I, Benjamin R. Schenck, Superintendent of Insurance of the State of New York, pursuant to the provisions of the Insurance Law, do hereby appoint Murray Zaroff as a proper person to examine into the affairs of the Local 295 Severance Trust Fund of 179–30 149th Ave., Jamaica, NY 11434 and to make a full report to me in writing containing such information as he shall deem requisite to furnish me a complete statement of the condition of its affairs and of the manner of conducting its business.
In Witness Thereof, I have hereunto subscribed my name and affixed the official Seal of this Department, at the City of New York, this 23rd day of May 1972.
BENJAMIN R. SCHENCK,
JAMES J. HIGGINS,
NOVEMBER 23, 1971. Memorandum to: John P. Constandy. From: Stephen B. King, William F. Gibney. Subject: Interview of Cy Reeves Snyder re Louis Ostrer and Severance Benefit
Fund of Local No. 295, I.B.T. On November 19, 1971, Cy Reeves Snyder, aka, Cy Reeves was interviewed at his residence, 1562 N.É. 191st Street, Apt. 312, North Miami Beach, Florida, by King and Gibney. His telephone number is (305) 949-5916.
At the offset of the interview, Snyder advised that he had been in contact with Julius November, his attorney in New York, who is also President of Fringe Programs, Inc. of New York. Snyder stated November had advised him to not answer any questions regarding Fringe Programs administration of the Severance Benefit Fund of Local #295 unless he (November) were present.
Snyder who is 63 years old was born in New York City Samuel Reeves Snyder. He stated he is known as Cy Reeves and only files his income tax (Miami) as Cy R. and Betty Snyder. His wife, Betty, was periodically present during the interview.
Snyder advised that he has been an entertainer for the past 40 years. In 1959 he became a licensed insurance agent in New York. He has subsequently become licensed in New Jersey, Pennsylvania, California and Florida. Snyder stated he has been or is an agent (non-resident in most instances) for the following companies, agencies:
Foundation Life Insurance Company, Jersey City, N.J. (agent for them since 1965)
Modern Agency, Inc.—(stated he incorporated this agency in 1965 in N.J. He left in 1966 or 1967 and it was taken over by Seymour Greenfied.)
Eastern Life Insurance Company-agent.
Canada Life-agent with N.Y. Empire-Louis Ostrer was general agent. Snyder said he first met Louis Ostrer in 1959 through his brother Jack (deceased) who was a salesman for Ostrer. It was Ostrer, Snyder said, who interested him in insurance and who was instrumental in getting him licensed in N. Y. He said he joined Ostrer as an agent for N. Y. Empire and remained there until he left N.Y. in 1967 for Miami. As an agent for Ostrer, Snyder received the normal 50-55% commission from Ostrer. Snyder stated Ostrer handled the Canada Life account
through N.Y. Empire. Snyder said Ostrer had a huge account with Canada Life but it all evaporated with Ostrer's trouble and subsequent conviction for larceny. It was at this time that Snyder left N. Y. and came to Miami. He said he gave a deposition re the Canada Life matter to the N.Y. State Insurance Department (Mr. Robert Ross) approximately two to 242 years ago. At that time Snyder said he was told he could no longer do business with Louis Ostrer without risking his own license (Ostrer's license was revoked).
The Cy Reeves Snyder Agency, which Snyder says was never incorporated went out of existence when he left N. Y. in 1967. However, when questioned regarding the use of the agency vis-a-vis local #295 and the Severance Benefit fund, Snyder stated he had allowed Fringe Programs, Inc. and Dina Gelman specifically to use his name as an accommodation to them. Snyder explained he was used because he was an authorized agent of Executive Life Insurance Company of N.Y. by virtue of having been an agent to its predecessor, Citizens life Insurance Company. As carrier for the #295 fund, Executive Life Insurance Company of N.Y. made advances against future commissions to Dina Gelman. These advances took the form of promissory notes. Until Gelman became an agent of Executive Life Insurance Company, Snyder permitted his name to be used.
Snyder advised he was last in N. Y. prior to Christmas of 1970 and at that time signed some papers in the office of Julius November. He couldn't recall everything he signed. He was adamant, however, that he has signed nothing with regard to Fringe, or Cy. R. Snyder Agency since December, 1970. He also emphatically stated he received no money for allowing his name to be used. He reiterated that this was an accommodation to Gelman and Fringe, to include Seymour Greenfield. He denied accommodating Ostrer. He stated he was told that any income derived from this matter would go to Gelman, Greenfield or Fringe.
Snyder did state he has received approximately $3,000 in subsistence from Fringe Programs over the past two years for his efforts to sell the severance benefit fund concept to local (Florida) unions. He said he has had no success to date largely because of the wage freeze.
Snyder continued by stating that he only maintains a bank account at the City National Bank, 71st Street, North Miami Beach, Florida.
FEBRUARY 22, 1972. Memorandum to: John P. Constandy. From: Stephen B. King and Robert E. Dunne. Subject: Reinterview of Cy Reeves Snyder-File 18–339.
On February 17, 1972, King and Dunne reinterviewed Cy Reeves Snyder at his home, 1562 N.E. 191st Street, North Miami Beach, Florida, Apartment 312, telephone No. 305-949-5916.
At the offset, Snyder expressed some consternation over arrangements between ourselves and Julius November, attorney for Snyder (see Dunne memo re conversation with November). Snyder said it was his impression that he was not to give or sign any statement to us. Dunne told Snyder that November had told us he didn't care what Snyder did, whereupon Snyder called November in our presence. After speaking shortly with November, Snyder asked Dunne to talk to November. The resulting conversation ended with November telling Snyder not to give or sign any statement.
In view of the above, Snyder stated he would not examine endorsements in his name on checks issued by the Executive Life Insurance Company of New York nor would Snyder discuss the details of the arrangements concerning these checks. He reiterated his prior statement to King that the arrangement was simply an accommodation for a friend.
Snyder advised that he had been attempting to get a small (approximately 360 men) plasterers local in West Palm Beach to adopt the severance plan but the wage price freeze and additional problems had developed to the point where it was not likely the local would adopt the plan. Snyder could not recall the name of the local, its business agent or the attorney who represented Louis Ostrer in the matter. Ostrer was down on several occasions regarding this matter, according to Snyder. Snyder had no knowledge of any other plans Ostrer had for Florida. He did say Ostrer had been down several times within the past month (to visit his parents and to bring his wife who is recovering from an operation).
Snyder stated that any attempts by Ostrer to do business in Florida would be in the form of favors to Snyder. He said he would administer any funds established by Ostrer in Florida. Snyder is a licensed insurance agent in Florida.
Snyder was advised that he may be asked to explain the arrangements behind the issuance of the above-mentioned checks in Washington, D.C.