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have identified themselves to me as investigators for the Permanent Subcommittee on Investigations of the United States Senate Government Operations Committee. I have not been coerced or intimidated in any way.
I am a vice president of the Kings Lafayette Bank and have been connected with this organization for approximately 342 years. My first contact with Mr. Louis C. Ostrer and Mr. Seymour Greenfield occurred in January 1971 after a meeting had been held on December 30, 1970, in which Haskell Wolf, the executive director of National Association for Air Freight introduced Ostrer, Greenfield, and the Local #295 Severence Trust Fund to Mr. Milton Vanderveer, Chairman of the Board of Kings Lafayette. Also present at this meeting representing the Kings Layfayette were vice presidents Mrs. Tum-Sudin and Mr. Arkwright. After having been introduced by Mr. Wolf, Ostrer explained the Severence Trust Fund and described the potential deposits to the bank resulting from this Fund. He also explained the investment aspect of the plan which was to be handled by our Trust Department, headed by Mr. Arkwright. It was apparent from the beginning that Ostrer was in charge. Subsequently, on January 6, 1971, the Modern Agency, Inc. account (#030061857) was opened with Seymour Greenfield, the secretary of the corporation, the only person authorized to sign for the account. In addition, Mr. Greenfield opened a personal account (#030062136) on January 27, 1971.
After I read a magazine article concerning thefts at 3. F. Kennedy Airport in which Wolf, Tony Di Lorenzo, Ostrer, and Local #295 were prominently mentioned, I brought up the matter with Mr. John De Palma, President of the bank, who immediately instructed me to have the accounts closed. I called Greenfield and the accounts were both closed on February 22, 1971. Greenfield did not object nor did he seem too upset about the closing of the accounts.
On January 27, 1971, Ostrer, Greenfield, and another man whom I did not know, came into the bank and wanted to cash a $150,000 check from the Executive Life Insurance Company of New York, payable to Cy R. Snyder Agency. This check had a first endorsement of Cy R. Snyder Agency and a second endorsement of Modern Agency, Inc. I do not recall if the first endorsement was already on the check when it was presented for payment. However, I do know that Seymour Greenfield endorsed the check in the name of Modern Agency, Inc. Although Ostrer and Greenfield wanted the entire amount in cash, I was unable to accommodate them due to the large amount of the check. Therefore, I agreed to give them $60,000 in cash. These monies were given in denominations of $100 or less and were promptly stuffed into their pockets by Ostrer and Greenfield. I also gave them three (3) cashier's checks of $25,000 each. Mr. Ostrer directed these checks to be made out to Seymour Greenfield, Dina Gelman, and Henry Brown. The remaining $15,000 was deposited in the Modern Agency account.
Subsequently, on February 1, 1971, Seymour Greenfield presented the $25,000 cashier's check made out to him and I approved the cashing of it. On February 2, 1971, a $9,000 check drawn against the Modern Agency, Inc. account and made payable to William Kilroy was presented for payment. I also approved the cashing of this check. I have no knowledge of the disposition of the other two cashier's checks totaling $50,000, except that Dina Gelman's was deposited in the Sutter Agency, Inc., account at Underwriter's Trust Co., and Henry Brown's was paid to account #1112–747-3, at the National Bank of North America. Therefore, to my knowledge, $94,000 of the $150,000 check deposited was converted to cash by February 2, 1971. The above statements are true and correct to the best of my knowledge.
MICHAEL MCENROE. Sworn to before me this 14th day of July in the year 1972 A.D.
KINGS LAFAYETTE BANK,
New York, January 4, 1971.
CORPORATE RESOLUTIONS I, as Secretary of Modern Agency, Inc. a corporation duly organized and existing under the laws of the State of New Jersey, hereby certify to the Kings Lafayette Bank that a meeting of the Board of Directors of said corporation was duly called and held at its Office in the City of Jersey City and State of New Jersey on the 4th day of January, 1971, that at said meeting a quorum was present and voting
throughout, and that the following resolutions on motion duly made and seconded were unanimously adopted and are now in full force and effect:
“Resolved, That Kings Lafayette Bank (hereinafter referred to as the "Bank”) be and hereby is designated as a depositary of this corporation and that the officers and agents of this corporation be and hereby are, and each of them hereby is, authorized to deposit any of the funds of this corporation in said Bank,
Resolved, That, until the further order of this Board of Directors, any funds of this corporation deposited in said Bank be subject to withdrawal or charge at any time and from time to time upon checks, notes, drafts, bills of exchange, acceptances, undertakings, or other instruments or orders for the payment of money when made, signed, drawn, accepted or endorsed on behalf of this corporation, by any one of the following: Seymour Greenfield, Secretary.?
Resolved, that the Bank is hereby authorized to pay any such instrument or make any such charge and also to receive the same from the payee or any other holder without inquiry as to the circumstances of issue or the disposition of the proceeds even if drawn to the individual order of any signing person, or payable to said Bank or others for his account, or tendered in payment of his individual obligation, and whether drawn against an account in the name of this corporation or in the name of any officer or agent of this corporation as such.
Resolved, That any one of the following: Seymour Greenfield, Secretary, are hereby authorized on behalf of this corporation:
1. To borrow money and to obtain credit for this corporation from the Bank on any terms and to make and deliver notes, drafts, acceptances, instruments of guaranty, agreements and any other obligations of this corporation therefor in form satisfactory to the Bank.
2. To pledge or assign and deliver, as security for money borrowed or credit obtained, stocks, bonds, bills receivable, accounts, mortgages, merchandise, bills-of-lading, warehouse receipts, insurance policies, certificates, and any other property held by or belonging to this corporation with full authority to endorse, assign or guarantee the same in the name of this corporation.
3. To discount any bills receivable or any paper held by this corporation with full authority to endorse the same in the name of this corporation:
4. To withdraw from the Bank and give receipt for, or to authorize the Bank to deliver to bearer or to one or more designated persons, all or any documents and securities or other property held by it, whether held as collateral security or for safekeeping or for any other purpose.
5. To authorize and request the Bank to purchase or sell for account of the corporation stocks, bonds and other securities; and
6. To execute and deliver all instruments required by the Bank in connection with any of the foregoing matters and affix thereto the seal of the corporation. Resolved, That the Secretary or
be, and hereby is, authorized to certify to the Bank the names of the present officers of this corporation and other persons authorized to sign for it and the offices respectively held by them, together with specimens of their signatures, and in case of any change of any holder of any such office or holders of any such' offices, the fact of such change and the names of any new officers and the offices respectively held by them, together with specimens of their signatures; and the Bank be, and hereby is, authorized to honor any instrument signed by any new officer or officers in respect of whom it has received any such certificate or certificates with the same force and effect as if said officers were named in the foregoing resolutions in the place of any person or persons with the same title or titles.
Resolved, That the foregoing authorities shall continue in full force and effect until revoked or modified by written notice actually received by the Bank, signed by one purporting to be the Secretary or and bearing the corporate seal, setting forth a resolution to that effect stated to have been adopted by the Board of Directors of this corporation; and the said Bank is hereby authorized and directed to rely upon the last such notice so authenticated as to the foregoing authorities, or as to the persons who may from time to time be officers of this corporation, or as to specimen signatures of persons authorized to sign or act hereunder on behalf of this corporation, or as to specimen signatures of persons authorized to sign or act hereunder on behalf of this corporation; and the Bank shall be held harmless in such reliance.”
I further certify that there is no provision in the Charter or By-Laws of the said corporation limiting the power of the Board of Directors to pass the foregoing
1 NOTE.--Should more than one signature be required, indicate what officers (by title) are authorized to sign in conjunction with one another; should countersignature be required indicate officers authorized to sign and/or countersigned.
resolutions, and that the same are in conformity with the provisions of said Charter and By-Laws.
I further certify that the present officers of said corporation and the offices respectively held by them are as follows:
Jack Ostrer, President.
Seymour Greenfield, Secretary. In Witness Whereof, I have hereunto set my hand as Secretary of said corporation and, affixed the corporate seal this 4th day of January, 1971.
A8 Secretary of the said Corporation. Other Officer:
Jack Ostrer, President.
Note.—In case the Secretary or other recording officer is authorized to sign checks, notes, etc., by the above resolutions this certificate must also be signed by a second officer of the corporation.
03006/52 MODERN AGENCY, INC.
TE! EPHONS N:0. H:9-631 Bings Lafayesa Bara?:
PAPERS ON FILE
c/o Seymour Greenfield, 384 Fifth Avenue, NYC 20013
1/6/71 Miss Tum Suden
INTRODUCED BY 73 (REV 3.70)
030062136 INDIVIDUAL OR FIRM · SIGNING INSTRUCTIONS ( Personal funds
Á In receiving items for collection or credit it is understand that the lithility of the Bank is limited to the discrvance of renys: care in sclerting its immcliste respondents for the presentation and collection of items and that the endormicat of this bar no extend such liability: that this Bank is authored send such items, Ine payment in cash or baak drale, direct in the risk at which they are drawn or to another agent or correspondant with like authority as in receiving payments or forwarding such as
Bank may accept the draft or credit of such bank, agent or correspondent as conditinnal payment in beu of cash; laat urna I shall not be responsible for loss of any kind due to the acts or negligence of any such correspondents in the selection of sub-ac"
lor preventation or otherwise or for loss in transit or for any failure to present deinand or collect any item. All checks and ener item deposited with the Bank are credited condocionally only, and may be charged back i! subsequently sctuned for irregularity. insurhcient funds or other cause, (whether or not the items themselves can be returned), including items drawn upsa ibis Busa which are received ins verification.
You are directed to forward to me by ordinary mail, cxpress or by messenger, the monthly statements i my account, together with canceled vouchers at the address as may be shown on your books from time to time,
INTRODUCED BY Miss Tum Suden
JA (REV 3.70)
Kings Lalayette Bank