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Attached are the documents for the loan to be made to Cy Reeves Snyder.
The loan has been drawn so that the first repayment is due on January 10, 1971 and the entire balance is payable over a 48-month period, or on earlier demand by the company. The loan bears no interest and is to be guaranteed by Viscount Agency, Inc., Fringe Programs, Inc., Louis C. Ostrer and Seymour Greenfield, all of whom must sign the Guaranty.
The Security Agreement assigns all commission contracts that Cy Snyder or Viscount Agency, Inc., has with any other company. It does not cover our commission agreements since the agreements themselves provide for an offset, and to include them here would only permit the Department to argue a violation of Section 213.
Before the Security Agreement is signed, please have Viscount Agency, Inc. and Cy Snyder prepare Schedule A referred to in paragraph 2 of the Security Agreement and attach it to the executed Security Agreement. Have Schedule A signed by both Viscount Agency and Snyder.
Please have Snyder and Viscount Agency also verify the amount to be inserted in paragraph 3 of the Security Agreement.
I, Norbert F. Lochner, President of Executive Life Insurance Company of New York, 540 Madison Avenue, New York, New York, having been advised of my rights, make the following statements voluntarily and freely to John Tschirhart and Michael Cesario, who 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.
Executive Life Insurance Company of New York is a subsidiary of First Executive Corporation, a holding company which is located at 9777 Wilshire Boulevard, Beverly Hills, California. Mr. Otto Forst is Chairman of the Board of First Executive Corporation and Executive Life Insurance Company of New York. He conducted the initial discussions concerning the writing of insurance under the Local #295 Severance Trust Fund. Because of the requirements of New York State insurance law, the Local #295 Severance Trust Fund business had to be written by an insurance company licensed in New York State. Therefore in his capacity as Chairman of the Board of Executive Life Ins. Co. of N.Y. Mr. Forst informed me that Executive Life Insurance Company of New York would be handling the insurance written under this plan.
În conjunction with the Local #295 business, I, along with Mr. Forst, co-signed checks payable to Cy Reeves Snyder and Dina Gelman. These checks totaling $431,516.43 represented loans to the general agent secured by the commissions due the general agent on the Local #295 business which are listed on Attachment #1. Mr. Forst made the decision to give these advances after having consulted with me. As chairman of the Board of the First Executive Corporation, he has the final responsibility on all major policy decisions regarding the Local #295 business.
I personally gave Mr. Cy Reeves Snyder the checks which were made payable to either him or his agency. The checks payable to Dina Gelman were picked up by Mr. Seymour Greenfield, at Miss Gelman's request.
I have had no connection with Mr. Louis C. Ostrer since the time Executive Life Insurance Company of New York became the insuring Company of Local #295 business. I did meet him once at a breakfast at which Mr. Forst was also present. At this time the Local #295 Severance Trust Fund business was discussed in general terms. Also, I am of the understanding that Mr. Ostrer is connected with Fringe Programs, Inc., the administrators of the Local #295 Fund. However, I am not sure in what capacity Mr. Ostrer is connected with Fringe Programs. The above statements are true and correct to the best of my knowledge.
NORBERT F. LOCHNER.
Sworn to before me this 12 day of June, 1972:
FRANCES D. RUSSELL,
Notary Public, State of New York. Qualified in New York County; my Commission Expires March 30, 1973.