The Trust Company
was treated as a branch office of Hutton & Co. with the code V48,
because we were office #48 in the national region; that's what went on
all our personnel and payroll records. Hutton's brokerage office in
Wilmington was coded A81, because it was office #81 in the Atlantic
region; it was a satellite of the Philadelphia office coded A09. There
were two brokerage offices in Washington DC, coded C16 and C18 because
they were in the Central region, C20 was in Alexandria VA, and C32 was
in Bethesda MD.
3: Paragraph 27 Hutton Trust rented a couple of safe deposit boxes
and opened three checking accounts, but those weren't operating accounts
-- they were for payment of trust distributions. So when someone was
supposed to get a pension payment from a fund trusteed at Hutton Trust,
Hutton & Co. would deposit enough money in one of those accounts to
cover the payment, and Hutton Trust would cut a check to the pensioner,
but not necessarily in that order. Where would Hutton & Co. get the
money? Out of the pension fund, of course. Wasn't Hutton Trust the
trustee and supposed to be holding the fund? Of course that's what was
supposed to be happening, but in fact Hutton & Co. never let Hutton
Trust near any money except to launder the pay-outs, and that's what's
wrong with this picture.
3: Paragraph 28 When Hitchcock set up the Trust Company's
computerized accounting system, it was designed to track what happened
in the brokerage firm's computerized system, but there was no electronic
connection between the two.
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