H.C. Sullivan, alleged embezzler of the funds of the defunct Farmers Banking & Trust Co. of Hertford, did not go on trial in the Superior Court in Perquimans County this week. The case was continued on account of the expected illness of the defendant’s wife. Solicitor Ehringhaus has asked Governor Morrison to call a special term of the Superior Court at Hertford for the last week in June for the trial of the case.
Sullivan’s defalcations are alleged to have exceeded $60,000 and were not discovered until a depositor in the bank tried to get back $16,300 in bonds which he had put up as collateral for a loan. It turned out that Sullivan had disposed of the bonds and misappropriated the money. This caused an alarm which brought an investigation by the State Bank Examiner. The State Bank Examiner found a shortage in excess of $60,000 and the bank was closed.
Whether Sullivan wrecked the bank alone, or whether others were implicated with him in the misappropriation or embezzlement of its funds, the public has not been given to know. The grand jury in Perquimans County spent several days investigating the case this week and there are hints of sensational developments to follow, tho nothing has been divulged by the jury or Solicitor Ehringhaus.
Sullivan was released pending trial under a new bond of $25,000 which he seemed to have no trouble in raising.
From the front page of The Independent, Elizabeth City, N.C., April 21, 1922
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