Great frauds in history: Clarence Hatry

Clarence Hatry started out as an insurance clerk, but the fraud he perpetrated rattled markets across the globe.

Clarence Hatry started out as an insurance clerk before moving into business in World War I. His first success came with a reinsurance firm, the City Equitable Fire Insurance Company, which he eventually sold for more than four times his initial investment. During the 1920s he was involved in a string of companies, many of which went bankrupt. Chief among these failures was the 1923 collapse of the Commercial Corporation of London. However, Hatry's ambitions could not be contained, and by 1929 he owned a string of financial businesses, including a successful brokerage that issued bonds for local towns, undercutting established firms, and several investment trusts.

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Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri