OCR transcription — Page 202
BU 92-61 — continuation — report page -9-.
The August 23, 1958 newspaper article continued: the firm's wholesale beer license expired June 30, 1958, and officers did not seek renewal because they planned to cease business. Charges reportedly included concealment of the sources of company loans in 1954 and 1956. At a July 23, 1958 hearing before the State Liquor Authority in Buffalo, neither PETER J. MAGADDINO, described as company president, nor CHARLES A. MONTANA, secretary-treasurer, testified to deny the charges.
The report says that, until shortly after the Apalachin meeting, Stefano Magaddino had been president of Power City Distributing for a number of years. PETER J. MAGADDINO was described as the subject's cousin. [REDACTED].
According to the newspaper article, the corporation failed to report loans of $20,000 made on December 17, 1954 and another $20,000 on February 1, 1956 by SAMUEL FREEDMAN, an officer of North Park Furniture Company.
A July 23, 1958 Buffalo Evening News article, 'Magaddino Beer Firm Failed to List Loans of $100,000, SLA Told,' reportedly stated that an attorney for Power City Distributing, 200 9th Street, Niagara Falls, conceded to the State Liquor Authority that the company had not informed it within the ten-day limit of nearly $100,000 in loans, notes, and guarantees through Manufacturers and Traders Trust Company. The attorney maintained that the loans were from the bank rather than individuals; the State Liquor Authority disputed that contention, describing SAMUEL FREEDMAN and JOHN MONTANA as 'accommodation' [continued on next page].
[Official FBI redactions preserved. Newspaper and hearing allegations are attributed to the source.]
Uncorrected machine OCR. Verify names, dates,
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