Kreuger Scandal erupts.

Trailed there by his Boston bankers, Swedish con man Ivan Kreuger commits suicide in Paris. It is subsequently revealed that, over the previous decade, he had persuaded Boston investment firm Lee, Higginson and Company to market $150 million worth of stock in his International Match Corporation, which proves to be insolvent. Russell B. Adams Jr. writes, “The shock and shame, not to mention the acute financial embarrassment, were too much to bear, and just three months after Kreuger left his shambles behind him, the old and honorable banking and investment firm announced curtly that it was going into liquidation,” on June 14, 1932.