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The Showroom of Automotive History: 1948 Tucker

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The SEC's case had to show that the Tucker car could not be built, or if built, would not perform as advertised. But Tucker was building cars. Seven Tuckers performed beautifully at speed trials in Indianapolis that November,... See more » The SEC's case had to show that the Tucker car could not be built, or if built, would not perform as advertised. But Tucker was building cars. Seven Tuckers performed beautifully at speed trials in Indianapolis that November, consistently making 90 mph lap speed. However after Thanksgiving, a skeletal crew of workers assembled the remaining 50 cars the company would ever produce. In January 1949, the plant closed and the company was put under trusteeship. "Gigantic Tucker Fraud Charged in SEC Report" ran the Detroit News headline in March. The article related an SEC report recommending conspiracy and fraud charges to Tucker. Incensed, Tucker demanded to know how the newspaper had seen the report even before him. SEC Commissioner John McDonald later admitted he delivered the report to the paper in direct violation of the law. Feeling tried and convicted by the press, Tucker wrote an open letter to many newspapers around the country. On June 10, Tucker and seven of his associates faced a Grand Jury indictment on 31 counts - 25 for mail fraud, 5 for SEC regulation violation, and one on conspiracy to defraud. The trial opened on October 5, 1949 and from the beginning the prosecution based its entire case on the "Tin Goose" prototype. It refused to recognize the 50 production cars and called witness after witness who, under cross-examination, ended up hurting the government's case. In the end, Tucker's defense team merely stated that the government had failed to prove any offense so there was nothing to defend. On January 22, the jury found the defendants innocent of any attempt to defraud, but the verdict was a small triumph. The company was already lost. The remaining assets, including the Tucker automobiles, were sold for 18 cents on the dollar. And incredibly, Preston Tucker began again. In 1951, he went to Brazil to seek backing for another new car. With the new project almost underway, he was diagnosed with lung cancer. He died December 26, 1956. About our Car: The museum's Tucker (pictured at top) is serial number 1016 with engine number 33530. See less »

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automotive, classic cars, tucker

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