Floyd Thompson (lawyer)
Encyclopedia
Floyd E. Thompson was a justice of the Supreme Court of Illinois
and a criminal lawyer
. He is perhaps best known for representing American businessman Samuel Insull
, who in 1934 faced mail fraud and antitrust
charges. Insull's verdict was not guilty.
in 1887 on a poor farm in Roodhouse, Illinois
. Thompson worked on the family farm while he was in school; after graduation, he spent three years working as a teacher
.
Thompson never attended university or law school, but he studied for the bar examination
on his own, and in 1911, he was admitted to the bar of Tennessee
and Illinois
. He established a law practice in East Moline, Illinois
, and also became publisher of the East Moline Herald. In November 1912, he won election as State's Attorney
for Rock Island County, Illinois
. He was elected president of the Illinois State’s Attorney’s Association in December 1915, and easily won re-election as State's Attorney in November 1916.
In 1919, a vacancy arose on the Supreme Court of Illinois
when Justice George A. Cooke
stepped down to become chief counsel of Peoples Gas Light and Coke Company, and Thompson ran for this seat, winning election in April 1919. In June 1921, he won re-election to a full term. Thompson served on the Illinois Supreme Court until 1928, during which time he served as chairman of the American Bar Association
's Section of Criminal Law (1921-1923) and as vice-president of the American Institute of Criminal Law and Criminology. He was a charter member of the American Law Institute
upon its founding in 1923.
In 1928, Thompson resigned from the Illinois Supreme Court to run for Governor of Illinois
on the Democratic
ticket. He lost to Louis Lincoln Emmerson
as part of the landslide 1928 victory of Herbert Hoover
and the Republicans
.
Upon his defeat, Thompson became a partner
at Newman, Poppenhusen, Stern & Johnston, with the firm changing its name to Johnston, Thompson, & Raymond (today, the firm is known as Jenner & Block
). During his time at the firm, Thompson served as lead counsel in what was arguably the most sensational prosecution of the Great Depression
era, that of Samuel Insull
, the president of Commonwealth Edison
, whose share price had collapsed in 1929, wiping out the life savings of thousands of small investors. Insull was charged with mail fraud, antitrust
violations, and violation of the Bankruptcy Act of 1898
. There were ultimately three trials, and Insull was acquitted each time.
He was president of the Illinois State Bar Association
1933-34.
In 1949, during the prosecution of Preston Tucker
(developer of the 1948 Tucker Sedan
) and six Tucker Corporation executives for violating the securities laws
, Thompson defended Floyd Cerf, the stock broker
who handled the allegedly illegal stock
offering
for Tucker Corporation. Tucker, Cerf, and all the other defendants were ultimately acquitted on all charges.
Supreme Court of Illinois
The Supreme Court of Illinois is the state supreme court of Illinois. The court's authority is granted in Article VI of the current Illinois Constitution, which provides for seven justices elected from the five appellate judicial districts of the state: Three justices from the First District and...
and a criminal lawyer
Criminal defense lawyer
A criminal defense lawyer is a lawyer specializing in the defense of individuals and companies charged with criminal conduct. Criminal defense lawyers can be permanently employed by the various jurisdictions with criminal courts. Such lawyers are often called public defenders. For a much more...
. He is perhaps best known for representing American businessman Samuel Insull
Samuel Insull
Samuel Insull was an Anglo-American innovator and investor based in Chicago who greatly contributed to creating an integrated electrical infrastructure in the United States. Insull was notable for purchasing utilities and railroads using holding companies, as well as the abuse of them...
, who in 1934 faced mail fraud and antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
charges. Insull's verdict was not guilty.
Biography
Thompson, the son of Alonzo and Sarah (Edwards) Thompson, was born Christmas DayChristmas
Christmas or Christmas Day is an annual holiday generally celebrated on December 25 by billions of people around the world. It is a Christian feast that commemorates the birth of Jesus Christ, liturgically closing the Advent season and initiating the season of Christmastide, which lasts twelve days...
in 1887 on a poor farm in Roodhouse, Illinois
Roodhouse, Illinois
Roodhouse is a city in Greene County, Illinois, United States. The population was 2,214 at the 2000 census.-Geography:Roodhouse is located at ....
. Thompson worked on the family farm while he was in school; after graduation, he spent three years working as a teacher
Teacher
A teacher or schoolteacher is a person who provides education for pupils and students . The role of teacher is often formal and ongoing, carried out at a school or other place of formal education. In many countries, a person who wishes to become a teacher must first obtain specified professional...
.
Thompson never attended university or law school, but he studied for the bar examination
Bar examination
A bar examination is an examination conducted at regular intervals to determine whether a candidate is qualified to practice law in a given jurisdiction.-Brazil:...
on his own, and in 1911, he was admitted to the bar of Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
and Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
. He established a law practice in East Moline, Illinois
East Moline, Illinois
East Moline is a city in Rock Island County, Illinois, United States. The population was 20,333 at the 2000 census. East Moline is one of the five Quad Cities,, along with the cities of Rock Island, Moline, and the Iowa cities of Davenport and Bettendorf. The Quad Cities has a population of 379,690...
, and also became publisher of the East Moline Herald. In November 1912, he won election as State's Attorney
State's Attorney
In the United States, the State's Attorney is, most commonly, an elected official who represents the State in criminal prosecutions and is often the chief law enforcement officer of their respective county, circuit...
for Rock Island County, Illinois
Rock Island County, Illinois
Rock Island County is a county located in the U.S. state of Illinois. According to the 2010 census, it has a population of 147,546, which is a decrease of 1.2% from 149,374 in 2000. Its county seat is Rock Island...
. He was elected president of the Illinois State’s Attorney’s Association in December 1915, and easily won re-election as State's Attorney in November 1916.
In 1919, a vacancy arose on the Supreme Court of Illinois
Supreme Court of Illinois
The Supreme Court of Illinois is the state supreme court of Illinois. The court's authority is granted in Article VI of the current Illinois Constitution, which provides for seven justices elected from the five appellate judicial districts of the state: Three justices from the First District and...
when Justice George A. Cooke
George A. Cooke
George A. Cooke was a member of the Illinois General Assembly 1902-1909 and a judge of the Illinois Supreme Court 1909-1918, serving as chief justice 1913-1914.-Biography:...
stepped down to become chief counsel of Peoples Gas Light and Coke Company, and Thompson ran for this seat, winning election in April 1919. In June 1921, he won re-election to a full term. Thompson served on the Illinois Supreme Court until 1928, during which time he served as chairman of the American Bar Association
American Bar Association
The American Bar Association , founded August 21, 1878, is a voluntary bar association of lawyers and law students, which is not specific to any jurisdiction in the United States. The ABA's most important stated activities are the setting of academic standards for law schools, and the formulation...
's Section of Criminal Law (1921-1923) and as vice-president of the American Institute of Criminal Law and Criminology. He was a charter member of the American Law Institute
American Law Institute
The American Law Institute was established in 1923 to promote the clarification and simplification of American common law and its adaptation to changing social needs. The ALI drafts, approves, and publishes Restatements of the Law, Principles of the Law, model codes, and other proposals for law...
upon its founding in 1923.
In 1928, Thompson resigned from the Illinois Supreme Court to run for Governor of Illinois
Governor of Illinois
The Governor of Illinois is the chief executive of the State of Illinois and the various agencies and departments over which the officer has jurisdiction, as prescribed in the state constitution. It is a directly elected position, votes being cast by popular suffrage of residents of the state....
on the Democratic
Democratic Party of Illinois
The Democratic Party of Illinois is a political party and affiliate of the United States Democratic Party in Illinois. It is the oldest still-existing state party in Illinois and, along with the Green and Republican Parties, one of just three legally established parties in the state.-History:The...
ticket. He lost to Louis Lincoln Emmerson
Louis Lincoln Emmerson
Louis Lincoln Emmerson was the Secretary of State of Illinois, 1917 to 1929. At the end of his term, he was elected the 27th Governor of Illinois, serving from 1929 to 1933. Emmerson was born in Albion, Edwards County, Illinois and died in Mt. Vernon, Jefferson County, Illinois. He was buried at...
as part of the landslide 1928 victory of Herbert Hoover
Herbert Hoover
Herbert Clark Hoover was the 31st President of the United States . Hoover was originally a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren Harding and Calvin Coolidge, he promoted partnerships between government and business...
and the Republicans
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
.
Upon his defeat, Thompson became a partner
Partner (business rank)
A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position. Originally, these businesses were set up as legal partnerships in which the partners were entitled to a share of the profits of the enterprise. The name has remained even though many of these...
at Newman, Poppenhusen, Stern & Johnston, with the firm changing its name to Johnston, Thompson, & Raymond (today, the firm is known as Jenner & Block
Jenner & Block
Jenner & Block is a U.S. law firm with offices in Chicago, New York, Los Angeles, and Washington, DC. Approximately 450 attorneys serve a wide range of clients in corporate litigation, business transactions, and in the public sector. Jerold S. Solovy was the longtime Chair of the firm, but on Sept...
). During his time at the firm, Thompson served as lead counsel in what was arguably the most sensational prosecution of the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
era, that of Samuel Insull
Samuel Insull
Samuel Insull was an Anglo-American innovator and investor based in Chicago who greatly contributed to creating an integrated electrical infrastructure in the United States. Insull was notable for purchasing utilities and railroads using holding companies, as well as the abuse of them...
, the president of Commonwealth Edison
Commonwealth Edison
Commonwealth Edison is the largest electric utility in Illinois, serving the Chicago and Northern Illinois area...
, whose share price had collapsed in 1929, wiping out the life savings of thousands of small investors. Insull was charged with mail fraud, antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
violations, and violation of the Bankruptcy Act of 1898
Bankruptcy Act of 1898
The Bankruptcy Act of 1898 was the first United States Act of Congress involving Bankruptcy that gave companies an option of being protected from creditors...
. There were ultimately three trials, and Insull was acquitted each time.
He was president of the Illinois State Bar Association
Illinois State Bar Association
The Illinois State Bar Association is the largest voluntary state bar association in the country. Approximately 30,000 lawyers are members of the ISBA. Unlike some state bar associations, in which membership is mandatory, ISBA membership is not required of lawyers licensed to practice in...
1933-34.
In 1949, during the prosecution of Preston Tucker
Preston Tucker
Preston Thomas Tucker was an American automobile designer and entrepreneur.He is most remembered for his 1948 Tucker Sedan , an automobile which introduced many features that have since become widely used in modern cars...
(developer of the 1948 Tucker Sedan
1948 Tucker Sedan
The 1948 Tucker Sedan or Tucker '48 Sedan was an advanced automobile conceived by Preston Tucker and briefly produced in Chicago in 1948...
) and six Tucker Corporation executives for violating the securities laws
Securities regulation in the United States
Securities regulation in the United States is the field of U.S. law that covers various aspects of transactions and other dealings with securities...
, Thompson defended Floyd Cerf, the stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
who handled the allegedly illegal stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
offering
Securities offering
A securities offering is a discrete round of investment, by which a business or other enterprise raises money to fund operations, expansion, a capital project, an acquisition, or some other business purpose....
for Tucker Corporation. Tucker, Cerf, and all the other defendants were ultimately acquitted on all charges.