This article was written by Donald Frank
This article was published in the
Charges against C. Arnholt Smith were amended to include grand theft from the Padres. Through a series of decisions, Smith allegedly exposed the club to possible debt liability.1
Several federal agencies were pursuing Smith, including the Securities and Exchange Commission, the Internal Revenue Service, the Comptroller of the Currency, and the Department of Justice. After several years of battling the legal ramifications, Smith reportedly told a reporter, “I’m going to write a book about a guy who had a lot of money, then went broke, and went back and tried to start all over again. Trouble is they won’t let me out of here to start.”2
1 United Press International, “Tax, Theft Charges Face Ex-Padres Owner Smith,” Kingsport (Tennessee) News, March 24, 1976: 14.
2 Norm Clarke, “Changing Times for Fallen Tycoon,” Poughkeepsie Journal, May 31, 1979: 6.