January 22, 1950 – Preston Tucker cleared of charges
After working in the auto industry for decades, Preston Tucker saw a post WWII need for a brand new car. He developed the Tucker 48, a futuristic and safe vehicle that featured such innovations as a padded steering wheel, safety glass, a roll bar, center cyclops headlight, and it was powered by 334 cubic inch (5.47l) aircraft engine. There was much public interest in his vehicle but even after securing $17 million in funding and purchasing a factory, he was still short on cash for further development and production. To raise money Tucker sold dealerships and accessories, including seat covers and luggage, before production began. A fraud case followed, brought on by the Securities and Exchange Commission. It was on this day in 1950 a not guilty verdict was delivered, but the trial and nega...
