Malcolm Upshaw was a powerful American businessman who held very fascist political leanings. In particular, he felt that FDR was overly sympathetic to the Jewish people, whereas he viewed them as a threat to the future of the white race and a force that was eroding America from within.[1] Upshaw found himself in Paraguay on business towards the end of the Chaco War. It was here that he met Delatriz Betancourt whom he recruited into his scheme of overthrowing the American government. He was also interested in hiring Dominic Fortune as well, until he learned of the mercenary's Jewish heritage.[2] As a result, he considered Fortune a threat to his activities and tried several times to have him killed.

Upshaw's plan revolved around smuggling millions of dollars in bonds out of Germany and into the United States in order to ensure the loyalty of fifth columnist fascists in America and apparently the plan was being backed up by the Italian government.[3] Upshaw was to lead a coup d'etat against FDR during the Columbus Day Parade, but was foiled by Dominic Fortune. Upshaw tried to take Eleanor Roosevelt as a hostage, but Fortune was able to rescue the First Lady and take down Upshaw.[4] Presumably Upshaw went to prison for treason, but his subsequent activities have yet to be revealed.

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