Four Seasons Nursing Centers of America, Inc. (Nursing Homes Fraud)
Four Seasons Nursing Centers of America, Inc. (Nursing Homes Fraud)
- In stock
- Inventory on the way
Product Details
Certificate Type | Common Stock |
Company | Four Seasons Nursing Centers of America, Inc. |
Date Issued | October 1, 1970 |
Canceled | Yes |
Printer | Federated Banknote Company |
Signatures | Machine printed |
Notable | NA |
Approximate Measurements |
11 3/4" (w) by 8" (h) |
Product Images | Show the exact certificate you will receive |
Guaranteed Authentic | Yes |
Historical Context
Jack Clark was born in Oklahoma City in the United States in 1927. He started out working in the nearby oilfields, before spending a brief time as a milkman. He then moved into the building trade, first selling building materials between the years 1954 and 1958, and then running his own development company, Fashion Built Homes. In 1964 his half-brother Thomas Clark, who operated a nursing home, persuaded Jack to found Four Seasons Nursing Centers of America Inc, which was designed to cash in on the boom in nursing homes by both building and financing them. The company was based in Dallas, Texas. Four Season’s annual reports indicated that its revenues were growing at a furious pace. In reality, most of this revenue was fictitious, based on sales that had never taken place. Profits were further inflated by Four Seasons selling off properties that were losing money at an inflated price to Four Seasons Equity Inc, which was secretly owned by the main company, so Four Seasons was effectively buying its own properties from itself. Knowing that the company was worthless, Clark and the other directors waited until the share price had reached a peak before secretly dumping their shares on the market. Thanks to the fraudulent accounts and a lot of hype at the time surrounding the future demand for residential care, Four Seasons’ share price soared from $11 a share when it was first floated on the stockmarket in 1968, to the equivalent of $188 a share (after taking stock splits into account). This gave it a market capitalisation of around $200m (around $1.13bn in today’s money) by 1969. However, as the firm began to run into financial difficulties, investors started to sour on the company and it ended up filing for bankruptcy in 1970. Clark was eventually convicted of fraud and jailed. Shareholders lost their entire investment when Four Seasons was declared bankrupt. This created major problems for one brokerage firm, Hayden, Stone & Company, which had invested a large amount of its capital in Four Seasons and found itself unable to sell the shares when they were suspended. As a result Hayden would eventually have to seek emergency financing and merge with another rival. |
Related Categories & Companies
・ Frauds, Scandals & Collpases・ Dallas
・ Texas
Additional Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!
All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.
FAQ
Are the certificates offered on your site genuine or reproductions?
All of the certificates you see on our site are genuine pieces, we do not sell any reproductions.Are the certificates you sell negotiable on any of today's stock markets or indexes?
No. All of the pieces we sell are either canceled or obsolete and have collectible value only.
Are the images presented in your product listings of the exact piece I will receive?
It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive.
How will you ship my order and how much do you charge?
We ship all orders via the United States Postal Service. Most domestic orders are shipped via Ground Advantage. USPS International, Priority and Express Mail, UPS and DHL services are also available, and costs are calculated during checkout. Current charges may be reviewed here.
Can I return my purchase?
Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.
We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.
Shipping
If your order exceeds $35, and the shipping address is within the United States, shipping via USPS Ground Advantage is FREE!
We make every effort to ship out all orders within 24 hours of receipt.
We ship the majority of orders via the USPS, with domestic orders using the Ground Advantage service.
Shipping is calculated during checkout. Upgraded services such as Priority and Express Mail, as well as UPS and DHL options, are also available.
As soon as your order is shipped you will receive your tracking information via email.
OVERSEAS ORDERS PLEASE NOTE THAT WE DECLARE FULL ORDER VALUE ON ALL SHIPMENTS. CUSTOMER IS RESPONSIBLE FOR ALL VAT/CUSTOMS CHARGES.
Returns
Our goal is to make sure every item you receive is exactly what you had in mind. If you not happy with your purchase, we’ll help you get it sorted in a timely and professional manner.
You can return anything we offer for an exchange, refund or store credit within 30 days of delivery. Return shipping costs may apply, and the item must be in its original condition and packaging.
Any shipping charges collected on the original order are not eligible for a refund.