Name: Capt. Crab, Inc.(Florida Restaurant, Stock Manipulation)
Brand: Ghosts of Wall Street
SKU: 3447
Price: 12.0 USD
Availability: InStock

Only 1 available!
Inventory on the way

Product Details

Nicely engraved antique stock certificate from Capt. Crab, Inc. dating back to the 1980's. This document, which contains the printed signatures of the company President and Secretary, was printed by Ace Industries, Inc. of Miami, and measures approximately 12" (w) by 8" (h).

This certificate's vignette features a salty looking captain smoking a pipe and sitting on a stool.

Images

You will receive the exact certificate pictured.

Historical Context

Capt. Crab, Inc. was incorporated in Florida in 1976 as the franchisor of Capt. Crab's Take-Away, a small chain of seafood restaurants primarily located in the Sunshine State.

In 1986, the company was charged by the SEC in relation to a stock manipulation scheme. According to the SEC complaint, which was filed in U.S. District Court in Illinois, Capt. Crab. and its chairman, Edward Scharps, made false statements and projections about the firm's prospects ''to condition the market for Capt. Crab securities'' from March, 1982, to June, 1982. The complaint also charged that Capt. Crab, Scharps, Rooney Pace and others participated in a scheme to manipulate the market price of Capt. Crab`s stock from October, 1982, through September, 1983.

Among the charges, the SEC claimed that Scharps and Rooney Pace, which created a market in Crab stock, artificially increased the stock's market price by publishing false and misleading statements about the company's prospects. The same information was later used to induce brokers to buy Crab shares and, at a later time, keep the stock price artificially high, the SEC said. Specifically, before the first public offering, Scharps and Capt. Crab made numerous claims that the company planned to build 25 restaurants after the initial public offering was complete. In addition, sales of $1 million to $1.5 million were projected for each unit. But the SEC said the estimates were misleading since only nine restaurants were originally planned, and the projected revenues were based on the results of the first few months of operations for Capt. Crab's only unit.

As a result of the alleged manipulative activity, the bid price for Crab's stock rose to $8.37 in September, 1983, from $1.62 in October, 1982, the SEC said. The SEC said Scharps profited $3.8 million. Pace, meanwhile, allegedly received $250,000 in trading profits, while Joseph Lugo, a Pace broker, received $800,000 in commissions tied to trading in Capt. Crab and Crab House, one of its affiliates. Lewis Leeds, a Miami stockbroker, was charged with profiting $700,000. As a penalty, the SEC wants Scharps and the others to give up their profits, and refrain from trading in Capt. Crab stock.

Capt. Crab later entered a consent agreement with the SEC without admitting or denying guilt.

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. For orders taking advantage of standard (First Class) shipping within the United States, we offer flat rate pricing, so you pay only the advertised shipping charge regardless of the number of pieces you purchase. Current charges may be reviewed here. USPS International, Priority and Express Mail, UPS and DHL services are also available, and costs are calculated during checkout.

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.