Technical Equities Corporation (California Fraud)
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Beautifully engraved specimen stock certificate from the Technical Equities Corporation dating back to the late 1900's. This document, which carries the printed signatures of the company President and Secretary, was printed by the Jeffries Bank Note Company, and measures approximately 12" (w) by 8" (h).
This certificate's vignette features an allegorical female figure (Liberty) leaning on a large planter. A romanesque building appears in the background.
You will receive the exact certificate pictured.
The Technical Equities Corporation was incorporated in California on October 9, 1958. The San Jose-based company provided financial and investment services.
At one time, Technical Equities was a favored client of Security Pacific Bank, whose advertisements once boasted of its role in financing the company's robust growth.
But in February 1986, Technical Equities collapsed in what some commentators called the largest financial scandal in California's history. In July 1988, founder Harry Stern agreed to plead guilty to criminal fraud charges stemming from the maze of Ponzi-like transactions he conducted through the company.
Among the victims were elderly couples who invested their life savings, wealthy Silicon Valley executives and athletes such as San Francisco Giants pitcher Atlee Hammaker, former Los Angeles Dodgers' pitcher Don Drysdale, basketball great Rick Barry and several former members of the Oakland Raiders.
Technical Equities once was listed as one of the 500 most profitable companies in California. Stern had previously been a sports agent.