Equity Funding Corporation of America - Major Fraud of the 1970's

Equity Funding Corporation of America - Major Fraud of the 1970's

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Equity Funding Corporation of America - Major Fraud of the 1970's

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Beautifully engraved certificate from the Equity Funding Corporation of America issued in 1968. This historic document was printed by the Jeffries Banknote Company and has an ornate border around it with a vignette of the company logo. On the top margin, someone wrote " Worthless 1-14-77". This item has the printed signatures of the Company’s President( Stanley Goldblum ) and Secretary and is over 35 years old. This is only the second time we have seen a vignetted stock certificate with the compay's logo from this company.
Certificate Vignette Equity Funding changed the way the CPA firms audited clients and this case is taught in every basic auditing class as what to look our for in frauds. This fraud also started the floodgate of shareholder suits against outside auditors, which ended up improving the quality of audit procedures and driving up legal liability insurance premiums. This was a multi billion dollar fraud with thousands of fictious transactions that should have been caught by the outside auditors. The Equity Funding scandal lost credibility for Bankers , the insurance industry, outside CPA firms and Stock Brokers. Sound familiar?

Scripophily

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Item Details:

  • Reference #
  • eqfuncorofam1
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  • 1
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  • Coins & Currency
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  • Antiques
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