Stirling Homex Corp. - 1971-1973 dated Low Cost Housing Company Stock Certificate - Fraud History
Inv# GS6458 Stock
Stock printed by Security-Columbian Banknote Company. Available in Yellow, Green, Red, Purple or Blue. Please specify color. The Stirling Homex Corporation, based in Avon, New York (near Rochester), came to prominence in 1970 promising to build housing at a lower cost with a new modular construction method. Promoters called chairman David Stirling the "Henry Ford of the housing industry." The company gained media attention and attracted almost $40 million from investors.
Unfortunately, the company's apparent success was based on accounting irregularities and it went bankrupt in 1972. In 1975 the company's executives were charged with fraud and conspiracy and in 1977 four of them were sentenced to short prison terms by federal judge Marvin E. Frankel. The story of the company figured prominently in Eleanor Dienstag's 1976 memoir Whither Thou Goest. Read more at https://en.wikipedia.org/wiki/Stirling_Homex_Corporation
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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