Education: Easy Dupes

Since 1932 most Tennessee teachers have met or heard of a small, nervous promoter named Charles George Pfab. Few of them knew that versatile Mr. Pfab was a registered pharmacist, a onetime professional baseballer, an organizer of a Denver insurance company. They did know that Promoter Pfab's current venture was the high-sounding National Educators' Mutual Association, which sold ''endowment bonds" to teachers. The Pfab scheme was simple and forthright, if not generous. In return for $750 in cash, a teacher would receive a bond redeemable in ten years for $1,000 in cash plus...

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