INVESTMENT: Golden-Age Fraud

In the hyped-up stock market of the late '60s, many credulous small investors were advised by their hard-selling brokers to invest in Four Seasons Nursing Centers of America Inc. By owning part of a fast-growing proprietor of homes for the ailing aged, they could profit from a healthy young industry —or so the tout went. For a while, anyone who bought that advice had the prospect of a very comfortable nest egg indeed. Offered at $11 a share in 1968, Four Seasons soared to $181 (counting for a split). Then, a spectacular...

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