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Pan Motor Company signed by Samuel Conner Pandolfo - Famous Automobile Manufacturer Fraud - 1918  

Pan Motor Company signed by Samuel Conner Pandolfo - Famous Automobile Manufacturer Fraud - 1918

Product #: newitem59259955

Normal Price: $250.00
Our Sales Price: $195.00

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PRODUCT DESCRIPTION  
Beautifully engraved certificate from the Pan Motor Company issued in 1918. This historic document has an ornate border around it with vignettes of an open touring car and a hood ornament with the President's name, Pandolfo, and a hubcap the the company's name, PAN. This item has be folded in thirds, and is hand signed by the company's president, Sam Pandolfo, and its secretary. This certificate is is over 94 years old and is in excellent condition.

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The founder of this company, Samuel Conner Pandolfo, created one of the largest frauds in the history of the American car industry. Pan Motor was incorporated in Delaware in 1918 to give the appearance it was a legitimate company. There was a large factory built in St. Cloud, Minnesota and and the company started production. The car had many attractive features including an adjustable lever that allowed the seats of Pan cars to be transformed into a double bed.

The concept seemed to be a good idea but the company totally mislead investors on the production ;evils and profitability. Pandolfo ended up raising over $9.5 million by selling stock to 70,000 people. By 1919, the investors were getting nervous and lawsuits were filed. Most plaintiffs were charging misrepresentation in literature mailed to prospective shareholders. Consequently, in December, 1919, the Federal Court of Chicago found Pandolfo guilty of mail fraud.

Pandolfo was finally arrested was was sent to Leavenworth to make license plate while in prison. Pan Motors went out of business in 1922 after only producing 737 cars in four years. The company was liquidated in 1925. The shareholders lost everything.

We are also including a printed letter that came along with the issued stock certificate. At the top it says, "Nobody can get rich with labor - with the sweat of his own brow, - or with Money invested at 6% or at 7% Interest. Big profits are obtained by putting together influence and money from a great number of persons..... It also says at the end "TELL WIDE-AWAKE, HONEST, HIGH-CLASS SALESMAN IN ALL LINES, THRIFTY MECHANICS, AND PROSPECTIVE DEALERS TO GET IN TOUCH WITH US".

Product #: newitem59259955

Normal Price: $250.00
Our Sales Price: $195.00

(You Save: 22%)

Qty:


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WASHINGTON, DC / NEW YORK - Scripophily.com / Old Company Stock and Bond Research Service owns and operates the Old Stock & Bond Research Archives from Herzog & Co., Inc (formally RM Smythe research) which was acquired from John Herzog, founder of the Museum of American Finance and past Chairman of RM Smythe & Co. This acquisition included all RM Smythe Research archives, publishing rights and copyrights on obsolete research reference material published by the Marvyn Scudders Manuals, the Robert D. Fisher Manuals, and the Herzog & Co., Inc. obsolete research services.  The old stock research services have been performed continuously since 1880. 

Scripophily.com / Old Company Research Service was founded by Internet Pioneer, Bob Kerstein, CPA who is a member of the American Institute of Certified Public Accountants, Chartered Global Management Accountants,  California Society of Certified Public Accountants, and the Virginia Society of Certified Public Accountants.  We have been collecting and selling old stock and bond certificates since 1990. Scripophily.com started operating on the Internet in January 1996 with the goal to promote the history of old companies and help educate everyone about the wonderful hobby of collecting stock and bond certificates called Scripophily. 

We will always maintain our founding commitment to customer satisfaction and the delivery of an educational product with an enjoyable shopping experience.  Please let us know how we may be of service to you.



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