We are offering this infamous, but beautifully engraved $1,000 Bond issued by the Equity Funding Corporation of America in 1971. The certificate has the printed signatures of the company's officers, including the infamous Stanley Goldblum.
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?