FREE: Associated Gas & Electric stock certificate 1931 Billion Dollar FRAUD -HC Hopson

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Associated Gas & Electric stock certificate 1931 Billion Dollar FRAUD -HC Hopson
Howard Hopson was responsible for a billion dollar fraud with the Associated Gas & Electric Company
The stock of AG&E peaked at $61 a share, and about 500,000 people invested over $1 billion in the company.

Certificate Dated 1931
Features machine printed signature of H. C. Hopson

Howard Colwell Hopson (May 8, 1882 – December 22, 1949) was an American businessman who was convicted of defrauding Americans of more than $20 million (roughly 310 million dollars in 2020).
In the late 1930s, Hopson was discovered to have stolen $20 million from the company and sentenced to years in prison. He was released in 1943, and died in 1949.
Hopson quickly became a figurehead of robber barons and corruption, and his example led directly to the passing of the Public Utility Holding Company Act of 1935, Securities Act of 1933, and the Securities Exchange Act of 1934.
The stock of AG&E peaked at $61 a share, and about 500,000 people invested over $1 billion in the company.
It was revealed that, though AG&E ended cash and stock dividends in 1931-32, the income of Hopson was above $500,000 every year from 1922-33. In 1935, Hopson was subpoenaed, and did not show up, leading to a nationwide 'Hopson Hunt'.
Wallowing in massive amounts of debt, on January 10, 1940, Associated Gas & Electric filed for bankruptcy.

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