Massachusetts: Universal Lock Tip stock certificate 1928 Famous scam & swindle

Description

Massachusetts:
Universal Lock Tip stock certificate
Dated 1928
Famous scam & swindle
Handsigned by
William Gay
The Universal Lock-Tip Co. wasn't a legitimate business but rather an elaborate stock swindle that took place around 1928-1929. Here's the gist:
William Gay claimed to have a patent for a revolutionary shoelace tip design.
The company issued stock certificates, some even signed by Gay himself.
Investigations revealed the company never produced any shoelace tips and had little to no assets.
It was essentially a scheme to sell stock based on false promises.
The Federal Trade Commission eventually shut down the operation and ordered the individuals involved to cease their activities.
So, the Universal Lock-Tip Co. went down in history as a famous example of a stock market scam.