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Auction: 19019 - Bonds and Share Certificates of the World e-Auction
Lot: 201

Great Britain: Liberator Permanent Building & Investment Society, a series of certificates comprising £30 shares, 1880[2], #353, £30 'D' shares, 1880[1], #1302, £30 'E' share, 1884, #675 and £30 'F' share, 189[2], #4538, the first 3 signed by Jabez Spencer Balfour as director and the last by his son James, black printing. Balfour controlled several companies including a bank, building company and several land companies. The finances of the group were hopelessly intertwined and money was moved between the companies to make the balance sheets look better than they were. Eventually the group collapsed and Balfour was charged with fraud and conspiracy; he fled to Argentina where he was later captured and brought home for trial where he was sentenced to 14 years imprisonment. This case nearly brought the end of the building society movement and led to new lasw regarding their operation. VF (4).

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