Centennial Technologieswas a technology company founded in 1990 by Emmanuel Pinez.

Company, memory cards and electronic components It showed rapid growth in the technology sector by manufacturing and began trading on the Nasdaq in the mid-1990s.

It caught the attention of investors and the shares started to rise quickly. However, a major scandal would later break out.

CEO of Centennial Technologies Emmanuel Pinez, He had set up a massive fraud scheme between 1994 and 1996.

For products that the company does not actually produce or sell false sales documents He was organizing and making it seem like he had a non-existent income.

So much so that customers are given memory cards instead fruit baskets He even sent it.

They recorded the fake shipments he made as sales, and in this way Pinez and his team lost the company’s revenue by approximately $40 million more had shown.

Investors were also skeptical about the company’s false earnings figures and growth potential that Pinez continually touted in the media. he believed.

The shares rose quickly and Centennial quickly became the new darling of Wall Street.

So in 1996 shares 451% increase It even reached $55.50.

But the truth is Things turned out very differently…

The company actually $28 million in damage but announced a profit of $12 million.

Somehow, inconsistencies in the company’s reports finally attracted attention and the U.S. Securities and Exchange Commission (SEC) filed the lawsuit. have taken it into consideration.

Soon the inevitable came to an end and it was revealed that Centennial’s financial statements were based on massive fraud.

After this revelation, the shares quickly collapsed with this crash More than 20,000 investors suffered great losses…

Pinez is securities fraud He was tried on charges.

In summary, this destruction caused by Centennial Technologies is a disaster that causes major losses for investors. scandal It went down in history as.

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