Cortes Randell was born in Virginia in 1935 and went on to found the National Student Marketing Corp (NSMC) in 1965.The idea behind the company was that the growing numbers of college students (a result of the post-war baby boom) would create huge demand for youth-related products such as employment services.
After it floated in 1968, NSMC started buying up related firms, including a computing job placement service, a beer mug manufacturer and a travel guide publisher. Thanks to these acquisitions and a booming equity market, NSMC's share price soared from $6 a share when it listed to a peak of $144 by the end of 1969.
What was the scam?
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