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REFERENCES

• U.S. INDICTS EIGHT IN SALE OF STOCK IN NURSING HOMES [NYT]
• YEAR IN JAIL GIVEN FOR STOCK FRAUD [NYT]
• 2 Ex‐Walston Officers Plead Guilty to a Fraud [NYT]
• $40,000 FINES SET IN 4 SEASONS CASE [NYT]
• 3 Found Not Guilty Of Securities Fraud In 4 Seasons Case [NYT]
• INVESTMENT: Golden-Age Fraud [TIME]
• Great frauds in history: Jack Clark’s nursing homes [MoneyWeek]
• FOUR SEASONS NURSING CENTERS OF AMERICA, INC. [Case Study]
• Stocks Of The Fevered Fifty Publicly Traded Nursing Home Companies Soar, Then Crash [SeniorLiving.org]

Before Medicare, nursing homes were often just old motels or converted bowling alleys. But after the landmark program became the law of the land, money flooded the industry and along with it, wildcatters looking to strike it rich. One early player, Four Seasons Nursing Centers of America, boomed and busted in spectacular fashion and at the center of it: fraud.