Forgotten Stock Makes Man Millionaire
B O S T O N, Nov. 30, 2000 -- A man who believed he had sold all his shares in ahigh-flying computer data storage company found himself nearly $4million richer after discovering he still owned 1,000 shares of thefirm’s stock.
The man, who asked that his name not be published, said he hadno idea he still owned stock in Hopkinton, Mass.-based EMCuntil he was contacted by the state treasurer’s office last month.
“I’m no accounting genius,” the 62-year-old salesman told TheAssociated Press on Wednesday.
Accidental DiscoveryThe man, who lives in Boston, said he purchased 3,000 shares ofstock in 1987 on the advice of a cousin. Sometime during the 1990she sold 2,000 shares of the stock to pay for his children’s collegetuition and forgot about the remaining 1,000 shares.
Some 13 years later, the value of 1,000 shares had ballooned tonearly $4 million.
The forgotten shares were discovered by the treasury’s AbandonedProperty Division. By law, brokerage firms must turn over to thestate stocks which show no activity by their owners after threeyears.
“This is an unbelievable story with a very happy ending,”state Treasurer Shannon O’Brien said.
The state was able to contact the man by tracking down hissister.
Stock Grows and GrowsBetween 1987 and 2000, EMC became one of the world’s leadingsupplier of computer data storage systems.
The company’s stock reflected its growth, rising 80,575 percentbetween January, 1990 and December, 1999.
EMC’s stock has split six times since 1992, including onethree-for-two split. The original 1,000 stocks multiplied into48,000.
After he contacted the treasurer’s office, the man said hesearched his attic and found the extra 1,000 shares stuffed in abox. He said over the years as he saw EMC’s stocks skyrocket, hewould kick himself for selling what he believed to be all hisshares.
What to Do with All the Money?As for the money itself, the man said he plans to spread itaround, giving some to his two children and two grandchildren andhelping a few down-and-out friends.
But he doesn’t plan to give up the job he’s had for more than 30years. He also readily admits he is not the best person to giveadvice on personal finances.
“I knew [the stock] was going up, but I really didn’t know whatI was doing,” he said.
EMC spokesman Mark Frederickson said a lot of people have made alot of money with the company, the state’s largest high-tech firm.
“EMC stock has made a lot of millionaires over the pastdecade,” he said. “We’re delighted to hear it has made someone’sholiday season brighter than they ever could have imagined.”
The $4 million find is believed to be the largest everdiscovered by the state’s Abandoned Property Division, whichattempts to find the owners of assets that have been inactive formore than three years. The property can include anything from thecontents of safe deposit boxes to bank accounts.