The Platters
The Platters differed from most other groups of the era because Ram had the group incorporated in 1956. Each member of the group received a 20% share in the stock, full royalties, and their Social Security was paid. As group members left one by one, Ram and his business partner, Jean Bennett, bought their stock, which they claimed gave them ownership of the "Platters" name. A court later ruled, however, that "FPI was a sham used by Mr. Ram to obtain ownership in the name the 'Platters', and FPI's issuance of stock to the group members was 'illegal and void' because it violated California corporate securities law."