393

U.S. Crazy Eddie Scam Bond.

Currency:USD Category:Coins & Paper Money Start Price:170.00 USD Estimated At:250.00 - 500.00 USD
U.S. Crazy Eddie Scam Bond.

Bidding Over

The auction is over for this lot.
The auctioneer wasn't accepting online bids for this lot.

Contact the auctioneer for information on the auction results.

Auction Date:2007 Oct 17 @ 10:30 (UTC-4 : AST/EDT)
Location:1580 Lemoine Ave., Suite 7, Fort Lee, New Jersey, 07024, United States
PLEASE CONTACT US TO REGISTER FOR LIVE BIDDING OR ABSENTEE BIDDING AT:

PH: 1-201-944-4800
FAX: 1-201-871-4345
Web: www.archivesinternational.com
Email: info@archivesinternational.com

Snail Mail: Archives International Auctions
P.O.Box 0978, Tenafly, NJ 07670

The auction will take place in our new office at 1580 Lemoine Ave., Suite 7, Fort Lee, NJ 07024
1986. $ Odd. Specimen stock certificate. 6% Due 2011. Pin punch "Specimen - 06-26-86". Blue border. Choice uncirculated. In 1989, the Securities and Exchange Commission filed a civil action against Crazy Eddie founder Eddie Antar and a group of former executives, accusing them of manipulating the value of the company's stock by overstating profits and sales in financial reports. The complaint alleged that Antar, members of his family, and company executives engaged in securities fraud and insider trading from the time the company first went public in 1985 until 1989. Antar, the complaint charged, made over $60 million from the conspiracy, selling off stock just before the real results of Crazy Eddie's evidently at best marginally profitable operations became public. In 1989 the chain suffered a major scandal when Eddie Antar and his family were accused (and eventually convicted) of "cooking the books" in order to skim money and inflate inventory. Antar was found to have sold used electronics as new, committed insurance fraud, faked inventory, and skimmed most of the cash payments to avoid taxes. Having taken the company public (the stock was soon worth hundreds of millions), Antar began selling his stock and the stock price began to collapse. The firm was bought in a hostile takeover by another company, but the buyers were quick to find that some $80 million in inventory did not exist. Antar fled to Israel using the name David Cohen, where he lived until 1994 when he was extradited back to the United States. He was subsequently sentenced to eight years in jail, ordered to pay over $150 million in fines and also owes more than a billion dollars from civil suits. Extremely rare stock that is "INSAAAANE!!" SC-USBNC.