Word: cornfeld
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Dates: during 1970-1979
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...boycotting to show our concern. It's a symbolic gesture to show how much we care," Leslie A. Cornfeld '81, House committee member, said last night...
That apparently ended the legal troubles that had dogged Cornfeld for seven years since the fall of I.O.S., which he started in the 1950s and built into the world's largest offshore investment com bine. At its peak in the late 1960s, I.O.S. managed assets totaling more than $2 billion in mutual funds alone; armies of I.O.S. "reps" rang doorbells everywhere to persuade people to put their savings into one or another of I.O.S.'s 130 in vestment outlets. Cornfeld, a onetime social worker, proclaimed that "everyone can be a millionaire." As if to prove it, he lived...
...Cornfeld's fortunes tumbled with the end of the bull market on Wall Street in the late 1960s. I.O.S. shares, which had been going for as much as $25 in mid-1969, were selling for 400 by late...
...I.O.S. board fired Cornfeld as chair man and called in New Jersey Financier Robert Vesco, who returned the favor by milking the funds of an estimated $227 million. He absconded in 1972 to Costa Rica and later the Bahamas. Angered at the way the I.O.S. shambles had be smirched their reputation for financial probity, the Swiss seized Cornfeld when he returned to the country in 1973 and held him for eleven months while they tried to assemble a case...
Nowadays, Cornfeld lives quietly in Beverly Hills and dabbles in real estate and movie financing. Acquittal or no, he says, "Geneva is not exactly the object of my affection...