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...statement given to police during an investigation of a suicide on one of his properties two years ago, Frankel provided a glimpse into life on his estate: "The females are mostly my ex-girlfriends that I met through personal advertisements. I date a lot of women, and these girls are special to me." He went on to say he had "sexual contact" with some, but not all, of the women, and that they were not paid a salary but were given money "as they need it." Neighbors recall constant streams of limousines to and from Frankel's house...

Author: /time Magazine | Title: Missing: One Man, Many Millions | 7/5/1999 | See Source »

...decade in which a bull market and initial public offering mania have made millionaires seem commonplace, we have a financial villain whose outsize chicanery and supersize embezzlement may be a match for our gaudy times. Martin Frankel, 44, a.k.a. David Rosse, a.k.a. Eric Stevens, accused of absconding with as much as $335 million through a bewildering web of insurance companies, bogus investment funds and phony charitable organizations, was, in his own charmingly inept manner, pursuing a twisted but very '90s version of the American Dream...

Author: /time Magazine | Title: Missing: One Man, Many Millions | 7/5/1999 | See Source »

...businessmen, straight or crooked, in any era have ridden that dream harder or farther than Frankel. By the time police and fire fighters responded to an alarm at his arcadian Greenwich, Conn., mansion last month to discover smoldering file cabinets full of incinerating and incriminating documents--item one on his to-do list: launder money--Frankel had constructed a financial whiz kid's Xanadu, complete with 80 trading terminals, satellite dishes, a fleet of imported cars and a bevy of female retainers he had attracted by answering personal ads and trolling the Internet. In his $3 million residence...

Author: /time Magazine | Title: Missing: One Man, Many Millions | 7/5/1999 | See Source »

...high school student in Toledo, Ohio, Frankel obsessed over financial markets. As an adult and college dropout, he fretted over the opportunities he perceived were passing him by. Of medium build, with brown hair and a diffident, stumbling, yet loquacious manner, Frankel came across as a possessor of arcane knowledge that would empower him and his clients. "He is the most inconspicuous guy you can imagine," says Jeff Creamer, a Toledo lawyer who represented two of Frankel's earliest victims. "That, coupled with what appears to be an Einstein-like devotion to the financial world, makes [people] think they have...

Author: /time Magazine | Title: Missing: One Man, Many Millions | 7/5/1999 | See Source »

...contrary. Frankel was a washout as a money manager, twice failing his brokers exam. And as a trader with LaSalle Street Securities, a Chicago firm, he proved too timid for the job--a surgeon afraid of sharp instruments. "I used to call him in the morning and say, 'Marty, make the trade!'" recalls Ted Bitter, a former client of Frankel's. "I would call him back in the afternoon, and he wouldn't have done it." His own fund, the Frankel Fund, attracted a total of three investors and the attention of the Securities and Exchange Commission when Frankel revealed...

Author: /time Magazine | Title: Missing: One Man, Many Millions | 7/5/1999 | See Source »

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