This documentary details what went on in the Crazy Eddie fraud. Crazy Eddie was an electronics retailing chain that quickly became a success story and went on to raise millions of dollars in an IPO. But the apparent success was all based on a culture of highly questionable, and outright fraudulent and criminal business practices; all driven by CEO Eddie Antar. Well worth a watch for those in the business of preventing and detecting fraud, but also for investors and those with a general interest in business and investing.
Throughout the 70’s and 80’s, New York based Crazy Eddie stores became synonymous with great deals on televisions and stereos. By 1987, Antar was sitting atop a thirty nine store, three state empire that was poised to dominate the industry for decades to come. But his success was a massive scam, built on inventory and insurance fraud, fake claims and phony numbers. When his fraud finally collapsed, he fled to Israel and lived like a king before police could arrest him. His weakness for beautiful women led to his arrest by a stunning Israeili undercover agent two years leter. Antar served eight years in prison and paid many millions in restitution.
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Finance Documentaries: http://www.financedocumentaries.com/2011/11/masterminds-crazy-eddie.html