Bernie Cornfeld is back in the news. Bernie Cornfeld was a renegade financier whose Swiss-headquartered mutual fund company, Investors Overseas Services, a fund of funds, collapsed in the early s.
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Mark hughes of herbal life had it and when he died , the estate wanted Darcy Lapeer OUT. Bernie Cornfeld, the sullied jet-set playboy and international financier whose Investors Overseas Services mutual fund company collapsed in the s, defrauding some , investors, has died in London. He also established mutual funds in various jurisdictions, as noted below. All rights reserved.
Mar 01, · Bernie Cornfeld, the sullied jet-set playboy and international financier whose Investors Overseas Services mutual fund company collapsed in the s, defrauding some , investors, has died Estimated Reading Time: 4 mins.
- Willard Beecher, a prominent Adlerian psychiatrist, urged him not to avoid, but to seek out, opportunities to speak in public.
- By , he had become a mutual fund salesman, entering the industry just as mutual funds were experiencing their first strong surge of growth since the stock market crash of
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Bernie Cornfeld Honors His Mother. Exiled now from the company he still calls "The Investors Overseas Services Family,” separated from the 20,000 employees he once considered his children, and having boarded up his much-publicized twenty-five-room château in the Haute-Savoie, Bernie Cornfeld has sought refuge in Beverly Hills. By Candice Bergen
Bernie Cornfeld was a renegade financier whose Swiss-headquartered mutual fund company, Investors Overseas Services, a fund of funds, collapsed in the early s. Building up capital of $ billion by selling funds to small investors, primarily to American servicemen living overseas, Cornfeld was brought low by a bearish stock market that cut Born: August 17, in Istanbul, Turkey.
Bernie Cornfeld. Site Information
He showed a will-power that not only overcame the stammer, but helped form his public persona and self-confidence. The background to this attitude was the need to make up the loss to the investor of the funds' overheads, out of which their profit also had to come. Although he was doing well as a salesman in New York, Cornfeld was looking for a less competitive market. He went to see Jack Dreyfus, a legendary fund manager, and he talked him into letting him start a new European dealership.
Cornfeld went to Paris in and recruited a sales team from American exiles, mainly from the nonconformists and bohemians who had wanted to escape from the rat-race and McCarthyism, but needed a source of income. Cornfeld targeted the large number of well-paid American GIs in army camps throughout Europe.
Cornfeld inspired his sales teams with a simple question: "Do you sincerely want to be rich? His company Investors Overseas Services IOS grew rapidly, creaming 20 per cent off the money invested and paying 8.
He soon found a partner to run the administration: Edward Cowett, an ambitious young American lawyer. Cornfeld looked for new markets in which to invest and looked to South America and all convertible currencies. The secret was that, by running what was basically an American company trading in Europe, Cornfeld and Cowett managed to steer between the regulations and safeguards imposed by national governments, while being considered to be a European company in the US.
When de Gaulle's fiscal authorities in France became suspicious and obstructive, Cornfeld moved the whole operation to Geneva. By then IOS was one of the biggest financial organisations in the world. Over IOS salesman had become millionaires by the mid- Sixties and the high yields of the rising market had made legendary a company about which little was known by government regulators or its own investors. IOS started its own bank, which acquired other banks.
It started new industries, and invested widely in real estate. Money was poured into mining companies, and into a venture to find oil in Alaska. New investment funds were started and one, the Fund of Funds, invested entirely in other mutual funds, attracted much attention. By being based in Switzerland, with money invested internationally, IOS managed to evade close scrutiny by any government.
In February Bernie Cornfeld was invited by the prestigious financial journal Institutional Investor to address its national conference in New York, attended by the leading stockbrokers, bankers and money managers of the world. There was no money to meet debts and thewhole structure crashed, ruining investors everywhere. Cornfeld was prosecuted for fraud, and spent 11 months in a Swiss jail before the charges against him were dropped.
He died in London after suffering a stroke last year. Bernard Cornfeld, financier: born Istanbul 17 August ; married; died London 27 February Join thought-provoking conversations, follow other Independent readers and see their replies.
Thank you very much for letting me know. I just checked… even copied the photos! Thank you for your comment. He certainly died in England. As to whether he was buried there, I am uncertain.
Hi there! This article could not be written much better! Looking at this post reminds me of my previous roommate! He constantly kept talking about this. I will forward this information to him.
Many thanks for sharing! You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. He died in Written and posted by Horatio Cornblower. Copyright All rights reserved.
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Madoff investment scandal - Wikipedia
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former NASDAQ chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
02/03/ · Bernie Cornfeld, 67, the financier-playboy whose get-rich-quick schemes made pyramid selling world famous and who lost a massive fortune to bad investments, died in a London hospital Feb. 27 of. 09/05/ · Great Criminals You’ve Rarely Heard Of Part One: Bernie Cornfeld. With these seven words Bernard Cornfeld lured many an investor to the insurance and investment fund he launched in Paris, registered in Panama and ran from Geneva, ultimately scamming hundreds of millions of dollars in the process. His fund Investors Overseas Services (IOS. Bernard "Bernie" Cornfeld (Istanbul, 17 August – London, 27 February ) was a prominent businessman and international financier who sold investments in US mutual funds, and was tried and acquitted for orchestrating one of the lucrative confidence games of his era.
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