• Short Summary

    EQUITY FUNDING, AS BERNARD CORNFIELD'S IOS, BUILT UP ITS FINANCIAL EMPIRE BY MISREPRESENTING ASSETS. EQUITY?

  • Description

    EQUITY FUNDING, AS BERNARD CORNFIELD'S IOS, BUILT UP ITS FINANCIAL EMPIRE BY MISREPRESENTING ASSETS. EQUITY HAD A UNIQUE WAY OF DOING IT. IN THEIR HEADQUARTERS ON THE AVENUE OF THE STARS THEY BUILT A ONE MILLION DOLLAR EXECUTIVE SUITE. FINANCED BY MONEY ON THE BOOKS PUT THERE BY 50,000 FAKE INSURANCE POLICIES. EMPLOYEES IN A NEARBY OFFICE ON MAPLE STREET WROTE UP THE FAKE FILES FOR THESE POLICIES BASED ON EXISTING ONES. WHEN AUDITORS CAME IN AND EXAMINED COMPUTER PRINTOUTS THAT SHOWED THE COMPANY TO HAVE MORE ASSETS THAT IT ACTUALLY HAD, THESE FAKED HAND WRITTEN FILES FROM MAPLE STREET WERE BROUGHT IN TO BACK UP THE PHONY COMPUTER PRINTOUT. THE STOCK OF EQUITY SOARED AND THEY USED IT TO ACQUIRE OTHER COMPANIES. THESE MACHINATIONS WERE COMPLETELY UNNOTICED BY ANY REGULATORY AGENCY UNTIL AN EMPLOYEE BLEW THE WHISTLE ON THE SCHEME.

  • Tags

  • Data

    Film ID:
    VLVA4OXDXCDBT03PEWKCSHKWBKQN3
    Media URN:
    VLVA4OXDXCDBT03PEWKCSHKWBKQN3
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    01/06/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:03:57:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment