Crazy Eddie, Inc. Fraud on Financial Reporting. CRAZY EDDIE, INC. A successful small business founded and managed by the ANTAR family in the 1970’s. The business progress of Crazy Eddie, Inc. Eddie Antar took the company public with $8 per share (IPO). 1970s.
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Fraud on Financial Reporting
A successful small business founded and managed by the ANTAR family in the 1970’s.
Eddie Antar took the company public with $8 per share (IPO)
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growth in earnings.
In the years after the IPO, Eddie directed employees to inflate year-end inventory figures, and to falsify the company's books to improve the financial information it would report to the SEC
Physical Inventory Value < Inventory book Value
The judgment rendered in 1994 by the court of New
Eddie = 12 years & 7 months in prison + $121 M in restitution.
Mitchell = 51 months in prison + $3 M in restitution.
Do you want to deprive the freedom?Lessons From Crazy Eddie, Inc