What was Crazy Eddie convicted of?
racketeering and stock fraud charges
The man who turned the “Crazy Eddie” electronics stores into a retail giant before it collapsed amid federal fraud charges has died. Eddie Antar was 68. He was extradited back to the United States in 1993 and was convicted on racketeering and stock fraud charges. But that was overturned on appeal in 1995.
What laws did Crazy Eddie break?
Based upon these findings, this court held that the defendants were liable for insider trading, in violation of Section 17(a) of the Securities Act of 1933 (the “Securities Act”), 15 U.S.C. § 77q(a), Section 10(b) of the Securities and Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C.
Why did Crazy Eddie go out of business?
Eddie Antar pleaded guilty to rackenteering conspiracy in 1993. But by the end of the 1980s, the stores were bankrupt and Antar ended up serving more than six years in prison after it was discovered that Crazy Eddie routinely understated its income to avoid taxes and then committed securities fraud after going public.
Is Eddie Antar still alive?
September 10, 2016Eddie Antar / Date of death
How did Crazy Eddie get caught?
Bank documents detailed almost $8 million in cash deposits from 1979 to 1983. This account was never disclosed on their tax returns and all deposits came from funds skimmed from Crazy Eddie. In June 1992, Eddie Antar was captured in Yavne, Israel. That same day, FBI agents arrested Mitchell and Allen Antar.
Did Crazy Eddie go to jail?
His 1993 conviction on fraud charges was overturned, but he eventually pleaded guilty in 1996. In 1997, Antar was sentenced to eight years in prison and was subject to numerous fines. He was released from prison in 1999. He died in 2016.
Who is the real Crazy Eddie?
The real star, a radio disc jockey named Jerry Carroll, performed in more than 7,500 radio and television commercials that ran for nearly 14 years, starting in 1975. The commercials always ended in the same way, with a signature touting of Crazy Eddie’s “in-s-a-a-a-a-ne” prices.
What did Crazy Eddie sell?
In 1969, he opened his first stereo shop, Sights and Sounds, on Kings Highway, but soon rebranded it Crazy Eddie. Capitalizing on the rise of VCRs and other consumer electronics, he expanded throughout the New York metropolitan area, eventually dominating the market by selling large quantities at thin profits.