Crazy Eddie Research Paper

Crazy Eddie
Eddie Antar, better known as “Crazy Eddie,” is a very prevalent fraudster in the world of accounting. Antar is well known for his schemes regarding Crazy Eddie Electronics, the company he cofounded with his father. Eddie was a family man, a ladies man, and a rich man. Eddie was a millionaire, with roughly 53 million dollars in swiss bank accounts until he was caught by the downfall of his family
Antar was born in Brooklyn, NY on December 18, 1947. He grew up in Brooklyn, with his mother and father. Antar attended Abraham Lincoln High School in Brooklyn until he chose to drop out of school. Upon dropping out of school, Antar went into business with his father, and later became a cofounder of Crazy Eddie Inc. alongside his father.
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The store was originally called ERS Electronics (ERS stood for Eddie, Rose and Sam; Rose and Sam were Eddie’s parents), but became known as Crazy Eddie Electronics later on. His stores eventually spread across the north spreading from Brooklyn to Philadelphia and Boston. The spread of his business is largely pinned on the spread of the VCR. At the peak of Antar’s career, he had forty-three stores. Antar became very well known for not only his business but also for his television advertisements. Crazy Eddie's "in-s-a-a-a-a-ne" prices flooded the radio and television for nearly 14 years with roughly 7,500 commercials. Crazy Eddie Electronics opened the shares to the public in 1984 for eight dollars a share, and in two years that share amount multiplied to seventy-nine dollars per …show more content…
Antar was a self proclaimed ladies man, and was in turn unfaithful to his wife. Eddie’s father was given a tip that Eddie would be spending New Year’s Eve with his mistress, so his father sent his sister, daughter in law and Eddie’s wife to the same location that Eddie would be, revealing his infidelity. After Eddie and his wife battled it out in a street fight, Eddie vowed revenge on his father and the close family members that had set him up for divorce. By 1987, Crazy Eddie Inc. started losing money for the first time in almost twenty-four years. Eddie married his mistress while his father was trying to convince Eddie’s first wife to to sue Eddie for fraud and get her divorce settlement voided. These conflicts are said to be what contributed to Antar’s weak financial performance in 1987. Eddie and his son started to hear rumors of a hostile takeover by investors who had no idea that the company was a fraud. Eddie and his son Sam feared that the takeover would result in his fraud being

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