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.
Who did the Crazy Eddie commercial?
Jerry Carroll
For more than 13 years, Jerry Carroll, a radio DJ, was the man who starred in thousands of Crazy Eddie radio and TV ads. Carroll’s fast-talking, shout-at-you style made those commercials memorable. The ads always ended the same way, with Crazy Eddie prices being touted as “in-SAAAANE!”
What happened to most of Crazy Eddie’s documentation?
The Antar family, who ruled Crazy Eddie for almost 18 years, regularly destroyed potentially incriminating documents. Sales register tapes, internal documents for merchandise purchased with cash, “off the books” payroll records, etc. were routinely destroyed.
How was Eddie Antar caught?
Antar, whose defunct electronics chain was known for its manic television ads, was arrested on suspicion that he failed to pay U.S. taxes, an Israeli police spokeswoman said. …
Where were Crazy Eddie stores located?
Brooklyn, New York
owned equal 1/3 shares of ERS Electronics. The original store was located at 1117 Kings Highway in Brooklyn, New York.
Where is Jerry Carroll now?
Since 1989, Carroll has done commercials for 6th Avenue Electronics and Neil’s Auto Group, a Long Island car dealership, among others. He started an advertising agency with his wife called East Coast Media. And he reprised his role during the unsuccessful Crazy Eddie relaunch.
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….Crazy Eddie.
| Type | Public company (NASDAQ: (former stock symbol) CRZY) |
|---|---|
| Fate | Bankruptcy |
What did Crazy Eddie do?
As a private company from 1969 to 1979, Crazy Eddie’s primary frauds were: Tax evasion (skimming cash sales from customers to avoid income and sales taxes) Evading payroll taxes by paying employees in cash “off the books” rather than reporting income to the Internal Revenue Service, and.
What internal controls were missing at Crazy Eddie’s?
However, there were no controls over sales invoices, inventory, and cash by Crazy Eddie. The auditors did not perform sales and cut-off testing and they did not review deposits in transit. Crazy Eddie’s comparable store sales, earnings, and cash were overstated in 1986.
What laws did Crazy Eddie break?
What is the Parmalat scandal?
The Parmalat scandal is considered one of the largest ever fraud cases in Europe. Tens of thousands of investors lost their savings as the company revealed that its net debt was more than 13 billion euros, around eight times more than previously stated. Parmalat is a major force in the Canadian food industry.