Crazy Eddie‚ Inc. financial fraud case Crazy Eddie was an American retail store chain run by the Antar family‚ which was established as a private company in 1969 in Brooklyn‚ New York by businessmen Eddie and Sam M. Antar. The fraud at Crazy Eddie was one of the longest running in modern times‚ lasting from 1969 to 1987. Crazy Eddie became a known symbol for corporate fraud in its time‚ but has since been eclipsed by the Enron‚ Worldcom and Bernie Madoff accounting scandals. Commencement of fraud
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Eddie Antar‚ the CEO of the Crazy Eddie Discount Electronics Chain. In 1993 Eddie was convicted for an $80 million stock fraud and after that his business collapse. Before the company went public in 1984 Eddie and two brothers were accused of putting together a scheme and inflated the value of the company. In 1990 Mr. Antar was on the run because the government charged‚ off millions and they found him in June 1992 in Israel then they extradited back to the United States. When Antar was 45 years old
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Case 1.8 Crazy Eddie‚ Inc. Case Summary: At age of 16‚ in 1978‚ Eddie Antar opened Crazy Eddie Inc in New York City. This was an electronics store where leadership positions were assumed by family and relatives. Their excellent advertising techniques through radio and their cut rate prices allowed the company to become “transhipper”‚ selling goods to other electronic retailers in NYC area. Crazy Eddie Inc went public in 1986 in order to finance expansion program and in that year‚ it was
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SUMMARY Eddie Antar (Crazy Eddie) dominated the retail consumer electronics market in the New York City metropolitan area. By 1987‚Antar’s firm‚ Crazy Eddie ‚ Inc.‚ had 43 retail outlets‚ sales exceeding $350 million‚ and outstanding stock with a collective market value of $600 million. During his term as the company’s chief executive. Antar had personal gain of more than $70 million. The first step Crazy Eddie done in order to gain success was to expand his little store into many big consumer
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1. Exhibit 3 shows a “super segment analysis” of the apparel market. Eddie Bauer positions itself mostly to the “Durable Quality Classics” segment. (What apparel brands target the other segments in the table?) Based on the buying behavior and sales data described in the case‚ how would you distinguish between Eddie Bauer customers who buy in the store by catalog in both the store and by catalog? The “super segment analysis” table has four quadrants that are: “Quality-Timeless‚” “Quality-Newest
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The insanity defense is only raised in 1% of cases and then only successful 25% of the time it is used; although its rarity‚ the legal court has very detailed rules. Most rules describe not guilty by reason of insanity as not being aware of what you were doing in that exact moment. Adam Banner suggests that the Eddie Routh case had an accurate ruling of guilty because of his claim that‚ “...the disposition is ‘not guilty by reason of
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1) The following table provides key financial ratios for Crazy Eddie during the period 1984-1987: | |1987 |1986 |1985 |1984 | |Current Ratio |2.41 |1.4 |1.56 |0.93 | |Quick Ratio |1.4 |0.6 |0.77 |0.15 | |Debt Ratio |0.68 |0.66 |0.64 |0.83 | |Debt-to-Equity |2.16
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Crazy Kaysen committed to McLean Hospital on April 27‚ 1967. After an early morning session with an unfamiliar psychiatrist in Boston‚ 18-year-old Susanna Kaysen was admitted to McLean Hospital‚ a psychiatric institute in Belmont‚ Massachusetts at 11:30‚ Tuesday morning. Kaysen was seen being shoved into a taxi by the forceful doctor‚ though his diagnosis is questionable. The doctor diagnosed Kaysen with Borderline Personality Disorder and Depression‚ evidenced by suicidal behavior‚ hopelessness
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a panic. All of the sudden‚ Johnney Crazy and James ran in Hannah’s closet with a solution. “There is a Zips Foodstore around the corner.” said James. So they all went to Zips and went to the chip aisle. They saw that the bags of chips were less expensive at target‚ and you get more. So they decided to run back to target to get the big bag of cheetos and compare the bags of chips. They are all on there way to target when all of the sudden Johnney Crazy has to go to
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