CURACAO. Curaçao Depositary Receipt to Bearer. green, black. No 25026A. The IOS-empire, set up 1960 in Panama by Edward Cowett & Bernard Cornfeld soon had more than 1 million clients all over the world and managed several billions of dollars. By the end of the sixties thousands of salesmen used hardsell marketing methods to sell Investors Overseas Services: the IOS-shares of the Canadian Fund of Funds. This fund consisted of 'safer and highly profitable' funds. Afterwards these proved to consist mainly of 'IOS' shares. In 1968 the shares were introduced on the stock-exchanges of Toronto, London & Düsseldorf. Meanwhile IOS counted amongst its directors James Roosevelt, son of the ex-president, and Dr. Erich Mende, former vice-chancellor of the Bundesrepublik Deutschland. Amongst rumours of irregular stock-transactions, a bad mood of the stock market and irregularities in the accounts, the share-prices dropped more than 80% in 1970. Cornfeld sold most of the stock at bargain to Robert Vesco, who became the major shareholder. The latter escaped to Cuba and raided the bank accounts of the clients. He was never seen again nor heard from. Cornfeld went to prison in Switzerland and was released in 1974, spending the rest of his life in a French castle. Died in London. This type had not been seen by us before.
Date: 16 October 1969
Startprice: € 20