Gary Weiss

The fourth episode of Read the Bull is a fascinating conversation with investigative journalist and author Gary Weiss about his latest book "Retail Gangster:  The Insane, Real Life Story of Crazy Eddie," which was published by Hachette in August. Anyone who grew up in the New York metropolitan area in the 1970s and 80s knew Crazy Eddie.  The retail electronics chain started humbly in Brooklyn in 1971 with its roots in the Syrian Jewish community, but there was nothing humble about its eponymous owner Eddie Antar or its in-your-face advertising campaign led by spokesperson and former WPIX disc jockey Jerry Carroll. Antar guided an aggressive advertising strategy that plastered radio and television ads across the tri-state area. The non-stop ads made Crazy Eddie a household name and created a cult following. The ads helped the brand's popularity and its growth was aided by an increased demand for audio equipment as rock n' roll took hold in NYC. The company was so successful that it went public in 1984 and became an instant Wall Street darling as it exceed growth expectations quarter after quarter. Unfortunately for its investors, the whole company was built on lies, scams and a dizzying amount of fraud. Aided by his cousin Sam E. Antar who became the company's CFO, Eddie created a complex web of accounting chicanery. Weiss tells Read The Bull host Stefan Prelog how Antar executed their many schemes - skimming, lunching, the Panama Pump and many others. 

Eventually everything unravels leading to criminal charges and SEC investigations, which pushes Eddie to go on the run where he ends up in Israel.  He eventually gets sent back to the U.S. and goes on trial and is found guilty, but that's not the end of the story. 

Weiss does an amazing job of detailing all of the intricacies, the characters and admits he had some trepidation in telling the story. There was a lot that was reported and known about the fraud, but to his surprise, Weiss found a lot of details that never made it to the press. Gary and Stefan Prelog also discuss and compare the Crazy Eddie fraud to Enron, Madoff and even FTX. 

The book is a fun and thrilling ride. This is a must-listen episode.

Go to ReadTheBull.com for more information.