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Lot 1421: I.O.S., LTD.
29 October 2016
Brussels, BelgiumLive Auction
Description: 20 May 1970 Warrant for 100 Common Shares of 25c. purple, black. No 60743. 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 hard-sell marketing methods tosell Investors Overseas Services: the IOS-shares of the Canadian Fund of Funds. 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 wasreleased in 1974, spending the rest of his life in a French castle. Died in London, 1995. Allegorical vignette of a beautiful lady.
Condition Report: EF