Bernard Cornfeld
 | This article needs additional citations for verification. (May 2018) |
Bernard Cornfeld | |
|---|---|
| Born | 17 August 1927 Istanbul, Turkey |
| Died | 27 February 1995 (aged 67) London, UK |
| Other names | Bernie |
| Occupation(s) | Financier, businessman |
Bernard "Bernie" Cornfeld (17 August 1927 – 27 February 1995) was a prominent businessman and international financier who sold investments in US mutual funds, and who was tried and acquitted for mismanagement of the Investors Overseas Services (IOS).
Early life
Bernard Cornfeld was born in
He initially worked as a social worker, but then switched to selling mutual funds for an investment house.
Investors Overseas Services
| This section needs additional citations for verification. (July 2023) |
In the 1960s, Cornfeld formed his own mutual fund sales company,
Cornfeld decided that mutual funds should take their fees from the profits they made for their investors, not just a percentage of the money invested.
The IOS system collapsed in 1970. Cornfeld was arrested in Switzerland in 1973 and sentenced to 11 months in preventive prison; however, he was ultimately acquitted in 1979. Having kept part of his earnings, he was able to maintain a luxurious (albeit less ostentatious) lifestyle until he died in 1995.
Other business ventures
Following his acquittal, Cornfeld settled in
In 1972, Cornfeld bankrolled the Paradise Ballroom, partnering with New York showman Jerry Brandt. The club, an attempt by Brandt to re-create his New York disco, The Electric Circus in Los Angeles was a failure, and Cornfeld closed the business.[3]
Grayhall mansion doubled as the home of rock star John Norman Howard (Kris Kristofferson) in the 1976 version of A Star Is Born starring Barbra Streisand. At the age of 60, Cornfeld had an affair with the then 19-year-old Heidi Fleiss.[4]
By the 1990s, Cornfeld had developed an obsession for
Death
Bernard Cornfeld suffered a stroke and died of MRSA on 27 February 1995 in London, England.[1] He was tended to by his 17 year old daughter, Jessica.[citation needed]
References
- ^ a b Henriques, Diana B. (2 March 1995). "Bernard Cornfeld, 67, Dies; Led Flamboyant Mutual Fund". The New York Times. Archived from the original on 13 July 2009.
- ISBN 9780738530680.
- ^ Gaines, Steven (25 June 1979). "Got Tu Go Hustle: Presenting the Grand Man". New York. Vol. 12, no. 26. p. 56.
- ^ Levy, Ariel (25 May 2008). "The world according to Heidi Fleiss". The Daily Telegraph. Archived from the original on 29 June 2019.
Sources
- ISBN 0-8184-0013-7
- With title quoting Cornfeld's celebrated pitch – ISBN 0-7679-2006-6)
External links
- Article analyzing the workings of IOS and Cornfeld's career
- Article about Grayhall, Cornfeld's Beverly Hills mansion, formerly leased by Douglas Fairbanks
- New York Times obituary
- Daily News obituary
- "Heidi Does Hollywood". Time. (16 August 1993).
- "The Predator's Fall". Time. (19 June 1995).
- "Bernie Cleared". Time. (29 October 1979).
| International | |
|---|---|
| National | |
| People | |
| Other | |
