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$75 Million Suit Targets Cornfeld Gold Deal Shocked Hedge Fund Boss
A Manhattan federal suit alleges Investors Overseas Service and subsidiaries bought $38 million worth of gold in 1968 without U.S. license, accusing Bernard Cornfeld of speculative excess as IOS grew into a $2.2 billion empire. The case notes the Gold Reserve Act limits ownership, and hints at Cornfeld’s rapid rise and fall from prominence amid a lavish lifestyle and later resignations.
MENTIONED IN THIS ARTICLE
New York
Bernard
Bernie” Cornfeld
Manhattan
Investors Overseas Service Ltd
U.S. Treasury
Cornfeld
U.S. Atty
Whitney North Seymour Jr