“ Fast talking and eccentric financier Martin Frankel may have been responsible for one of the strangest Ponzi schemes in recent history, but he was hardly the most intelligent fraudster; in fact, he wasn’t even a financier. How did this man, with his Woody Allen mannerisms, that failed out of college, and lived at his parents’ home well into his 30’s, convince hoards of wealthy investors to trust him with their investment decisions?
Frankel’s story begins in 1986. Leaving the University of Toledo after just two years, Frankel moved back to his parent’s home and manages to land a job with John Schulte, a small brokerage firm associated with a much larger firm known as Dominick & Dominick. Frankel was known to frequently wax on about his “system” and his special knowledge of hot investments. In spite of never proving this system, Frankel believed that company policies did not apply to him. After frequent warnings about failure to adhere to the dress code policy, ordering equipment and signing as a representative of Dominick & Dominick, as well as his inability to perform trades and incompetence regarding the job, Schulte was forced to give Frankel the boot.” Martin Frankel - Wikipedia https://en.wikipedia.org/wiki/Martin_Frankel (2021) https://fampeople.com/cat-martin-frankel (2019)
“Martin R. "Marty" Frankel (born 1954) is an American financial criminal who conducted a series of investment frauds in the late 20th century, causing hundreds of millions of dollars in losses. He was caught in 1999, and in 2004 was sentenced to 200 months in prison based on over $200 million in proven losses to insurance companies he bought then looted; the sentence was reaffirmed in 2006.” “In an attempt to use the Roman Catholic Church to discourage questions of legitimacy, Frankel founded the St. Francis of Assisi Foundation in the British Virgin Islands, with a nominal mission of investing in insurance companies in order to fund hospitals. Among people solicited to join the Foundation board was retired CBS Evening News anchorman Walter Cronkite; when he declined to join, his name was used anyway. An official of the Roman Curia, Monsignor Emilio Colagiovanni, agreed to sign a letter falsely stating that the Foundation received funding from the Vatican.”
“Last year, ownership of Thunor Trust was transferred to an entity called the Saint Francis of Assisi Foundation. After convincing two Vatican officials to vouch for the organization, Frankel lobbied Lee Iacocca (whom he flew to Italy on a private plane) and Walter Cronkite to serve on its board of directors. Though both eventually declined, Frankel allegedly continued to use their names in publicity. This March, accountants valued the foundation’s assets–some of which were managed by Liberty National–at $1.98 billion.”
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Martin Frankel - Wikipedia
https://en.wikipedia.org/wiki/Martin_Frankel (2021)
https://fampeople.com/cat-martin-frankel (2019)
“In an attempt to use the Roman Catholic Church to discourage questions of legitimacy, Frankel founded the St. Francis of Assisi Foundation in the British Virgin Islands, with a nominal mission of investing in insurance companies in order to fund hospitals. Among people solicited to join the Foundation board was retired CBS Evening News anchorman Walter Cronkite; when he declined to join, his name was used anyway. An official of the Roman Curia, Monsignor Emilio Colagiovanni, agreed to sign a letter falsely stating that the Foundation received funding from the Vatican.”
https://slate.com/news-and-politics/1999/07/what-did-martin-frankel-do.html
(1999)