Viewing post #502362 by Roosterlorn

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Oct 23, 2013 9:25 AM CST
Name: Lorn (Roosterlorn)
S.E Wisconsin (Zone 5b)
Bee Lover Lilies Pollen collector Seed Starter Region: Wisconsin
Not to interrupt, but just to comment on Connie's mention of Oregon Farms bankruptcy in 1987. It wasn't because of low bulb production and poor sales. The company produced 11,000,000 bulbs in 1984 and was profitable during the time. It was the financial scheming of then CEO George Heublein, the high flying, jet setter, financial whiz kid, who (to make a long and captivating story short) in essence cooked the books (similar to Erron) to fraudulently inflate the stock price to encourage investors to invest even more money. When Accounting irregularities were legally discovered, his paper financial empire collapsed bilking investors out of millions; and, bringing down with it, the Oregon Bulb Farm and nearly four other companies which he had bought with 'funny money financing' during his reign. One of those was Sun Valley of Arcata, California ( Mike--are you reading?) By then Heublein had weaseled money into three bank accounts in Cairo and into four Swiss bank accounts. When authorities came looking for Heuberlein, he was nowhere to be found. He led the FBI, Interpol and Scotland yard on a worldwide goose chase that lasted several years until he was finally arrested in 1996 while living in a one room ninety dollar a month apartment in Miami with only a stove, refrigerator and 10 inch black and white TV. Heuberlein was charged with fraud and sentenced to five years in federal prison. He and his partners paid back about 90 million in restitution. Heublein was operating ahead of the curve in the arena of white collar crime--he would have been right at home on Wall Street during the more recent mortgage and financial collapse.
Last edited by Roosterlorn Oct 23, 2013 11:35 AM Icon for preview

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