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- Investors_Overseas_Service abstract "Investors Overseas Services, Ltd. (IOS) was founded in 1955 by financier Bernard Cornfeld. The company was incorporated outside the United States with funds in Canada and headquartered in Geneva, Switzerland. In the 1960s, the company employed 25,000 people who sold 18 different mutual funds door-to-door all over Europe, operating mostly in Germany with small investors. The company mainly targeted American expatriates and U.S. servicemen who sought to avoid paying income tax. The mutual fund offerings by the company were called “people’s capitalism” by founder Cornfeld. In the following decade, the company raised $2.5 billion, due in part to its “Fund of Funds,” which meant investment in shares of other IOS offerings. The offering was very popular in the bull market times, but then the market dropped and the guaranteed dividends had to be paid straight out of the capital—in effect, making it a pyramid scheme. IOS was forced into an Initial Public Offering to meet its costs. The next bear market made many investors cash their funds as stock value decreased.Share value decreased from $18 to $12 in the spring of 1970. Cornfeld formed an investment pool with some other investors, but they lost when the share value dropped to $2. Even IOS employees and portfolio managers sold their shares by this time.Financier Robert Vesco who, at the time, was also in financial trouble, turned to Cornfeld and offered his help. Vesco proceeded to use $500 million worth of IOS money to cover his own investments in his International Controls Corporation. When he was discovered, Vesco fled to the Bahamas. IOS then collapsed and in the process ruined a number of US and European banks.".
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- Investors_Overseas_Service wikiPageLength "2125".
- Investors_Overseas_Service wikiPageOutDegree "14".
- Investors_Overseas_Service wikiPageRevisionID "635128604".
- Investors_Overseas_Service wikiPageWikiLink Bear_market.
- Investors_Overseas_Service wikiPageWikiLink Bernard_Cornfeld.
- Investors_Overseas_Service wikiPageWikiLink Canada.
- Investors_Overseas_Service wikiPageWikiLink Category:Pyramid_and_Ponzi_schemes.
- Investors_Overseas_Service wikiPageWikiLink Expatriate.
- Investors_Overseas_Service wikiPageWikiLink Expatriates.
- Investors_Overseas_Service wikiPageWikiLink Geneva.
- Investors_Overseas_Service wikiPageWikiLink Germany.
- Investors_Overseas_Service wikiPageWikiLink Initial_Public_Offering.
- Investors_Overseas_Service wikiPageWikiLink Initial_public_offering.
- Investors_Overseas_Service wikiPageWikiLink International_Controls_Corporation.
- Investors_Overseas_Service wikiPageWikiLink Market_trend.
- Investors_Overseas_Service wikiPageWikiLink Mutual_fund.
- Investors_Overseas_Service wikiPageWikiLink Mutual_funds.
- Investors_Overseas_Service wikiPageWikiLink Pyramid_scheme.
- Investors_Overseas_Service wikiPageWikiLink Robert_Vesco.
- Investors_Overseas_Service wikiPageWikiLink Switzerland.
- Investors_Overseas_Service wikiPageWikiLink United_States.
- Investors_Overseas_Service wikiPageWikiLinkText "IOS".
- Investors_Overseas_Service wikiPageWikiLinkText "Investors Overseas Service".
- Investors_Overseas_Service wikiPageWikiLinkText "Investors Overseas Service, Ltd.".
- Investors_Overseas_Service hasPhotoCollection Investors_Overseas_Service.
- Investors_Overseas_Service wikiPageUsesTemplate Template:Citation_needed.
- Investors_Overseas_Service wikiPageUsesTemplate Template:Unreferenced.
- Investors_Overseas_Service subject Category:Pyramid_and_Ponzi_schemes.
- Investors_Overseas_Service type Article.
- Investors_Overseas_Service type Article.
- Investors_Overseas_Service comment "Investors Overseas Services, Ltd. (IOS) was founded in 1955 by financier Bernard Cornfeld. The company was incorporated outside the United States with funds in Canada and headquartered in Geneva, Switzerland. In the 1960s, the company employed 25,000 people who sold 18 different mutual funds door-to-door all over Europe, operating mostly in Germany with small investors. The company mainly targeted American expatriates and U.S. servicemen who sought to avoid paying income tax.".
- Investors_Overseas_Service label "Investors Overseas Service".
- Investors_Overseas_Service sameAs Investors_Overseas_Services.
- Investors_Overseas_Service sameAs Investors_Overseas_Service.
- Investors_Overseas_Service sameAs m.0bgxn9.
- Investors_Overseas_Service sameAs Q1671795.
- Investors_Overseas_Service sameAs Q1671795.
- Investors_Overseas_Service wasDerivedFrom Investors_Overseas_Service?oldid=635128604.
- Investors_Overseas_Service isPrimaryTopicOf Investors_Overseas_Service.