Eddie Antar was eventually charged with a series of crimes. In September of that year, the United States Securities and Exchange Commission initiated an investigation into alleged violations of federal securities laws by certain Crazy Eddie officers and employees. In February 1987, the United States Attorney's Office for the District of New Jersey commenced a federal grand jury investigation into the financial activities of Crazy Eddie.
In 1989, the company filed for bankruptcy and was liquidated. The new owners quickly discovered the true extent of the Antar family's fraud, but were unable to turn around Crazy Eddie's quickly declining fortunes. The entire Antar family was immediately removed from the business.
Crazy Eddie's board of directors approved the sale of the company in November 1987. Unable to sustain his fraudulent business practices, co-founder Eddie Antar cashed in millions of dollars' worth of stock and resigned from the company in December 1986. During the process of going public, Crazy Eddie continued to engage in fraud, over-reporting profits, inflating inventory and duping auditors. These practices, in conjunction with aggressive sales tactics, enabled Crazy Eddie to significantly undercut competitors and grow rapidly. Īlmost from the beginning, Crazy Eddie engaged in fraudulent business practices, including under-reporting income, skimming sales taxes, and paying employees off the books. At its peak, Crazy Eddie had 43 stores in four states and reported more than $300 million in sales.
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The chain rose to prominence throughout the Tri-State area (New York-New Jersey-Connecticut) as much for its prices as for its memorable radio and television commercials, featuring a frenetic, "crazy" character played by radio DJ Jerry Carroll (who copied most of his shtick from early TV commercial pioneer, used car and electronics salesman Earl "Madman" Muntz). Antar, and was previously named ERS Electronics (ERS stood for Eddie, Rose and Sam Rose and Sam were Eddie's parents). The chain was started in 1971 in Brooklyn, New York, by businessmen Eddie and Sam M. Eddie Antar, co-founder, president and CEOĬrazy Eddie was a consumer electronics chain in the Northeastern United States.
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