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| author=Clikeman, Paul M}}</ref><ref name="browardpalmbeach.com"></ref> | author=Clikeman, Paul M}}</ref><ref name="browardpalmbeach.com"></ref> | ||
| == National Commercial Credit Corp == | |||
| In 1979 a federal jury convicted Randell of mail and stock fraud for his involvement with the National Commercial Credit Corp and he was sentenced to seven years in prison, released in 1984. | In 1979 a federal jury convicted Randell of mail and stock fraud for his involvement with the National Commercial Credit Corp and he was sentenced to seven years in prison, released in 1984. | ||
| == Federal News Service == | |||
| He then was involved in the ] which is a privately held company based in Washington, DC with bureaus in Moscow and Jerusalem, providing timely verbatim English-language transcription of U.S., Russian and Middle East government press briefings, speeches, and conferences. | He then was involved in the ] which is a privately held company based in Washington, DC with bureaus in Moscow and Jerusalem, providing timely verbatim English-language transcription of U.S., Russian and Middle East government press briefings, speeches, and conferences. | ||
| == United Savings Club == | == United Savings Club == | ||
| He became president and chairman of the board of directors of United Savings Club, a company featuring consumer discounts, which was reported to be investigated by Orlando Police Department's Economic Crime Unit.<ref></ref> | He became president and chairman of the board of directors of United Savings Club, a company featuring consumer discounts, which was reported to be investigated by Orlando Police Department's Economic Crime Unit.<ref></ref> | ||
| == eModel == | == eModel == | ||
| Randell went on to be Chairman and Director of a company called eModel, a wholly owned subsidiary of Options Talent Group, which was under investigation for alleged unethical and illegal behavior. Over 10% of the voting stock of Options Talent Group was controlled by his wife Joan Randell. Bill Mitchell, president of the Greater Los Angeles Better Business Bureau said, "The whole thing fundamentally, from beginning to end, is a scam."<ref name="browardpalmbeach.com"/> However, no criminal charges were filed. | Randell went on to be Chairman and Director of a company called eModel, a wholly owned subsidiary of Options Talent Group, which was under investigation for alleged unethical and illegal behavior. Over 10% of the voting stock of Options Talent Group was controlled by his wife Joan Randell. Bill Mitchell, president of the Greater Los Angeles Better Business Bureau said, "The whole thing fundamentally, from beginning to end, is a scam."<ref name="browardpalmbeach.com"/> However, no criminal charges were filed. | ||
Revision as of 20:46, 26 February 2015
Cortes Wesley Randell (Washington DC) is an American con man, best known for his first con, the National Student Marketing Corporation.
National Student Marketing
In 1968 Randell took his company, the National Student Marketing Corporation (N.S.M.C., NSMC), public. The corporation catered for the youth market and was touted by various Wall Street professionals. Through publicity from acquisitions and as a result of Randell's declaration that NSMC's profits would rise from 11 cents to $2 a share, the stock rose from its Initial Public Offering price of $6 a share to over $120 during the late 1960s bull market. However instead of making a profit, the company had a loss of $859,889 during the first quarter of 1970. The official explanation was that 'mechanical errors' while changing the accounting system had led to $4 million in sales being overlooked.
The stock crashed and as the result of an investigation Randell was charged with misrepresenting the company's earnings. He pleaded guilty and was sentenced to 18 months in prison for, inter-alia, stock fraud. Extensive civil litigation resulted, involving Randall, NSM's accounting firm, and other parties.
National Commercial Credit Corp
In 1979 a federal jury convicted Randell of mail and stock fraud for his involvement with the National Commercial Credit Corp and he was sentenced to seven years in prison, released in 1984.
Federal News Service
He then was involved in the Federal News Service which is a privately held company based in Washington, DC with bureaus in Moscow and Jerusalem, providing timely verbatim English-language transcription of U.S., Russian and Middle East government press briefings, speeches, and conferences.
United Savings Club
He became president and chairman of the board of directors of United Savings Club, a company featuring consumer discounts, which was reported to be investigated by Orlando Police Department's Economic Crime Unit.
eModel
Randell went on to be Chairman and Director of a company called eModel, a wholly owned subsidiary of Options Talent Group, which was under investigation for alleged unethical and illegal behavior. Over 10% of the voting stock of Options Talent Group was controlled by his wife Joan Randell. Bill Mitchell, president of the Greater Los Angeles Better Business Bureau said, "The whole thing fundamentally, from beginning to end, is a scam." However, no criminal charges were filed.
See also
References
- Pied Piper of Wall Street - TIME
- Clikeman, Paul M. Called to Account: Fourteen Financial Frauds that Shaped the American Accounting Profession. Chapter 7.
- ^ Broward-Palm Beach - News - Hustling for Models
- Orlando Weekly - Features Story - SAME PLAYERS, NEW GAME