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Edward Downe Jr.

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Edward Reynolds Downe Jr. (born 1929) is an American wealthy businessman and socialite.

Biography

Downe graduated from the University of Missouri's Missouri School of Journalism in 1952. He worked in a variety of capacities at two Virginia newspapers before joining True magazine. In 1954, he left True to become an editor at the rival magazine Argosy; he later moved into advertising at Argosy. In 1966, Downe purchased Family Weekly, a newspaper insert similar to Parade Magazine. He founded Downe Communications in 1967. Through this company he went on to acquire magazines including The Ladies' Home Journal, and The American Home. Downe Communications acquired majority cotrol of Bartell Media, which owned the MACFADDEN WOMEN'S GROUP with 6.5 million monthly circulation, five of the major movie magazines, the 3 major detective magazines, sport and pegeant magazine, as well as the MacFadden hardcover book and paperback publications division.

In 1968 Downe Communications, Inc. was represented by Carter, Berlind & Weill and Smith Barney in an initial public offering. And by Merril Lynch in a secondary in 1972. Also in 1968 Mr. Downe was named consumer publications man of the year awarded by the magazine industry newsletter.

His mail order company, Madison House, subsequently became the foundation of the mail order division of Downe Communications. In the late 1960's he acquired on of the half dozen major American mail order companies, Greenland Studios, along with its 160,000 squre-foot, state of the art mail order facility located in Opa Locka, Florida, which in addition to its own, also provided mail order fufillment for many national companies, including Braniff Airlines, American Airlines, Continental Airlines, Best Western Hotels, etc.

Downe eventually sold Downe Communications to the Charter Company, a Jacksonville, Florida based oil and insurance conglomerate for approximately $9 million.

Downe divorced his first wife, Naomi Susan Campbell, in 1977. Downe married heiress Charlotte Ford (mother of Elena Ford) on his 57th birthday, August 31, 1986.

Insider trading conviction

In 1992, the Securities and Exchange Commission charged that in the mid- to late-1980’s Downe and associated exchanged inside information in order to make illegal stock trades. Downe was eventually convicted of charges including wire fraud, filing false income tax returns, and securities fraud.

Irish cottage controversy

In February 2009 the Hartford Courant ran a story concerning US senator Christopher Dodd's acquisition of his vacation home in Roundstone, Ireland. The article pointed out Dodd's close links to Downe, his disgraced former partner in buying the home.

After paying an $11 million fine for his role in the scam, Downe later obtained a pardon in the waning days of the Bill Clinton administration. The controversial pardon was granted after Dodd lobbied Clinton on Downe's behalf. Dodd later acquired the interests of his partners after the pardon was granted. Dodd was also criticized for claiming the Roundstone home was worth less than $250,000 in Senate ethics filings; some observers estimated the likely value in excess of $1 million USD.

References

  1. ^ Kleinfield, N. R. (1992-06-16). "Living Poolside, and Wanting More; Insider-Trading Charges and the Southampton Summer Set". The New York Times. ISSN 0362-4331. Retrieved 2017-12-05.
  2. ^ "Charlotte Ford Wed to Edward Downe Jr". The New York Times. 1986-09-01. ISSN 0362-4331. Retrieved 2017-12-05.
  3. Gilpin, Kenneth N. (1992-09-18). "Oppenheimer Broker Offers Guilty Plea to Perjury Count". The New York Times. ISSN 0362-4331. Retrieved 2017-12-05.
  4. http://www.courant.com/news/opinion/op_ed/hc-rennie0222.artfeb22,0,4471645.column
  5. "Business Ethics of the Rich and Famous?". Time. June 15, 1992.
  6. Harnden, Toby (2009-02-24). "How politics works: Senator Christopher Dodd and his cosy Irish cottage". The Daily Telegraph. London. Retrieved 2012-05-07.
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