This is an old revision of this page, as edited by Edwardjones2320 (talk | contribs) at 06:04, 27 February 2015 (Reverting biased information on living persons). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
Revision as of 06:04, 27 February 2015 by Edwardjones2320 (talk | contribs) (Reverting biased information on living persons)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)Cortes Wesley Randell, born in Washington DC, graduated from the University of Virginia with an engineering degree and was a member of the Jefferson Society. Randell was first hired by General Electric and was sent to Schenectady, NY to work in the first nuclear submarine, the Sea Wolf. His next assignment was in Syracuse , N.Y. to work on the Ballistic Missile Early Warning System which replaced the Dew Line radars in Canada. The BMEWS system was much larger and gave the warning coming over from Russia. After two more assignments with General Electric, he went to work for the ITT Federal Group in Chicago who did the electronics for the worldwide warning system at Offutt Air Force Base at the Strategic Air Command headquarters in Omaha Nebraska.
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.
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.
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
- "Salesman to the Pop Generation". Washington Post: 48-50. May 21, 1967.
- 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