Keep in mind Loopy Eddie? His Costs Had been Insane!

Once I was rising up in Connecticut within the Seventies, there was a industrial I repeatedly heard on TV over and over; it was about an organization in New York primarily based client electronics retailer named “Loopy Eddies” whose costs the industrial stated, “have been insane”. Should you by no means noticed the industrial, it has a former DJ named Jerry Carroll, usually mistaken for Eddie, speaking rapidly, and gesticulating wildly in a wide range of costumes or only a grey turtleneck with a darkish blazer. He would give a gross sales pitch ending with the tag line of assurance: “His costs are insane!” Unbelievable, over 7,500 commercials have been made.

Lots of people hated these commercials and parodied them. Dan Aykroyd did a “Loopy Eddie” spoof on “Saturday Night time Stay.”  I’m not positive I ever visited he retailer, however the industrial nonetheless sticks with me to at the present time. From a enterprise standpoint, I at all times questioned who Loopy Eddie was and what occurred to his firm.

On The Small Enterprise Radio Present this week, I discuss to Gary Weiss who’s the creator of a brand new e book known as “Retail Gangster: The Insane Actual Life story of Loopy Eddie”. The supply for the data within the e book was a member of Antar’s family! He has been uncovering Wall Avenue wrongdoing for practically 20 years.

We mentioned that Eddie Antar got here from a Syrian household who had at all times been retailers earlier than they got here to the US within the Twenties. He constructed “Loopy Eddie’s” right into a publicly traded $300 million firm with many franchise areas. The well-known commercials have been all produced in home and weren’t a creation of an out of doors advert company. Gary believes they’re primarily based on the outdated concept of the “loopy service provider who’s so nuts, he sells under wholesale.”

Gary describes Eddie’s effort to construct his firm and obtain the American Dream with ways that have been “aggressive to legal; he ripped off everybody in sight”. To undercut opponents like Circuit Metropolis and The Wiz, he “was instructing workers to wash off show fashions or returned items and rebox them as brand-new. Eddie routinely didn’t pay gross sales tax to the federal government regardless that he collected it from prospects. Guarantee claims have been fabricated.” Gary describes that when auditors confirmed up, “feminine workers have been instructed to cozy as much as them”.

In accordance with Gary, this led to “Antar’s edge which was constructed on extensive scale inventory fraud, manipulating money, the corporate’s earnings, tax or insurance coverage fraud. The crimes have been found when “Loopy Eddies” was purchased after they went public. A member of the family, Sam Antar finally was the whistleblower on the corporate.

When he was lastly charged with crimes, Eddie fled to Israel by invoking that nation’s Legislation of Return and falsifying his household’s passports. As soon as he was extradited, Antar served virtually seven years in U.S. federal jail and however lots of his crimes have been by no means prosecuted.

As a advertising and marketing genius, Gary wonders if he might have been a hit, with out being a legal.

Take heed to all the loopy present on The Small Enterprise Radio Present. It’s insane!

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Picture: gary-weiss

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