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crazy eddie

Crazy Eddie was a consumer electronics chain in the Northeastern United States. The chain was started in 1971 in Brooklyn, New York, by businessmen Eddie and Sam M. Antar, and was previously named ERS Electronics (ERS stood for Eddie, Rose and Sam; Rose and Sam were Eddie's parents). The chain rose to prominence throughout the Tri-State Region 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). At its peak, Crazy Eddie had 43 stores in four states and reported more than $300 million in sales.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. Crazy Eddie's board of directors approved the sale of the company in November 1987. The entire Antar family was immediately removed from the business. 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. In 1989, the company filed for bankruptcy and was liquidated. 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 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. Eddie Antar was eventually charged with a series of crimes. Antar fled to Israel in February 1990, but was returned to the United States in January 1993 to stand trial. His 1993 conviction on fraud charges was overturned, but he eventually pleaded guilty in 1996. In 1997, Antar was sentenced to eight years in prison and was subject to numerous fines. He was released from prison in 1999. He died in 2016.

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