Satish Gabhawala convinced the city of Harvey to raise $14 million from bond issuances to construct a hotel and 24-hour diner. However, 5 years later the buildings were never finished. Where had the 14 million gone?
Equity Funding Corporation of America reported strong growth for nearly a decade, culminating in a record profit in 1973. But just a few weeks later the firm imploded. It seems the company wrote insurance policies for people who didn’t even exist.