Introducing
Prezi AI.
Your new presentation assistant.
Refine, enhance, and tailor your content, source relevant images, and edit visuals quicker than ever before.
Trending searches
Loading…
The Great Salad Oil Scandal
31
Transcript
The Great Salad Oil Scandal
Significance of Ethics
Consequences
- Allied Crude filed for bankruptcy
- Caught in 1965
- De Angelis convicted of fraud and conspiracy
- Sentenced 20 years in prison
Who did it affect?
- 51 Businesses were scammed by De Angelis
- Williston & Beane got a bail
- Ira Haput & Co. was main victim
- Owed $37 Million dollars to banks
- Soybean market plummeted
- Went from above ten to below eight
How was it hidden?
- Hidden by employees
- Small amounts of oil on water
- American Express was fooled
- Eventually was caught by the inspectors
- Made futures markets crash
History of the Business
Summary
- Who; De Angelis
- What; Soybean Oil (used for salad oil)
- When; Began in 1955
- Why; For profit from banks
- Where; De Angelis's warehouse
- How; Salad oil being falsely made
- Started in 1955 by De Angelis
- Knew that Govt. Programs = Easy Money
- Mainly sells Soybean Oil
- Sell surplus goods to Europe cheap
- Eventually sold cotton as well
Table of Contents
- Allied Crude - Slide 3
- History of the business - Slide 4
- Summary of the scandal - Slide 5
- The Scandal itself - Slide 6
- Small demonstration
- How was it hidden? - Slide 7
- Who did it affect? - Slide 8
- Consequences - Side 9
- Where is De Angelis now? - Slide 10
- Recommendations - Slide 11
- Significance of Ethics - Slide 12
Allied Crude Vegetable Oil Refining Corporation
- Owner ; Anthony "Tino" De Angelis
- Bayonne, New Jersey
- Based Commodities Trader
- Sold Vegetable Oil Futures
- No Slogan
- No Logo
- Ethics; Doing what is right
- Typically, people get caught committing fraud
- Have to lie to everybody
- Loaners are blinded by business frauds
The Scandal
- Basically scammed banks of their loans
- Had "fake" salad oil instead
- Never actually sold oil for profit
- American Express inspectors checked them
- Supposedly had $150 Million worth
- In Reality, only had $6 Million
Where is he now?
Recommendations
- De Angelis is released 7 years later
- Soon committed another crime
- Tried to use a fake check
- Sentenced to 21 months in prison
- Unknown after that
- Investigators should of been more cautious
- Should of Warehouse reciepts
- Investors should have been careful
- Loaners should have done background checks
Justin Haddadian BAF3M - Accounting
Ms. Talbot
May 30th, 2016
Choose a template
Presentations from around the world
Learn more about creating dynamic, engaging presentations with Prezi