The American Express receipt that financed $180 million and toppled Allied
A New Jersey warehouse claims to hold 900,000 tons of vegetable oil, but only 55,000 tons exist. This commodity fraud scheme, the Salad Oil Scandal, secured $180 million in loans.
The American Express receipt that financed $180 million and toppled Allied
This episode explores the Salad Oil Scandal, a massive commodity fraud where one facility convinced the American financial system it held a reserve sixteen times larger than reality. How did this elaborate deception unfold, and who enabled it?
Person: Anthony "Tino" De Angelis
Event: Salad Oil Scandal
Date: November 18, 1963
Location…
The skinny
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