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Book Review: Retail Gangster - The Insane, Real-Life Story of Crazy Eddie

Writer's picture: SoFla PrimeSoFla Prime

 

By: Douglas Kohn MBA, CPA

 

Posted on: 1/13/2025 at www.soflaprimeconsulting.com/

 

Title: Retail Gangster: The Insane, Real-Life Story of Crazy Eddie Author: Gary Weiss Publisher: Hachette Books Publication Date: August 23, 2022

 

As an accountant and the co-founder of SoFla Prime Consulting, I found "Retail Gangster" by Gary Weiss to be not just an engaging read but an educational one. The story of Crazy Eddie, led by the flamboyant Eddie Antar, is a tale of ambition, deceit, and the cultural backdrop of the Syrian Jewish community in South Brooklyn and Deal, New Jersey.

 

Eddie Antar's journey from a single electronics store to a chain that dominated the market with its aggressive pricing and memorable advertising campaigns is meticulously chronicled by Weiss. The book delves into how the cultural practices of the Syrian Jewish community, particularly the concept of "nehkdi" or cash dealing, shaped the business practices at Crazy Eddie. This cultural insight provides a unique perspective on how business and community values can intersect in sometimes unexpected ways.

 

The core of "Retail Gangster" is its detailed account of the fraud that was orchestrated by Antar and his cousin, Sam Antar, who was the company's CFO. Sam Antar, after being funded through college by Eddie, became a certified public accountant (CPA), using his knowledge to mastermind one of the most significant accounting scandals of its time. Having personally taken a continuing education course with Sam Antar, I can attest to the depth of understanding one can gain about the intricacies of financial manipulation from such an experience.

 

The Crazy Eddie scandal was a major accounting scandal, often cited as one of the largest or at least the most famous before the Enron and Arthur Andersen debacle. It has since become a staple case study in accounting programs at colleges across the country. The story is used to teach students about the importance of ethical practices, the red flags of financial malfeasance, and the critical role of auditors in uncovering or preventing such fraud.

 

What makes "Retail Gangster" particularly relevant for professionals in the field of accounting and finance is the way it illustrates the consequences of neglecting due diligence. At SoFla Prime Consulting, we specialize in providing comprehensive due diligence services for mergers and acquisitions. The lessons from Crazy Eddie remind us why thorough financial analysis, understanding the cultural and operational nuances of a business, and meticulous review of all financial statements are crucial. Our services are designed to prevent the kind of oversights that led to the downfall of companies like Crazy Eddie, by offering:


  • Financial Due Diligence: Ensuring that the financial health of the target company is accurately represented.

  • Operational Due Diligence: Examining the business operations to uncover any inefficiencies or potential liabilities.

  • Legal and Compliance Reviews: Checking for any legal issues or compliance gaps that could pose risks post-acquisition.

  • Cultural Fit Analysis: Understanding the cultural dynamics, which is particularly important when dealing with closely-knit communities or family-run businesses.

 

"Retail Gangster" serves as a stark reminder of what can happen when due diligence is not taken seriously. For those in the business of mergers and acquisitions, or anyone interested in the darker side of corporate history, this book is an invaluable resource.

 

Rating: 4.5/5

 

This review was published by Douglas Kohn, CPA, on www.soflaprimeconsulting.com, where we focus on leveraging historical business lessons to enhance our consulting services, especially in due diligence for mergers and acquisitions.

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