Bernard „Bernie“ Kornfeld was a prominent businessman and international financier who sold investments in US mutual funds. Bernard was born in Turkey. After moving to the US, he began working as a social worker, but later, in 1950, began to sell open mutual funds.
Despite suffering from stuttering, yet he managed to be a great seller. When his school friend’s father died, both of them used three thousand dollars of the insurance money to purchase the device measuring the weight and age.
In 1960 Kornfeld founded his own company to sell mutual funds — Investors Overseas Services (IOS). It was created outside the United States, together with Canada funds, and headquartered in Geneva. Despite the headquarters being officially located in Switzerland, the main executive functions were fulfilled in offices in France at the border with Geneva.
So he avoided the problems with work permits for employees. In the next ten years, the company’s turnover amounted to more than two and a half billion dollars, bringing Kornfeld personal income of about a hundred million. This man was famous for his big luxurious parties. In terms of public events, he was a generous and cheerful person.
Surrounding himself with beautiful young women, including Heidi Fleiss, Cornfeld spent his fluctuating fortunes on the 40-room Douglas Fairbanks mansion in Beverly Hills, a castle in Switzerland and homes in London and Paris, jetting between them in his own planes.
A group of three hundred employees complained to the Swiss authorities that Kornfeld and co-founders pocketed a part of the revenue from selling shares in 1969. The Swiss authorities accused him of the same in 1973. When Kornfeld came to Geneva, he was arrested. He served eleven months in a Swiss jail, and then he was released on bail for six hundred thousand dollars. He returned to Beverly Hills living certainly not on such a grand scale as before.