Common
Salad oil scandal
1963 corporate fraud
Salad oil scandal
The salad oil scandal was an American corporate scandal in 1963 that caused more than $180 million ($1.89 billion in 2025) in losses to corporations. Tino De Angelis, a commodities broker and owner of the company Allied Crude Vegetable Oil, took out fraudulent loans secured by nonexistent inventory of vegetable oil. He used the proceeds to pay business and private expenses and to speculate on the futures market. A crash in the futures market rendered Allied insolvent, which led its creditors to discover the fraud. Affected corporations included American Express, Bank of America and Chase Manhattan Bank, and many international companies, such as Bank Leumi.
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