The Salad Oil Scheme That Crashed The Market (1963)

Anthony “Tino” De Angelis was a con-man. He put on a good show as a businessman but he was always seemingly doing a con of some kind. He was born on November 3, 1915 to Italian immigrant parents in the Bronx. In the 1930’s while still a teenager he managed about 200 employees in a meat and fish market. Around this time, he had learned through his business contacts that the US government would take almost anything offered to it to fill the national mandates for school lunches. A con man at heart, this sparked an idea in his mind. Years down the line he was able to work his way up at this company and eventually become president in 1949 of Adolph Gobel. During his time as president, he secured a large government contract, where he specifically prompted his employees to overcharge the government by $31,000 (Equivalent to roughly $500,000 today, assuming 4% inflation.) He also delivered over 2 million pounds of uninspected meat products that really angered the federal government. It has to be said that this did not lead to any recorded issues amongst the school children, but it quickly made the federal government move Adolph Gobel from being a “primary” supplier to merely an “emergency supplier.” As a result, by 1953 Adolph Gobel had gone bankrupt.

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