Bernard Cornfeld

He initially worked as a social worker, but then switched to selling mutual funds for an investment house. In 1955, he left New York City for Paris and started his own company selling mutual funds, using his savings of a mere few hundred dollars. The company was named Investors Overseas Services (IOS). By selling the mutual funds mostly to American servicemen in Europe, Cornfeld was able to avoid both American and European tax regulations.

The IOS system collapsed in 1970. Bernie Cornfeld was arrested in Switzerland in 1973, sentenced to 11 months in preventive prison, but was finally acquitted in 1979 and kept part of his earnings which enabled him to lead a luxurious lifestyle until he died in 1995.

Grayhall mansion doubled as the home of rock star John Norman Howard (Kris Kristofferson) in the 1976 version of A Star Is Born starring Barbra Streisand. At the age of 60, Cornfeld had an affair with the then 19-year-old Heidi Fleiss.

Bernard Cornfeld suffered a stroke and died of MRSA on 27 February 1995 in London, England.