Sonny Bloch
Encyclopedia
Irwin H. "Sonny" Bloch was a popular American
financial talk radio
show host from 1980 to 1995 who defrauded investors of more than $24 million. He died of cancer
in 1998 at the age of 61.
.
The Sonny Bloch Show featured such prominent guests as Chemical Bank's Irwin Kellner and Federal Reserve Chairman Alan Greenspan
.
One scheme sold interest in gold bars that were actually painted ordinary metal bars. Many of his investment recommendations caused his listeners to lose millions of dollars because the true financial viability of the schemes were improperly hidden from investors.
Many of the investment scheme's backers paid to appear on the Sonny Bloch Show and conspired with Bloch to hide the fact that many of these involved companies that were already failing.
One scheme solicited paid "memberships" with the proceeds used to pay for the purchase of a group of radio stations in Florida and Connecticut.
Another pivotal scheme for which Bloch was indicted involved the sale of unregistered shares over the radio, which is illegal.
Later in his rater radio career, allegedly illegitimate Wireless Cable investment schemes were heavily promoted on his radio show.
Bloch was also indicted for tax evasion
.
in 1995 where his wife owned property.
. After serving two years in federal custody, Bloch was found to be in the advanced stages of cancer. He was allowed to return home and died in 1998.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financial talk radio
Talk radio
Talk radio is a radio format containing discussion about topical issues. Most shows are regularly hosted by a single individual, and often feature interviews with a number of different guests. Talk radio typically includes an element of listener participation, usually by broadcasting live...
show host from 1980 to 1995 who defrauded investors of more than $24 million. He died of cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
in 1998 at the age of 61.
Career
Sonny Bloch was a lounge singer who dovetailed his career into a fifteen-year career as a financial talk radio host heard on over 170 stations in the U.S including WOR-AM in New York CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.
The Sonny Bloch Show featured such prominent guests as Chemical Bank's Irwin Kellner and Federal Reserve Chairman Alan Greenspan
Alan Greenspan
Alan Greenspan is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC...
.
Fraud schemes
Bloch, his son, and associates had allegedly been involved in a variety of investment fraud schemes.One scheme sold interest in gold bars that were actually painted ordinary metal bars. Many of his investment recommendations caused his listeners to lose millions of dollars because the true financial viability of the schemes were improperly hidden from investors.
Many of the investment scheme's backers paid to appear on the Sonny Bloch Show and conspired with Bloch to hide the fact that many of these involved companies that were already failing.
One scheme solicited paid "memberships" with the proceeds used to pay for the purchase of a group of radio stations in Florida and Connecticut.
Another pivotal scheme for which Bloch was indicted involved the sale of unregistered shares over the radio, which is illegal.
Later in his rater radio career, allegedly illegitimate Wireless Cable investment schemes were heavily promoted on his radio show.
Bloch was also indicted for tax evasion
Tax evasion
Tax evasion is the general term for efforts by individuals, corporations, trusts and other entities to evade taxes by illegal means. Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability,...
.
Flight from prosecution
Shortly after the indictments Bloch fled to the Dominican RepublicDominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
in 1995 where his wife owned property.
Incarceration and death
Bloch was captured and deported back to the U.S. in 1995. He pled guilty to seven counts of tax evasion and perjuryPerjury
Perjury, also known as forswearing, is the willful act of swearing a false oath or affirmation to tell the truth, whether spoken or in writing, concerning matters material to a judicial proceeding. That is, the witness falsely promises to tell the truth about matters which affect the outcome of the...
. After serving two years in federal custody, Bloch was found to be in the advanced stages of cancer. He was allowed to return home and died in 1998.