Earl Fleegler Belle (October 22, 1930 – April 3, 1995) was one of the biggest stock manipulators in the 1950s. He fled the United States to Brazil, but returned after years and served time in prison for securities fraud. He was called various nicknames by the media due to his youth, including "Boy Wonder" and the "Pittsburgh Whiz Kid." Earl Belle was born in

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

to Julius and Edith (née Fleegler) Belle. Belle married Fayth Joy Blumenfeld in 1951. He graduated from the

University of Pittsburgh The University of Pittsburgh (Pitt) is a public state-related research university in Pittsburgh, Pennsylvania. The university is composed of 17 undergraduate and graduate schools and colleges at its urban Pittsburgh campus, home to the universit ...

in 1956. He began a redevelopment plan for the Borough of

Saltsburg, Pennsylvania Saltsburg is a borough in Indiana County, Pennsylvania, United States. Its location is in western Pennsylvania, in the southwestern corner of Indiana County near its border with Westmoreland County. The town was based on the construction of salt ...

through Eastern Investment Development Corp. with brothers Murray and Burton Talenfeld, and their father Edward. Belle then became a director of the First National Bank of Saltsburg. Belle and his associates bought control of Cornucopia Gold Mines (listed on the

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...

) in 1957, and manipulated the stock to buy other companies. The holding company was then named General Kinetics. Belle also purchased a controlling interest in the Manufacturers Bank of

Edgewater, New Jersey Edgewater is a borough located along the Hudson River in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough had a population of 11,513,/nowiki>''sic''/nowiki> Hill Road was an important route to the top ...

in April 1958. The bank failed on July 17, 1958, after the discovery of $150,000 in questionable loans to companies controlled by Belle. Belle fled

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

on July 4, 1958, eventually winding up in

Rio de Janeiro Rio de Janeiro ( , , ; literally 'River of January'), or simply Rio, is the capital of the state of the same name, Brazil's third-most populous state, and the second-most populous city in Brazil, after São Paulo. Listed by the GaWC as a b ...

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

, taking an estimated $1 million with him. He was charged, along with his associate Mitchell Ostwind, in July 1958 on 17 counts of conspiracy and violation of Federal statutes on mail fraud and interstate transportation of stolen property. Mitchell Ostwind returned to the United States 10 months later and was convicted in the Edgewater bank fraud case. Brothers Murray and Burton Talenfeld pled guilty in 1961 to 13 charges and no defense to 25 others, and were sentenced to a year in prison and a $20,000 fine. Their father Edward received probation. Belle was charged with fraud in a Brazilian court involving passing worthless checks, and he voluntarily returned to the United States in December 1963. (In addition, an extradition treaty with Brazil was scheduled to go into effect in December 1964, as Brazil had become a haven for a number of stock swindlers from the United States, like Ben Jack Cage,

Lowell Birrell Lowell McAfee Birrell (February 5, 1907 – March 15, 1993) was one of the biggest stock manipulators in the 1950s. He fled the United States to Brazil, but eventually returned and served time in prison for securities fraud. Biography Birrell was ...

and Edward M. Gilbert.) Belle pleaded guilty to 26 counts of falsifying financial records and fraud and no defense to 18 other counts. He served 22 months of a 30-month sentence for embezzlement. He was released in May 1966. In 1981, Belle again encountered legal difficulties when he was sanctioned by the SEC in connection with dealings with Teletrans Industries, Inc. He also was the subject of lawsuits by a number of German investors in the company.Remembering a Pro at Conning ''Pittsburgh Post-Gazette'' July 3, 2008
/ref> Belle died in Florida in 1995.

References

{{DEFAULTSORT:Belle, Earl American businesspeople convicted of crimes American white-collar criminals Finance fraud University of Pittsburgh alumni 1995 deaths 1930 births