Founded in 1955 by financier Bernard Cornfeld, I.O.S. Investors Overseas Services grew to over $2.5 billion USD under management in a variety of mutual funds by 1970. Due to the decline in value in a number of questionable investments, and following charges of embezzlement filed against Cornfeld successor Robert Vesco and other I.O.S managers, the company went bankrupt in 1973.
IIT International Investment Trust was an open end mutual fund organized as a unit investment trust under the laws of Luxembourg. It was originally offered at $5 USD / unit. Banque Internationale a Louxembourg was Transfer Agent and Registrar; Credit Suisse was the Depository of Cash. Assets under control eventually reached $700 million USD; unit price peaked at $10.21 in 1969.
Because investors were scattered across a number of countries, and due to the fact many hold certificates in bearer form, there are still many millions of dollars waiting to be claimed by unaware stockholders. Prompt action should be taken, however, as there are time limits on the filing of certain types of claims.
For a complete report, including share redemption and potential entitlement to merger and liquidation consideration complete the form below.