Back to Blog Topics

The majority of Bill Cosby's alleged discretions look like they took place in the mid 1980's. Surely a coincidence that, during the same period, EF Hutton and Company had check-kited billions of dollars by tactics employed by its branch managers in offices from Washington D.C. to Rhode Island.

In early May 1984, another coincidence: this rookie had just begun my securities training at EF Hutton. A few weeks earlier (on April 20th) the Department of Justice had quietly sent letters to EF Hutton that they intended to prosecute the firm for mail and wire fraud.

This did not become public until 12 months later (May 3, 1985) when EF Hutton, with its back to the wall, announced that it had pled guilty to 2000 counts of mail and wire fraud.

In 1986, to improve its tarnished image, the brokerage company hired none other than Bill Cosby to extol the virtues of EF Hutton, the nation's fifth largest brokerage. This--from the company that--when 'it talked, people listened.'

Look here for a Bill Cosby testimonial ad for EF Hutton. And here's a vintage rendition of the classic ad, "When EF Hutton talks, people listen."

Is there "honor among thieves?" This time, more than a coincidence? You can make your own conclusion as to why they gravitated to each other.

Back to Blog Topics