Missing: One Man, Many Millions

Short on returns but long on schemes, barred trader Martin Frankel duped 11 insurance companies

At the end of a decade in which a bull market and initial public offering mania have made millionaires seem commonplace, we have a financial villain whose outsize chicanery and supersize embezzlement may be a match for our gaudy times. Martin Frankel, 44, a.k.a. David Rosse, a.k.a. Eric Stevens, accused of absconding with as much as $335 million through a bewildering web of insurance companies, bogus investment funds and phony charitable organizations, was, in his own charmingly inept manner, pursuing a twisted but very '90s version of the American Dream.

Few businessmen, straight or crooked, in any era have ridden that...

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