Eddie Gilbert

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"Eddie Gilbert, who in 1958 performed a hostile takeover of hardwood floor maker E.L. Bruce Co. and later embezzled $2 million from the company before fleeing to Brazil, received clemency from New Mexico Governor Bill Richardson before the governor left office Dec. 31. According to Forbes magazine, Gilbert fled the country in 1962 to live as a fugitive in Brazil instead of facing charges of embezzlement. He eventually returned and pleaded guilty to fraud and larceny. He served seven years in prison in New York. In 1981, Gilbert was convicted of manipulating the stock of a communications-equipment manufacturer, Conrac Corp. He spent nearly two more years in prison. Eventually, he started BGK Group, which is New Mexico's largest commercial landlord, according to New Mexico Business Weekly. Gilbert, along with his employees at Santa Fe, N.M.-based BGK Group, donated nearly $89,000 to Richardson's gubernatorial campaigns from 2002 to 2008, according to The New Mexican. E.L. Bruce Co. is now, of course, the Bruce brand that is part of Armstrong World Industries." [1]


  • Whittingham, Richard, Boy Wonder of Wall Street: The Life & Times of Financier Eddie Gilbert (2003).

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  1. hardwoodfloorsmag Eddie Gilbert, of E.L. Bruce Fame, Wins Clemency, organizational web page, accessed January 11, 2013.