In the 1960s, the company employed 25,000 people who sold 18 different mutual funds door-to-door all over Europe, operating mostly in Germany with small investors.
The company mainly targeted American expatriates and U.S. servicemen who sought to avoid paying income tax.
The mutual fund offerings by the company were called “people’s capitalism” by founder Cornfeld.
[citation needed] IOS was forced into an initial public offering to meet its costs.
[3][4] Vesco proceeded to use $500 million worth of IOS money to cover his own investments in his International Controls Corporation.