Value Line, Inc. is a publicly traded investment research and financial publishing firm based in New York City.

Using scores of Monroe mechanical calculators and a handful of data operators, Bernhard and Eisenstadt produced a stock picking system that caught the attention of academic Fischer Black of the University of Chicago.

Black published an article in the Financial Analysts Journal, "Yes, Virginia, There Is Hope: Tests of the Value Line Ranking System" in 1973.

[4] The fraud, which spanned nearly 20 years and involved over $24 million, was committed by Value Line against its mutual fund shareholders.

The fraud was first reported to the SEC in 2004 by the then Value Line Fund (Nasdaq: VLIFX) portfolio manager and Chief Quantitative Strategist, John (Jack) Dempsey of Easton, Connecticut, who was required to sign a Code of Business Ethics as required by the Sarbanes-Oxley Act.