J. David “Jerry” Dominelli was born in Chicago in 1941, graduated from the University of San Diego, and went on to became a stockbroker. In 1979 he set up J. David & Company, an investment company that claimed it could make returns of around 40%-50% a year on the interbank and foreign-currency markets. While many people were sceptical, its apparent initial success led to a flood of investors and Dominelli broadened the fund’s activities into other ventures, such as real estate. By 1983 the fund had received more than $200m ($504m in today’s money) from 1,500 investors.

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