 Management of Franklin, led by Gleason and Sindona engaged in a massive real estate expansion, fraudulent statement of financial assets, foreign currency activities, and mismanagement that ultimately led to the bank's demise on October 8, 1974.When the end was near Sindona sent large sums of money overseas to recover his investment, and the bank then had insufficient capital to operate.At the time it was the largest bank failure in the history of the United States.