Ex-Oak Industries Chief Everitt A. Carter, 70, Dies; Saw Firm Rise and Decline
Former Oak Industries Chairman Everitt A. (Nick) Carter died Saturday of cancer at Scripps Memorial Hospital in La Jolla. He was 70 years old.
Carter was director, chief executive officer and president of the high-tech firm for 26 years. He joined the company, which manufactures cable television decoders for satellite transmissions, when it was a medium-sized business based in Crystal Lake, Ill. Under Carter’s leadership, the company blossomed into a large, multinational corporation with operations in North America, Europe, Asia, Africa and Australia.
In 1979, Oak relocated to Rancho Bernardo, and new manufacturing facilities were constructed in Rancho Bernardo and Carlsbad.
The formerly high-flying company hit hard times in the early 1980s when demand for the product dropped off, and Oak teetered on the brink of bankruptcy. Carter left the company in 1984, reportedly as the result of a policy dispute with the board of directors. At the time, the company’s financial reporting practices were under investigation by the federal Securities and Exchange Commission.
Questions surrounding Carter’s handling of finances while at Oak dogged him after his departure. The SEC later charged that Oak, under Carter’s stewardship, defrauded shareholders by lying in its financial statements, and alleged that Oak’s corporate funds were improperly used to buy condominiums, sports cars and a horse for company executives.
Carter’s financial woes mounted, and in November, 1987, he was indicted by a federal grand jury for allegedly filing false tax returns in 1981 and 1982. The indictment said Carter understated his income by nearly $157,000.
Carter surrendered to a U.S. magistrate the day the indictment was unsealed, and was released on $50,000 bond. He faced a potential maximum penalty of six years in prison and a $105,000 fine, but the case remained unresolved at the time of his death.
Carter’s attorney, Howard Weitzman, said he expected Carter would have won his case against the government. “Not only do we think the indictment was ill-advised, but I think our evidence and investigation would show it was factually not true,” Weitzman said.
A trial was set for Sept. 26, but the case will now be dismissed, according to Assist. U.S. Attorney Charles F. Gorder Jr.
In recent years Carter spent most of his time at his condominium in Park City, Utah, where he and his wife enjoyed skiing, tennis and golf, said family friend Eric Peters.
“Nick,” as he was known to his friends, was a very kind and generous person, Peters said. “He was very active physically, considering his age. He was very alive and vivacious.”
Carter’s illness came on suddenly and his death was unexpected. The cancer, which had invaded his liver, stomach and pancreas, was first discovered by doctors who performed a gallbladder operation on Carter in early June, according to Peters. Carter was unaware he was ill and had been skiing as recently as April, Peters said.
Carter was born in Philadelphia and was graduated from Duke University with an engineering degree. Prior to joining Oak he was employed by Curtis-Wright Corp. as vice president and general manager of their Canadian operations.
Carter was a member of Phi Kappa Psi, Delta Epsilon and numerous professional organizations. He was on the U.S.A.-Republic of China Economic Council, which dealt with economic relations between the U.S. and the Far East, and was a founding member of the San Diego Crime Commission. He also served as director emeritus of the Holiday Bowl Committee.
Carter is survived by his wife, Brenda; sons Robert Carter of Akron, Ohio, and Timothy Carter of Sonoma; daughters, Nikola Star of Oceanside and Susan Wilson of Rancho Bernardo, and seven grandchildren.
Memorial services will be conducted at 11:30 a.m. Thursday at El Camino Real Memorial Park. In lieu of flowers, the family has requested that donations be made to the Foundation for Surgical Education at the UCSD Cancer Center or the Stevens Cancer Center at Scripps Memorial Hospital.
