The House of Chaumet, founded in 1780, is a high end jeweler based in Paris. Managed by the Chaumet brothers Jacques and Pierre, Chaumet filed for bankruptcy in 1987 with an outstanding debt of 1.4 billion Francs (US$200 million at the time), representing 8 years of revenue. Most of the debts resulted from their speculation on the price of diamonds, after the sudden drop of market spot prices. The two brothers are convicted of illegal banking activities, because they opened banking accounts for clients at their company, while promising high return on capital. One of their prominent clients was the French Justice minister at the time, Albin Chalandon. They were found guilty in French penal law of bankruptcy, fraud, breach of trust and illegal exercise of banking activities , and were respectively condemned to five and four years of prison in a December 1991 verdict.