The United Wireless Telegraph Company was the largest radio communications firm in the United States, from its late-1906 formation until its bankruptcy and takeover by Marconi interests in mid-1912. At the time of its demise, the company was operating around 70 land and 400 shipboard radiotelegraph installations — by far the most in the U.S. However, the firm's management had been substantially more interested in fraudulent stock promotion schemes than in ongoing operations or technical development. United Wireless' shutdown, following federal mail fraud prosecution, was hailed for eliminating one of the largest financial frauds of the period. However, its disappearance also left the U.S. radio industry largely under foreign influence, dominated by the British-controlled Marconi Wireless Telegraph Company of America (American Marconi).