The DecorMyEyes proprietor and former Lehman Brothers employee has been arrested. Cyber-stalking, interstate threats, mail and wire fraud will make it difficult for him to continue in the industry. We should start helping him raise money for a fund ASAP. [CNBC, previously]
arrests
As was expected, the Justice Department announced just now that is has charged 500 people in its “largest-ever crackdown on scam artists.” According to officials, the losses cost victims millions in some cases with the total tab coming to $8.3 billion “These are staggering, staggering numbers,” Attorney General Eric Holder said. But you know what hurts more than the money? The lost of trust. Never again will these people be able to believe a money manager when he promises huge ass returns or when he says he has no idea why that tramp was sending him nude text messages. Thus, the name of the 3.5 month long investigation was appropriately named: Operation Broken Trust. Continue reading »
It involves handcuffs. Continue reading »
CNBC reports that the FBI has arrested seven fourteen more people “in the hedge fund industry” for insider trading. No word who the individuals are. Obviously the suspense is killing us, so if you happened to see your boss being escorted out of the building in cuffs, or knows someone who knows someone who did, get in touch.
Update: The Journal notes that the individuals were “primarily taken into custody in New York,” with one person arrested in New Jersey and one in Connecticut.
Update II: Included in the arrests are employees of Galleon, the Schottenfeld Group, Incremental Capital and law firm Ropes & Gray.
Update III: Some names, from Bloomberg:
Craig Drimal, who according to court documents worked at Manhattan-based Galleon, wasn’t an employee of the firm. Also arrested were Zvi Goffer, Arthur Cutillo, Jason Goldfarb, Emanuel Goffer, David Plate and Michael Kimelman. Charges against the men include conspiracy and fraud, according to documents filed in New York federal court. Names of the other seven defendants weren’t immediately available.
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