Mathew Martoma has not had the best luck over the last number of years. First, he was charged with masterminding the “most lucrative insider trading scheme ever,” during his time at SAC Capital. Then, over the course of his trial, it came out that he’d doctored his transcripts while at Harvard Law School, which resulted in his expulsion. Later, of course, a jury found him guilty of securities fraud. And finally, when he was really down, perhaps at the lowest he’d ever been, Stanford’s business school had to go and take away his MBA, to boot. Still, Martoma his hoping his string of bad luck is finally up and is asking a judge to grant him this one thing. Read more »
SAC’s Steinberg Gets 3.5 Years Despite Raising $22.50 In Brownie Sales For Friend In Need Of A New HeartBy Bess Levin
To be fair, we don’t actually know 1) how much money was raised and 2) if his friend needed a heart. It could’ve been a kidney or liver or a lung. What we do know is that U.S. District Judge Richard Sullivan was somehow unmoved by this argument, made on behalf of ex-SAC employee and convicted insider trader Mike Steinberg: Read more »
Remember David Miller? Rochdale Securites trader who masterminded a scam that involved the “unauthorized purchase of about $1 billion in Apple stock,” which he claimed was for a client (a lie)? Forget to dot a few essential i’s and cross a few crucial t’s in the scheme, which contributed to its failure and left the firm in a “negative capital position”? Robbed the universe of Dick Bové research for a time? Which thankfully turned out to be a very short amount of time, i.e. the period between Bové’s resignation from Rochdale and the announcing of the winner of the Dick Bové Sweepstakes? Yeah, he’s going to jail. Read more »
Guilty Verdict, 7-Year Jail Sentence Re: Sex With Underage Nightclub Dancer Named “Ruby the Heartstealer” Said To Be Least Of Silvio Berlusconi’s ProblemsBy Bess Levin
Italian judges have ruled that former Prime Minister Silvio Berlusconi was guilty of having sex with a minor and abusing his power. Berlusconi has been given a 7-year jail sentence, though the sentence is pending appeal. He has also been given a lifetime ban from public office. Berlusconi’s lawyer said he would appeal the verdict, as expected. Earlier, judges in a Milan court had retired to consider their verdict on Monday in a trial surrounding allegations that Berlusconi had sex with former nightclub dancer Karima El Mahroug, known as “Ruby the Heartstealer,” who was then under 18…According to Giovanni Orsina, professor of Italian history at the Luiss-Guido Carli University in Rome, the real worry for Berlusconi and the future of Italy’s government isn’t from Monday’s ruling but from another case that Berlusconi faces over tax fraud, which could ultimately undo his political career. “This trial has more visibility, it’s more interesting than the tax trial, but ultimately the tax fraud trial will have more of a final effect,” Orsina said. “But the trial in November over tax fraud is the last appeal and if guilty, Berlusconi would be out of politics for good,” he added. [CNBC]
Introducing His Kid To His Stripper Girlfriend(s) In Violation Of Court Order Just One Of Series Of Mistakes Deutsche Bank Adviser Made En Route To PrisonBy Bess Levin
He actually made seven of them, to be exact, and while we can’t say for sure he regrets them all (some evidence suggests he might be the type of person who’d say dating a couple strippers simultaneously was “worth it”), it’s possible he regrets *some* and certainly regrets their cumulative impact. They include:
- Getting involved with a jealous stripper.
- Getting involved with another jealous stripper.
- Introducing both strippers to his daughter in violation of a court order that barred him* from doing so.
- Taking “compromising” photos with Stripper 1.
- Letting Stripper 1 find out about Stripper 2.
- Letting his ex-wife find out about both of them.
- Not paying his legal bills.
Remember Juerg Buergin? Former UBS executive, brown hair, rimless glasses, about yea high? Goes by the name Robert James when seeing the services of prostitutes? Tried to argue that the 17 year-old hooker he banged during his time in Singapore tricked him into thinking she was 18, which he and his lawyer backed up by point to all the women he paid to have sex with who were between the ages of 20 and 43? He’s going to spend some time in jail. Read more »
Fake Hedge Fund Manager Who Ripped Off Kim Kardashian’s Fake Husband Sentenced To A Few Years In PrisonBy Bess Levin
Remember Andrey Hicks? For those who can’t keep their founders of fake hedge funds straight, he’s the guy who ripped off Kim Kardashian’s 72 day husband, Chris Humphries, along with a bunch of other investors in his Locust Offshore Management fund, and in 2011 was arrested and had his assets frozen by the Securities and Exchange Commission, which took issue with the “brazen web of lies” he’d fed people that included:
- The claim he received a Ph.D in Applied Mathematics from Harvard in two years (he neither earned his doctorate from Harvard nor his undergraduate degree and in fact only lasted three semesters in Cambridge, taking a single math course, in which he got a D-).
- The claim that while working at Barclays Capital, he increased his group’s assets under management to $16 billion, despite BarCap having no record of his employment.
- The claim that at Locust, he applied “quantitative strategies based on mathematical models he developed at Harvard”
- The claim that Ernst & Young was the fund’s auditor, Credit Suisse its prime broker and custodian, even though the SEC report was the first either had heard of the guy.
Anyway, he’s going to do some time. Read more »