prison

That’s, right, everyone: while you’re celebrating Father’s Day this Sunday, take some time to raise a glass to the release of Lenny Dykstra from a California prison, a whopping 21 months early! Obviously Lenny–sentenced to three years for “acting as if he was above the law” by “looting valuables from his $18 million mansion north of Los Angeles and secretly selling them after his bankruptcy filing in 2009,” on top of “trying to lease cars using phony business cards and credit information,” as well as dropping trou in front of a cleaning lady– will want to make the most of his newfound freedom, AKA The Summer of Lenny, but he’ll probably be also looking to make some cash. As he’s presumably no longer employable in the traditional sense, this is where you come in. Read more »

  • 17 May 2013 at 4:34 PM

Danielle Chiesi Is Back

For many people, prison is a terrible place that breaks their spirit and turns them into a shell of the person they once were. They grow bitter. They harden. Their looks take a hit. Two people for whom time in a correctional facility actually seems to have served them quite well? The currently incarcerated Raj Rajaratnam, who is said to be in quite “good spirits” and looking fantastic, to boot, and the recently released (early for good behavior) Danielle Chiesi, who looks GOOD and feels GREAT. Read more »

  • 01 Feb 2013 at 5:16 PM

The Ballad of Roomy Khan

Life is terribly unfair. You help bring down Raj Rajaratnam and get yelled at by a defense lawyer during another insider-trading trial, but you tell a few white lies, destroy some evidence, warn some of your friends—including the only fugitive in the whole insider-trading crackdown—that the Feds are on to them and perjure yourself a little, and you don’t get to get away with your second insider-trading conviction. Read more »

Timothy S. Durham, the onetime chief executive officer of National Lampoon Inc., was sentenced to 50 years in prison for defrauding investors in an unrelated company he partly controlled. Durham, who was also the CEO of Indianapolis-based buyout firm Obsidian Enterprises Inc., and an accomplice, James Cochran, 57, were convicted in June of taking money raised from Fair Finance investors, spending it on themselves and lending it to other entities they controlled. A third man, Rick Snow, 49, was convicted of helping to deceive investors about the company’s financial condition. The three squandered $208 million of investors’ money, according to U.S. Attorney Joseph Hogsett in Indianapolis [...] “I feel badly about all this,” Durham told Magnus- Stinson. He said he was surprised at the amount of money lost by four victims who also spoke in court today. “I wish I had tried harder to make things clearer for them,” he said of Fair Finance’s public disclosures. [Bloomberg]

  • 24 Oct 2012 at 4:57 PM

Rajat Gupta’s Week Is Looking Up

No, he didn’t get the outside the box punishment his lawyers were hoping for, i.e. volunteer work in Rwanda but he did receive a far less harsh sentence than the 10 years in the big house prosecutors had requested, which has got to feel pretty good. Read more »

Which apparently wasn’t enough. Read more »

Breathe easy, friends of Bob Diamond and the guy who wrote “Anything for you, Big Boy,” as a response to the request, “Can you manipulate Libor for me today when you’ve got a sec? Thanks a mill.” In this case we speak of Rachael Claire Martin, the ex-Barlcays employee who used customer funds to pay for breast augmentations, dental work, liposuction, drugs, alcohol, shoes, and jewelry, despite initially telling authorities she covered the tricks and treats with money she earned engaging in sex for payment (an excuse anyone else facing questioning for their own alleged misconduct should feel free to test out). Read more »