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FINRA Actually Pretty Understanding When It Comes To Brokers Ripping Off The Elderly In Order To Pay For Strippers

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This is just an FYI for anyone doing some risk/reward analysis re: whether or not freeing up the funds to buy unlimited lap dances by screwing clients is worth it-- much to the chagrin of one Bloomberg columnist, you're really just looking at a relative slap on the wrist.

Then there is Keith Epstein. In a criminal complaint filed in the U.S. District Court for the Eastern District of Michigan on Nov. 22, a Federal Bureau of Investigation agent said the former broker had taken money from mostly elderly investors, indulging in jaunts at strip clubs, online gambling, and even handing over signed, blank checks to three exotic dancers. Ron Chapman, a Bloomfield Hills, Michigan lawyer who is handling $8 million in claims against Epstein, says one investor entrusted new money to Epstein as recently as three months ago.

Michigan took away Epstein’s three insurance licenses in October 2009, describing his actions as “thievery” in a news release. Finra barred him from the securities business for two years beginning Jan. 20, 2009, a lenient temporary ouster considering they said he’d engaged in “misuse” of investor money. Why should any broker be let back in once that’s happened?

Madoff Country Club Tips Give Timeless Lesson [Bloomberg]