We don't know if the "old bag" part is true-- though it does seem like something someone guilty of "charitable bingo fraud" would say, does it not?-- but what we do know is that the reason he got caught years and years later, and ultimately lost his job-- was out of one broker's THIRST FOR REVENGE.
A regional director for the securities industry's self-regulatory agency resigned several weeks after the organization received a letter revealing the official had pleaded guilty two decades ago to charitable bingo fraud. The letter, which was reviewed by Reuters, was sent on May 21 by former securities broker David Evansen to Richard Ketchum, the chief executive officer of the Financial Industry Regulatory Authority and Susan Axelrod, FINRA's executive vice president of regulatory operations. The four-page letter said Mitchell C. Atkins, who up until this week was a regional director and head of FINRA's District 7, which is based in Boca Raton, Florida, was indicted in 1993 in Louisiana "for felony theft and charitable bingo fraud." The indictment by the 19th Judicial District in East Baton Rouge Parish was confirmed by the clerk's office for the East Baton Rouge Parish court. Atkins pleaded guilty in December 1993 to one charge of charitable bingo fraud, according to a copy of court records reviewed by Reuters. Court records reviewed by Reuters state that Atkins was sentenced in January 1994 to a year of probation, 100 hours of community service and $1,000 in fines for the bingo fraud.
Evansen said he had been banned from the brokerage business by FINRA. His publicly available broker's record indicated the ban was enacted in June, 2011 after Evansen failed to respond to a request for information. The record did not specify the nature of the request. Evansen said he is appealing the ban. In his letter to the FINRA executives, Evansen described a whistleblower complaint he had filed with the SEC alleging fraud in a Texas-based financial clearinghouse. "It was for no small purpose, that Mr. Atkins and FINRA, went to such lengths, to prevent the sunlight from illuminating the truth," Evansen wrote in his letter.
Let this be lesson to you all.