Click the Bear Butt
Searching Everywhere For New Monthly Donors
Sponsoring FReepers will contribute $10
For each new monthly donor
Posted on 07/11/2011 7:22:29 AM PDT by SeekAndFind
Meet your worst nightmare: a Wall Streeter who got paid millions to work at investment banks while he was stealing money from innocent investors and his company.
Justin Paperny, a 36-year old who lived the Wall Street dream until a few years ago, tells a shocking tale of greed and sociopathy to Cincinatti.com.
Paperny looks like the hundreds of thousands of well-bred youngsters who go to work on Wall Street every year. He grew up wealthy in a suburb outside of LA, went to college at USC, and went to work on Wall Street.
He was paid $200,000 his first year at Bear Stearns, but in order to earn more, he began siphoning commissions from a joint account he shared with his boss, his senior partner, into his personal account.
Paperny escaped Bear Stearns before he got caught, when another Wall Street investment bank hired him for an even better job.
UBS Financial Services offered to pay him more, too: A $1 million signing bonus, plus a salary and bonus.
(Excerpt) Read more at businessinsider.com ...
After years of theft and fraud this huckster puts his heart on his sleeve and pops it.
The complete truth at last.
Where have I heard this story before?
RE: Idiot college boys like this ARE the problem
Yes, they exist... but what bothers me more is this -— Why do big global firms like UBS and Bear Sterns allow them to front businesses attached to their company names?
Please limit excerpts in comments to 3-4 paragraphs, thanks.
Sadly, this reporter does not do a good job of identifying and explaining issues so let’s do it for her:
1. If this Justin Paperny was siphoning off money from client accounts, that is theft. Not “fronting for a Ponzi scheme.” That is something that, sadly, happens every once in a while and the investment banks need to do a better job of catching it. However, its not evidence of some systematic fraud.
2. If he sold investments in a hedge fund that collapsed, he and others are guilty of not doing due diligence. This is closer to “fronting for a Ponzi scheme” but its not as if the bank set it up. This, sadly, happened more than it should have. Banks sold investments in pooled investment vehicles without the proper due diligence. Its bad but it isn’t a crime unless there is evidence of kickbacks or intent ot defraud.
3. Which brings us to the true Wall Street “Ponzi Scheme” which is that these young bankers got paid on the upside but did not have any consequences for the downside. When everything went to Hell, Wall Street went screaming to the government (ie, taxpayers) for a bailout. They did not have to face the consequences (ie, bankruptcy, personal lawsuits against bankers, etc) of their risk seeking behaviour. That is the true crime of it all, and its a crime that was legal.
BTTT
UBS is a petty whorehouse. Apparently Bear Stearns became one, also.
Of course, UBS complied with the government's shakedown, and thus lived to tell about it.
It's true. You can fit his kind in a couple of strip joints.
In fact, it happens every weekend.
The stock market had a recent two year bull run. I’m not surprised.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.