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FINANCIAL CRIMINAL OF THE DAY

By Foster Kamer 2/17/12 6:21pm

FINANCIAL CRIMINAL OF THE DAY

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How to Get Arrested for Insider Trading, in Two Easy Steps

A tech analyst named John Kinnucan was arrested today, accused of insider trading on tech companies that resulted in $110 Million in illegal, insider trader-y gains. Maybe as important as his crime is the example he sets for future generations of those whose lifelong dream it is to get your door busted down by the F.B.I., arrested for insider trading, and consequently extradited to New York for trial.

Mr. Knnucan’s experiences set a handy, simple, two-step example for those seeking to tread the same path he’s taken: Read More

By Foster Kamer 12/16/11 2:45pm

FINANCIAL CRIMINAL OF THE DAY

RU-DY! RU-DY! RU-DY!

Rudy Can Fail: Sports Legend Rudy Ruettiger Charged by SEC for Pump and Dump Scheme Worth $11M

It’s the ultimate football fantasy: This pipsqueak who dreams of playing football for Notre Dame his entire life works his way into a walk-on spot on the team, plays for like thirty seconds, and is carried off the field. The vision of this becomes the centerpiece of one of the most iconic sports films in the history of the genre. And then, decades later, the man the film was based on gets indicted by the SEC for a pump-and-dump scheme that netted almost $11M in profits for a sports drink attempting to capitalize on the legend’s fame.

Well, maybe not that last part. Which just happened. Read More

By Foster Kamer 8/22/11 4:36pm

FINANCIAL CRIMINAL OF THE DAY

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Former Duane Reade CEO Sent to Prison and Fined $5M For Something Other Than Making You Wait on Inexplicably Long Lines (Updated)

Duane Reade has recently been busy rehabbing its image—a refrigerated beer cave selling vintage beer brands in Williamsburg’s, a sushi bar in Wall Street’s, etc—after being routinely criticized for (among other things) slow service. Which is mostly tolerated because, well, it’s just everywhere. Well, that image took a slight hit today, when the drugstore chain’s former President and CEO Anthony Cuti was sentenced to three years in prison for fraud. UPDATE: Statement from Mr. Cuti’s defense team below. Read More