At just 25 years old, Justin Paperny made more than $200,000 in his first year at Bear Stearns. But guess what, cincinnati.com writes. It wasn't enough. He had to have more and that led him into all manner of financial crimes at Bear Stearns and later UBS. Ultimately, he was caught and prosecuted for his role in a hedge fund scam. He's not out of jail and trying to earn a legitimate buck as a lecturer, a common career choice for Wall Street jailbirds.
Paperny, 36, grew up in an affluent suburb of Los Angeles, was a student athlete at the University of Southern California and landed a high-flying, big-money career as a Wall Street investment broker. Despite earning hundreds of thousands legitimately, he became a key figure in a hedge fund that defrauded 42 investors out of $14 million, a crime that landed him in federal prison for a year.
Paperny's fraud was a Ponzi scheme, the most common type of financial trickery. That's what Bernie Madoff's multibillion-dollar fraud was.....
http://news.cincinnati.com/article/20110710/BIZ/107100348
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