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.
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.
Paperny jumped at the offer and quickly lined up a big client so that he could make even more money off of fees and commissions: GLT Venture Fund, a $600 million hedge fund. But there was a catch: many people suspected that GLT was a ponzi scheme, and Paperny, as well as many other people, including his co-workers, started to find mounting evidence in support of their suspicions….
Find out more at http://www.businessinsider.com/wall-streeter-confesses-i-was-paid-millions-at-ubs-and-bear-stearns-for-stealing-and-fronting-a-ponzi-scheme-2011-7
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