According to the NY Times’ Ron Lieber; Every so often, a
story so perfectly illustrates what can go wrong when you trust someone with
your money that it serves as a kind of user’s manual for any investor who comes
along afterward.
.
And so it is with the tale of Philip David Horn, the Wells
Fargo broker who recently pleaded guilty to trading in clients’ accounts,
canceling the trades and helping himself to the profits. He may very well end
up in jail, just as soon as the federal judge can figure out how much money is
at stake and how to make those clients whole.
All the juicy stuff is here, as my colleagues Jessica
Silver-Greenberg and Susanne Craig laid out in a front-page article last month.
There are the country club solicitations (and confrontations), the brokerage
firm that finally figured out what was going on after more than two years and
the chastened Mr. Horn putting 800 hours into volunteer work and begging the
judge to keep him out of prison. But on
the other side of those trades were sophisticated clients, including a lawyer
and retired pharmaceutical and aerospace executives. They didn’t notice what
was going on…..
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