April 8, 2012

Last week a student asked about my co-conspirator Keith Gilabert, who until 2005 ran the GLT Venture Fund. Mr. Gilabert was sentenced to 5-years in prison for his role in orchastrating the Ponzi Scheme that helped lead to my demise. Apparently, the student was scrolling through some web pages that Mr. Gilabert had created. The pages, I heard, give the impression that Mr. Gilabert has become a philanthropist and supporter of world health issues.

Upon my return home I was curious to read of Mr. Gilabert’s successes. Indeed, a simple google search shows Mr. Gilabert has created scores of web pages outlining his charitable work. What surprised me, however, were his calculated steps to try and hide the reality that he ran a Ponzi Scheme that negatively impacted the lives of investors, turned victims.

I applaud his efforts to help the world through his charitable efforts. Indeed, as the director of a non-profit I derive a great deal of satisfaction in giving back. But it bothered me reading his claims that his troubles with the law were the fault of UBS, the SEC, or me. That would be his greatest lie yet! Accepting responsibility for my crime was the most important thing I ever did. I hope in time Mr. Gilabert feels similarly. I wish him well.

Justin Paperny

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