Tuesday, October 28, 2008

Upon my release in the spring of 2009, I intend to speak at universities about a variety of topics that will include the criminal justice system, and prison camps in particular.

A business school in the Midwest recently submitted a list of 15 questions to me and requested that I answer them before the end of their first semester. I have complied with their request. For purposes of this blog, I will post one of my answers.

Their questions were specific and it took quite a bit of reflection and soul searching to properly recite my behavior. Moving forward in life can be difficult when you’re constantly discussing your past.

A sampling of the questions posed to me were:

(1) What was the most important aspect of a career in business for you?

(2) What motivated you the most while working for your company? Please explain the corporate culture within your company during your involvement.

(3)Your Plea Agreement references an unindicted co-conspirator. Why did this individual escape prosecution?

(4) What advice would you give a business school student about to embark on their chosen career path?

My response to their fifth question, what is your biggest regret, is set out below:

Ironically, your shortest question may generate the longest response. Yes, I have many regrets and I’m lucky that you have asked me to address only one of them.

I deeply regret the pain and suffering that was suffered by anyone as a result of my conduct. Specifically, I am referring to the investors who lost money and suffered heartache by investing in my client’s hedge fund. My behavior helped turn investors into victims and not a day passes that I don’t think of them.I sincerely hope that my incarceration gives them some measure of comfort and peace. As I said at my sentencing, I deserve to be accountable and my incarceration is just.

As you know, I was an Account Vice-President at UBS in Century City (Los Angeles) California. I had plenty of opportunities but I turned the other way out of loyalty to my client and money. The more I learned of the fraud, the more my client traded and the result was a staggering amount of commissions. Specifically, I knew that my client was misleading investors with respect to his past performance. I also knew he was not adhering to the fund’s stated investment strategy of using zero cost results.He promised to hedge every trade; he rarely did. I knew that my client was leveraging off the investment bank’s name in an effort to promote his fund.

Sentencing provided another opportunity to express my remorse. It is my fervent hope that the investors realize I did all I could to help once I fully accepted my role. I cooperated fully with the Department of Justice and the Securities and Exchange Commission in their investigation of my former employer. The result was nearly 6.5 million dollars in payouts to the investors representing nearly 100% of the total losses. I contributed $100,000 to demonstrate my commitment to helping those whom I hurt.

In conclusion, I wish to add that despite the investors being made nearly whole, they suffered a great deal in the process.For this I will always have deep regret”.

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