CJA234 week 2 ltmatrixwk2

Born March 6, 1937 in Detroit, Michigan


Son of a Russian Immigrant


Married Semma Silberstein in 1962


Had 4 children


Law student


He owned a security analysis firm in 1975


Credited with pioneering the junk bond market
Charged with insider trading in 1986


He settled civil inside trading charges by paying $100 million dollars


The judge did not seize his accounts so individuals who sued him could get paid, as well as the government who he paid $50 million dollars to


He plead guilty to one charge of conspiracy to make false statements to the SEC. and was sentenced to 3 years in prison


He served 22 months  and was released early for good behavior


He implemented several former associates by recording conversations with them for the federal government
Lompoc Federal Prison Camp, Ca.


Referred to as “Club Fed”


Other inmates were bankers, doctors, and lawyers




No fences, walls, or bars


Tennis courts


Cable TV


Jogging track
Did not punish criminals


The prison felt more like a vacation with all of the activities


The guards did not have guns and there were no guard towers


It was bordered by large trees and flowers


Felt more like a college campus than a federal prison


By August 1990 there were changes made to make it a low to medium security prison.


There were fences with sharp wires added around the perimeter and more security with less freedom for inmates
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