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

 

 
Low

 

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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