Scammer Richard Whitney 

Fraudster Richard Whitney 

Details

Name: Richard Whitney
Other Name:
Born: 1888
whether Dead or Alive: 1974
Age: 86
Country: U.S
Occupation: financier
Criminal / Fraud / Scam Charges: Securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan
Criminal / Fraud / Scam Penalty: 150 years in prison, forfeiture of US$17.179 billion, lifetime ban from securities industry
Known For:

Description :


Richard Whitney

Richard Whitney transformed from being 'the white knight of Wall Street' to an embezzler and a fraudster. Being a brilliant financier, he had done some notable works in the Wall Street. “He was the president of New York Stock Exchange from the year 1930 to 1935 and has been a note worthy celebrity on the economic society; nobody suspected anything about him until 1938”.

“In 1938, a news speculated around New York , accusing Whitney as an embezzler who holds lot of rich high class people's investments and also accused him as a fraudster and a thief who stole money from New York Yachts Club's fund where he worked as a treasurer and from his father-in-laws funds too”. He used these funds to cover up the losses he met during his financial career and never returned them. He was convicted in the year 1939 for his frauds; he pleaded guilty to the grand jury and was sentenced to five years in prison. He was later released for his good behavior and reinvested his life in the path of finance, this time with no larcenies.


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