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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.