Broker Admits To Embezzling, Spending Cash On Strippers

[mickeyd]

Well, at least he did not blow it on something frivolous. Man that's a lot of lap dances. Just sayin...

A St. Louis broker pleaded guilty to embezzling $3.9 million from members of his own orthodox Jewish community and spending some of the cash at strip clubs.

A large portion of the money, $1.5 million, was taken by Joshua Gould from a retired St. Louis man, supposedly to invest in a mortgage company. But the money was actually used by Gould to pay for personal expenses that included trips to "gentlemen's clubs." The rest was taken from other people to try to make up for the original amount defrauded, but the money was again diverted for other uses, according to Gould’s attorney, Albert S. Watkins of St. Louis.

Some of the embezzled money came from the family trust of Gould’s parents and from people Gould worked with at his father-in-law’s insurance firm, according to the U.S. attorney’s office. “He was robbing Moishe to pay Saul,” Watkins said.

Broker Admits To Embezzling, Spending Cash On Strippers

 

[traineeinvestor]

What on earth posessed the victims to hand over their money? The artcile doesn't say, but the story suggests that at least some people have learned nothing from Madoff etc.

 

[Lakewood90712]

Brokers behaving badly and stealing in one form or another from Clients ? This is News ? .

Some of the worse ones truly think it is just part of the job.

 

[chinaco]

He obviously exploited his association and the reputation of his in-laws business to gain the confidence and trust of his victims! But this victims were also his family.


Sounds like he ripped off his parents, and either friends or associates (the retiree).... and ruined his parents in-law.... I am sure they are all devastated.

Since he was employed by his father in law.... The non-family victim will probably try to recover their loses from the family business.

It is disgusting. IMO - 20 years is not enough...