Don't Just Say You're Sorry—Show It

Saying "I'm sorry" won't carry much weight with a judge. What does? Proof. Michael told me: create an asset. Write a book. Draft a reentry plan. Start a blog. I wrote a letter to my judge from prison—and that changed everything. These assets show effort. They give judges, case managers, and probation officers something real to read and consider. But here's the catch: it takes work. Most wait until it's too late. If you're not documenting who you are now, you'll lose the chance to show it later.

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How Cooperation Helped—And What Didn't

For a year before sentencing, I worked with the SEC to explain how the fraud at UBS unfolded. That effort paid off. The SEC told the DOJ they didn't view UBS as a victim, which meant I didn't owe $8.5 million in restitution. Investors got their money back—thanks to UBS, not me—but it helped reduce the financial damage at sentencing. Still, the judge wasn't swayed. He saw someone with every advantage who chose to look the other way for money. His message: you got caught, others don't. That's why you're going to prison.

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Six months after I pled guilty, I got a call: my co-defendant Keith had been indicted again, this time for hiding assets through a straw buyer. That move tanked his credibility—and opened the door for me. The government wasn't going to use most of what he said against me. Instead, I got a shot to cooperate with the SEC. They wanted details about how UBS let a small-time hedge fund operator run unchecked. My lawyer made it clear: this could cut years off my sentence—but only if I told the full truth.

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By the time the government came to me, they already had their case—thanks to my client, who got ahead of it and cooperated. I didn't. I lied. That lie cost me the chance to earn credit for cooperation. When my lawyer told me I could either plead or go to trial and lose, the plea deal on the table was five years. That phone call came 10 months after I thought I'd moved on. The press release didn't name me, but I knew who the "co-conspirator" was.

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How I Went from Witness to Target in One Meeting

I walked into the meeting thinking I was just a witness. But seven minutes in, the FBI asked if I remembered a press release claiming my client's hedge fund returned 27% annually. I said no—twice. Then they showed me proof: an email I had written mocking that very claim. My lawyer ended the meeting on the spot. I wasn't under oath, but I had just obstructed a federal investigation. That moment changed everything.

Real lesson: Lying—even casually—can turn you from witness to defendant fast.

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The Day the FBI Knocked—and I Blew My Chance to Mitigate

On April 28, 2005, the FBI showed up at my door. I wasn't prepared. I had already left UBS, but they were investigating my past role in the GLT Fund. Instead of hiring a criminal defense attorney, I hired a civil lawyer. I walked into that FBI meeting with zero preparation—blaming others, denying responsibility, and lying to my lawyer. What I said that day helped seal my indictment and eventual prison sentence. If you don't own your role early, the government will define it for you.

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When Denial Ends and the Paper Trail Starts

On June 16, 2002, I took a client's money knowing deep down it would end badly. By December 15, 2004, it did. A forged letter—on UBS letterhead—claimed investors would be made whole if the hedge fund collapsed, with my name signed at the bottom. Only, I never signed it. My branch manager had me write my signature eight times. It didn't match. That's when the truth started unraveling and the investigation began. In white collar crime, everyone suddenly "knows nothing." But the evidence—emails, letters, signatures—tells the real story.

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Covering Yourself Doesn't Erase Complicity

At a meeting, an elderly investor believed he had $3 million. The truth? Less than $1 million remained—and the rest had been gone for years. That moment forced a decision. Instead of reporting the hedge fund manager's fraud, the brokers created a disclosure form to shield themselves. The commissions—$100K to $200K per month—kept coming. UBS compliance signed off. But protecting yourself on paper doesn't undo your silence. It just documents your complicity. Inaction, when you know the truth, is a choice—and prosecutors will treat it that way.

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In 1997, I was a new broker at Merrill Lynch with $10–15 million raised, but management pressured me to join a team. I watched how that model worked: junior brokers gave up their books and ended up doing all the work while senior partners took the credit—and the commissions. They stopped prospecting, stopped growing, and eventually got pushed out. I saw a system that rewarded the wrong things and punished effort. I made a vow then: I wouldn't play that game.

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When Commissions Blind You to Consequences

In this story, $6 million was lost due to reckless trading. The broker wasn't managing the money—just executing the trades—but the commissions kept flowing: $100K to $200K per month. Compliance knew. So did the broker. Then came another $6 million, raised under false pretenses. That's when denial turned into criminal conduct. Even without speaking to investors or managing funds, continued involvement became complicity. Ignoring red flags because you're getting paid doesn't shield you from prosecution—it buries you in it.

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