The Perfect Financial Crime – Almost
How would you construct the perfect financial crime?
First, you need the prey – someone who has a big pot of money to invest and needs financial advice. Like a large transit agency.
Then you line up bankers who conspire to make profits big enough to pay kickbacks to the advisers who set up the deals.
Finally, you hope no regulators are watching.
Such a plan worked for eight years and one of the entities defrauded was the Port Authority of Allegheny County. This spring the authority was one of the patsies featured in a New York City trial.