Thursday, September 1, 2011

Engineer -- Addicted to Day Trading -- Stole Nearly $750,000 Making False Securities Class-action Claims

Now that's obsessive.
Usually it's the little old lady bookkeeper embezzling from her employer of thirty years to cover her slot habit.
Understandable, in a dopaminergic sort of way.
She's triggering her reward pathways and going a little nuts from the neurotransmitters bathing her brain but she's not trying to rob the casino to keep playing the slot machine.

This guy, on the other hand is a) participating in a slower game, which in theory should trigger the dopamine cascades less frequently and b) he's ripping off Martha Stewart!?
From OregonLive :
Hussein Mehdi was a respected voice in mobile and wireless technology, having published 18 articles on the subjects. He held a doctorate in engineering and was the breadwinner for his wife and three kids. He coached youth sports and supported environmental causes.

But the Eugene man also had an addiction to day trading.

At first, he showed a knack for it, his lawyer says. But in time Mehdi lost so much money that he grew obsessed with the market. He spent up to 12 hours a day trading stocks online, his losses eventually tallying nearly $3 million.

Mehdi grew so desperate he came up with a plan. In 2002, he began submitting phony claims for class-action settlements arising out of securities litigation.

In just seven years, he phonied papers to make fraudulent claims in at least 70 class-action suits for himself, friends and associates. The take: $747,832.24. ...MORE
...A government sentencing memo described his hardworking, family-man persona as a clever facade. In reality, prosecutors wrote, he was an entirely different guy:

"(Mehdi) has been a cheat and a thief, a con artist, a charlatan, a fraudster -- someone who illegally gained almost three-quarters of a million dollars by swindling others." ..
So, what do you really think of him?