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We Hope It Was a Sad Clown

July 16, 2010

With all this discussion of financial regulation, we have perhaps become callous to tales of corruption, greed, and misdeeds.  But in May 2008, investment adviser Stephen Hochberg of Sudbury, Massachusetts put on a rather spectacular display of depravity when he stole at least $1.6 million from investors in an imaginary real estate investment fund.  Aside from the usual allocation of funds to credit card payments and sporting events, Hochberg is reported to have spent enough money at liquor stores to garner attention, along with hiring a clown and a juggler.  Sure.  We all have our things.  But here’s the kicker: among the investors from whom Hochberg stole was an elderly widow on a fixed income; she lived in the same nursing home as Hochberg’s own mother.

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