Securities: Former Wall Street Banker Admits Fraud

Bert Fingerhut, a former Wall Street investment banker and part-time resident of Aspen, Colorado, has pleaded guilty to conspiracy. Fingerhut and several acquaintances improperly bought stock when mutual banks went public. Federal authorities say that the men cheated investors of 65 mutual banks more than $12 million over the last ten years.

Former Wall Street banker admits role in $12 million fraud

Fingerhut pleaded guilty to conspiracy and will lose about $11 million in illegal proceeds. Robert Danetz pleaded guilty with Fingerhut. Fingerhut's nephew Bruce Fingerhut and Danetz's brother settled with the SEC. U.S. Attorney Christopher Christie said of the case: "Fingerhut used his Wall Street acumen to concoct a cunning scheme. He made millions by robbing everyday depositors of an opportunity to which they were entitled and deserved."