May 15, 2011

Putting The Dwarf- And Stripper-Filled Yachts Behind You

Never let it be said that the SEC is anti-family.

With the yacht, the fleet of jets to the Delano, the strippers and the dwarf at his weekend-long 2003 bachelor party all paid for by his sell-side clients, Fidelity trader Thomas Bruderman triggered an SEC investigation and became a poster boy for the business expense-abusing excesses of Wall Street. [That he was marrying the daughter of convicted expense fraudster Dennis Kozlowski, then the CEO of Tyco did not help.]

That marriage didn't end as well as the SEC's case; Bruderman and his colleagues got off with a few hundred thousand dollars fine and a clean record.

"The whole affair was nicely salacious and there was plenty of free press to be had" for regulators, he wrote via email. "The recent headlines have made it abundantly clear that there are issues out there which clearly dwarf this one," he said.
Yes, he actually said that.

Now they've set up a little hedge fund with about $100 million--friends and family money, really--close to home:

The firm uses some quantitative techniques to identify value stocks and invest in equity derivatives. Bruderman, Stone and a third partner may start marketing it in the fall.

All young fathers, the three decided to base their fund in leafy Farmington, Connecticut, considering it a good area to raise families. Since his last wedding Bruderman has divorced and remarried.

Just kind of gets you right. there. doesn't it?

Fund manager Bruderman moves on from partying past [reuters]

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