David P. Bloom
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David P. Bloom | |
|---|---|
| File:DavidPeterBloom.jpg David Peter Bloom in 2021 | |
| Born | David Peter Bloom April 24, 1964 New York City, U.S. |
| Alma mater | Duke University |
| Employer | Greater Sutton Investors Group Inc. (founder 1986-1988), |
| Spouse | Nancy Ozeas (divorced) |
| Conviction(s) | December, 1988 (guilty), June, 2000 (guilty) |
| Criminal charge | Mail fraud, Securities fraud, Second-degree larceny and scheming to defraud |
| Penalty | 8 years in prison, forfeiture of US$13 million, lifetime ban from securities industry |
David Peter Bloom aka the Wall St. Whiz Kid is a convicted American fraudster who ran a $15,000,000 Ponzi scheme in the 1980s [1], [2] and was convicted again in 2000 [3] for similar offences. He was born on April 24, 1964 in Manhattan, New York to Lois Joan Stern and Daniel Bloom.
1980s
Bloom graduated in December 1985 from Duke University with a Bachelor of Arts majoring in Art History. He tried hard to join the Beta Theta Pi fraternity but he was rejected twice.
After he graduated he returned to New York to start his investment operation under the name of Greater Sutton Investors Group Inc. and leased stock quote machines and other equipment. He boasted that he had made a fortune in college.
Before his downfall, Bloom was described in The New York Times Magazine on October 18, 1987 as one of Wall Street’s new breed of private investors., earning him the moniker Wall St. Whiz Kid [4]. He was qouted in the magazine as saying; "First I decide what (art) I want to buy, then I worry about how I'm going to pay for it."
The U.S. Securities and Exchange Commission took notice and started an enquiry. Later accusing Bloom [5] in January 1988 of diverting for his own use up to $10 million in funds.
Bloom with his unregistered investment business Greater Sutton Investors Group Inc., collected over $10 million between 1986 and 1988 from 100 friends and associates to invest in the stock market. Instead, according to the U.S. Securities and Exchange Commission, he bought himself an art collection worth $4.7 million, a $1.9 million beach house, an $830,000 condominium, $230,000 worth of cars, a $195,000 necklace and a reputation as a philanthropist. Among the paintings were the works of such American masters as John Singer Sargent, Mary Cassatt, Edward Hopper and Willem DeKooning.
Bloom settled with the U.S. Securities and Exchange Commission action in March 1988 without admitting guilt [6] and agreed to hand over all his assets to a court-appointed receiver, Mr. Irving Picard. He also was barred for life from the securities industry. He was charged two days after the settlement by federal prosecutors in Manhattan with mail fraud [7]. Bloom waived indictment and pleaded guilty on March 31, 1988 to one count each of mail and securities fraud [8].
In December 1988, Bloom was sentenced to 8 years in prison for defrauding investors of almost $15 million [9], in passing sentence - which was an unusually long one for this kind of fraud - the Judge David Norton Edelstein excoriated the 24 year-old as a predator and said such a sentence was essential to deter swindlers. "I find that Mr. Bloom is remorseless, completely lacking in conscience." Judge Edelstein said in Federal District Court in Manhattan.
In February 1989, Bloom's parents Lois and Daniel Bloom were sued for $191,250 that Bloom allegedly spent on them from $15 million bilked from investors and diverted to fund a lavish lifestyle.[10].
Bloom was sent to Federal Correctional Complex, Allenwood in Montgomery, Pennsylvania. He was released in March 1994 after serving five years of his eight-year sentence. [11].
1990 and 2000s
David Bloom returned to New York and visited the Citigroup Citicorp building at 54th Street and Third Avenue. He would gain the trust of the staff over the summer of 1999, and as he became more and more familiar, he started talking again.
On June 14, 2000 - just as it had in 1986, Bloom was arrested and incarcerated in the Vernon C. Bain Correctional Center, a prison barge floating in the East River, his family was either unable or unwilling to post his $75,000 bail. [12]. He was again accused of swindling over $200,000 from his victims. Detectives said Bloom told them he carried out his scam because, after losing his securities license and ending his prison term, he had no other way to make a living. [13]. He was released from prison in 2012 and he moved to Los Angeles where he married Nancy Ozeas and they supported different foundations such as the Prostate Cancer Foundation [14] and I Am Bloom California Community Foundation.
2010 and 2020s
On June 16, 2017 Ozeas, Nancy filed a Family - Marriage Dissolution/Divorce lawsuit against David P Bloom [15]. The case status is Disposed - Other Disposed.
On August 3, 2017, Joshua Montoya filed a Contract - Other Contract lawsuit against David Bloom and Nancy Ozeas. [16]. The Judges overseeing this case are GERALD ROSENBERG and LISA HART COLE. The case status is Pending - Other Pending.
Both these cases were filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California.
In a link to the Madoff investment scandal, the 1988 trustee, Mr. Irving Picard, who the SIPC selected for the Bernard Lawrence Madoff liquidation, was also previously appointed the receiver in connection with the U.S. Securities and Exchange Commission injunction action against David Peter Bloom, a Ponzi scheme case involving investor cash losses of about $13 million. [17].
References
- ^ "Consultant, 23, Faces Charge of Mail Fraud : Unregistered Adviser Could Get 5-Year Term". Los Angeles Times. January 15, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "New Yorkers & Co.; Young Name Dropper Wins Riches, and a Date in Court". New York Times. January 18, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "High-Class Grifter David Bloom Gets Pinched...Again". Observer. July 31, 2000.
{{cite news}}: CS1 maint: url-status (link) - ^ "Young wheeler-dealer agrees to pay it back". UPI. January 14, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "Lush Life: Investor, 23, Named in Huge Fraud". New York Times. January 13, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "SEC Claims Artful Swindle". Washington Post. January 13, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "The Whiz Kid Who Wasn't". TIME Magazine. January 25, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "'Wall St. Whiz Kid' Given Stiff 8-Year Prison Term". Los Angeles Times. December 10, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "Wall St. 'Whiz Kid' Gets 8-Year Term for Fraud". New York Times. December 10, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "Parents of Wall Street Whiz Kid Sued for Money He Spent on Them". AP News. December 18, 1988.
{{cite news}}: CS1 maint: url-status (link) - ^ "High-Class Grifter David Bloom Gets Pinched...Again". The Observer. July 31, 2000.
{{cite news}}: CS1 maint: url-status (link) - ^ "High-Class Grifter David Bloom Gets Pinched...Again". The Observer. July 31, 2000.
{{cite news}}: CS1 maint: url-status (link) - ^ "COPS: CON MAN AT IT AGAIN". New York Post. June 16, 2000.
{{cite news}}: CS1 maint: url-status (link) - ^ "The Prostate Cancer Foundation Presents THIS IS IT in Support of The 10th Annual Charles Evans PCF Pro-AM Tennis Tournament".
{{cite web}}: CS1 maint: url-status (link) - ^ "OZEAS, NANCY E VS BLOOM, DAVID P".
{{cite web}}: CS1 maint: url-status (link) - ^ "JOSHUA MONTOYA ET AL., VS DAVID BLOOM ET AL".
{{cite web}}: CS1 maint: url-status (link) - ^ "Securities Investor Protection Corporation: Interim Report on the Madoff Liquidation Proceeding" (PDF). United States Government Accountability Office.
{{cite web}}: CS1 maint: url-status (link)