11 Cracked Tales Of Cocaine On Wall Street
In 1987, 16 brokers were arrested during a cocaine bust called 'Operation Buy and Cry'
There was a time when buying coke on Wall Street was as easy as making a trip to TGI Fridays
The Trinity Place location of TGI Fridays was busted in 2009 for selling marijuana and cocaine to its Wall Street patrons.
According a report from The New York Times, the bartender would pass the drugs folded up in napkins, in exchange for cash. The dealer/bartenders reportedly sold drugs to undercover cops over a dozen times.
As they say: "In here, it's always Friday"
Source: The New York Times
Jordan Belfort admitted he had a daily regimen of cocaine and quaaludes in his memoir, The Wolf of Wall Street
And it's not surprising that it didn't end well. He ran notorious Stratton Oakmont brokerage house with a recklessness immortalized in the 2000 film "The Boiler Room."
On this cocaine diet Belfort managed to crash a helicopter, crash his Mercedes into five other vehicles and sink a yacht, all while laundering money to Switzerland and performing pump and dump schemes to boost his own income.
Source: CNBC.com
A former banker was wrongly jailed after being caught with $15 million worth of cocaine on his yacht
Back in 2007 Trevor Collenette, a retired Lloyds banker, was caught with £8 million worth (that's over 450 lbs) of Cocaine aboard a yacht he was "crewing," reported the Evening Standard
From the beginning, Collenette said that he was set up.
The charges were ultimately dropped and he was reunited with his family and friends. It's still unclear who put the drugs on the yacht.
In Charlie Gasparino's book, The Sellout, he says former Bear Stearns CEO Jimmy Cayne allegedly kept an antacid bottle full of coke at his desk
In his book "The Sellout," Charlie Gasparino relayed a tale of how Jimmy Cayne, the former Bear Stearns CEO on whom many blame the firm's collapse, once asked an employee if he knew what was in the Bromo-Seltzer bottle on his desk.
After the employee responded "Bromo-Seltzer?" Cayne said "No, it's cocaine."
Cayne denies the story.
Source: The Sellout
Then there's the Barclays banker who tried to sell coke at his desk
Twenty-eight year-old banker David Firth was caught dealing cocaine at his desk at the Barclays offices in Basingstoke, Hampshire in 2007.
The Sun reports that Firth was sentenced to seven-and-a-half years in prison.
Source: The Sun
One hedge funder was nabbed with a bunch of other people in a big Canadian sting.
Canadian hedge funder Matthew MacIssac got himself in big trouble for buying cocaine for an undercover cop in the Toronto hot spot Comfort Zone.
He was one of 33 club-goers busted that night, which happened to be St. Patrick's day. Luck of the Irish, or not.
Source: Globe and Mail
A banker admitted to the Guardian that he used to pay for coke by bank transfers
An ex-banker told The Guardian just how rampant coke-abuse was during his years working in London's financial district.
From The Guardian:
You call your dealer who is driving around town in his car. He picks you up, you get in, and he tells you to open that box, take out the drugs and put in the cash. Or you pay by bank transfer. I swear that happens, you sit there taking the guy's banking sort code."These are not your stereotypical dealers. They are white, dressed in a suit, middle-aged… They have business cards. They understand the demographic they are servicing extremely well...
Source: The Guardian
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