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Confessions of a Wall Street Insider: A Cautionary Tale of Rats, Feds, and Banksters
Although he was a suburban husband and father, living a far different life than the “Wolf of Wall Street,” Michael Kimelman had a good run as the cofounder of a hedge fund. He had left a cushy yet suffocating job at a law firm to try his hand at the high-risk life of a proprietary trader — and he did pretty well for himself. But it all came crashing down in the wee hours of November 5, 2009, when the Feds came to his door—almost taking the door off its hinges. While his wife and children were sequestered to a bedroom, Kimelman was marched off in embarrassment in view of his neighbors and TV crews who had been alerted in advance. He was arrested as part of a huge insider trading case, and while he was offered a “sweetheart” no-jail probation plea, he refused, maintaining his innocence.
The lion’s share of Confessions of a Wall Street Insider was written while Kimelman was an inmate at Lewisburg Penitentiary. In nearly two years behind bars, he reflected on his experiences before incarceration—rubbing elbows and throwing back far too many cocktails with financial titans and major figures in sports and entertainment (including Leonardo DiCaprio, Alex Rodriguez, Ben Bernanke, and Alan Greenspan, to drop a few names); making and losing hundreds of thousands of dollars in daily gambles on the Street; getting involved with the wrong people, who eventually turned on him; realizing that none of that mattered in the end. As he writes: “Stripped of family, friends, time, and humanity, if there’s ever a place to give one pause, it’s prison . . . Tomorrow is promised to no one.” In Confessions of a Wall Street Insider , he reveals the triumphs, pains, and struggles, and how, in the end, it just might have made him a better person.
Skyhorse Publishing, along with our Arcade, Good Books, Sports Publishing, and Yucca imprints, is proud to publish a broad range of biographies, autobiographies, and memoirs. Our list includes biographies on well-known historical figures like Benjamin Franklin, Nelson Mandela, and Alexander Graham Bell, as well as villains from history, such as Heinrich Himmler, John Wayne Gacy, and O. J. Simpson. We have also published survivor stories of World War II, memoirs about overcoming adversity, first-hand tales of adventure, and much more. While not every title we publish becomes a New York Times bestseller or a national bestseller, we are committed to books on subjects that are sometimes overlooked and to authors whose work might not otherwise find a home.
The lion’s share of Confessions of a Wall Street Insider was written while Kimelman was an inmate at Lewisburg Penitentiary. In nearly two years behind bars, he reflected on his experiences before incarceration—rubbing elbows and throwing back far too many cocktails with financial titans and major figures in sports and entertainment (including Leonardo DiCaprio, Alex Rodriguez, Ben Bernanke, and Alan Greenspan, to drop a few names); making and losing hundreds of thousands of dollars in daily gambles on the Street; getting involved with the wrong people, who eventually turned on him; realizing that none of that mattered in the end. As he writes: “Stripped of family, friends, time, and humanity, if there’s ever a place to give one pause, it’s prison . . . Tomorrow is promised to no one.” In Confessions of a Wall Street Insider , he reveals the triumphs, pains, and struggles, and how, in the end, it just might have made him a better person.
Skyhorse Publishing, along with our Arcade, Good Books, Sports Publishing, and Yucca imprints, is proud to publish a broad range of biographies, autobiographies, and memoirs. Our list includes biographies on well-known historical figures like Benjamin Franklin, Nelson Mandela, and Alexander Graham Bell, as well as villains from history, such as Heinrich Himmler, John Wayne Gacy, and O. J. Simpson. We have also published survivor stories of World War II, memoirs about overcoming adversity, first-hand tales of adventure, and much more. While not every title we publish becomes a New York Times bestseller or a national bestseller, we are committed to books on subjects that are sometimes overlooked and to authors whose work might not otherwise find a home.
296 pages, Hardcover
Published March 28, 2017
About the author
Michael Kimelman
2 books10 followersMichael Kimelman is a graduate of Lafayette College and the University of Southern California Law School. Formerly an associate at Sullivan & Cromwell, he was the Founder & Managing Partner of Incremental Capital, a New York based hedge fund.
A serial entrepreneur, he is currently consulting and launching new ventures in the technology & healthcare spaces, and has been featured speaker on CNBC and Bloomberg.
He actively volunteers his time to several causes, including prison and education reform. He is a passionate advocate and coach for financial literacy training and his favorite role is father to his 3 children, Sylvie, Cam & Phin.
A serial entrepreneur, he is currently consulting and launching new ventures in the technology & healthcare spaces, and has been featured speaker on CNBC and Bloomberg.
He actively volunteers his time to several causes, including prison and education reform. He is a passionate advocate and coach for financial literacy training and his favorite role is father to his 3 children, Sylvie, Cam & Phin.
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Displaying 1 - 30 of 35 reviews
March 8, 2017
Michael Kimelman’s memoir, while ultimately sad, is an entertaining and often hilarious account of a life unfairly destroyed, featuring an interesting cast of characters who come to life on its pages. Michael was accused of insider trading and used as a pawn by the government in an attempt to take down the true criminals in his midst. He maintained his innocence and refused to plea, was denied his own trial, and thus landed in jail for close to two years (guilt by association). His marriage crumbled and he was ripped away from his three young children. Read his fast-paced memoir to understand the inner workings of insider trading cases, and how the deck is stacked against innocent victims of what can sometimes (certainly as it pertains to Michael) be described as a witch hunt. I think this book would make a great movie!
March 8, 2017
What an incredible read! From start to finish I was entertained. Michael is an extremely talented writer with that special ability to draw the reader inside his soul to feel his pain, anguish, love, and anger. He balances this nightmare with several laugh out load moments allowing the reader to catch a breath and smile.
March 5, 2017
Easy to read. Biography of a prop trader life upended by poor friend's choice and the repercussion to his family life.
February 20, 2017
I'm empathetic with the author's story and the prose is not bad, but I didn't feel absorbed by it.
The biggest lessons: be very careful who you do business with and don't do things that could look bad in the eyes of the agents of the law, especially if it involves money.
The biggest lessons: be very careful who you do business with and don't do things that could look bad in the eyes of the agents of the law, especially if it involves money.
June 28, 2017
An interesting and quick read but ultimately unsatisfying. While titled "Confessions," there are no confessions to be found here. In the first part of the book, the author states he's not trying to convince you he is innocent yet spends the rest of the book decrying how rotten the system is and how he had no culpability other than having bad judgment of who he went into business with. There is no remorse or humility in taking responsibility for his role in the situation.
Perhaps more frustrating, it also seems that he has told a selective story to make his version seem more sympathetic. While its always the author's prerogative on what to leave in or out, some of what he includes in the book is downright misleading if you do any quick research on the case, including the various facts recited by the court of appeals that affirmed his conviction. You can see the appeals court opinion here: https://www.gpo.gov/fdsys/pkg/USCOURT...
For example, he talks about the indictment only mentioning a gain of $16,000; in fact, he was convicted of an improper $290,000 gain on the 3Com trade (a number that in a later interview he further denigrated by calling it gorilla math). He minimizes the details of the 3Com trade while the actual evidence presented at trial (and as recited in the appeals court opinion) give a far less innocent view of his actions with that trade. He talks about spending 21 months in prison, all of which he gave the impression as being spent at the Pennsylvania prison camp; however, he fails to mention in the book that only 15 months were in the prison camp while the last 6 months were in a halfway house in the Bronx. At the end of the book, he blames the district court judge Richard Sullivan for being unfair, particularly with respect to how he charged the jury. But again, he fails to include any details on his appeal, in which he challenged the sufficiency of the evidence for his conviction and the allegedly improper jury charge that Judge Sullivan gave the jury. Its not as sympathetic when you learn that a panel of three judges at the court of appeals voted 3-0 that, in fact, there was sufficient evidence to convict him and that jury charge was not improper. And he only ever hints at why he didn't take the plea deal that would have only given him probation - while he may have very good reasons for this, it seems odd not to give the reader even a hint of why he made the choice he did. If you've made it through the whole book, the extra 15 or 20 minutes to read the court of appeals opinion may provide a good alternative perspective to the view the author paints in the book, and you can then compare and contrast the stories portrayed in each to make a final sense of where the truth may lie.
Adding up all these details and omissions, its much tougher to feel sympathy for the author and, given what he was convicted for, the less-than-complete perspective on the facts of his tale make it tough to see if he really taken an objective view of the situation, his role in it, and his punishment. That is not to say that he doesn't have some valid points and perspectives about how securities laws are enforced and punished in the U.S., but by giving the impression he may be telling a slanted view of the story, it takes away from the effectiveness of his ultimate message he was trying to convey about the problems of the system.
Perhaps more frustrating, it also seems that he has told a selective story to make his version seem more sympathetic. While its always the author's prerogative on what to leave in or out, some of what he includes in the book is downright misleading if you do any quick research on the case, including the various facts recited by the court of appeals that affirmed his conviction. You can see the appeals court opinion here: https://www.gpo.gov/fdsys/pkg/USCOURT...
For example, he talks about the indictment only mentioning a gain of $16,000; in fact, he was convicted of an improper $290,000 gain on the 3Com trade (a number that in a later interview he further denigrated by calling it gorilla math). He minimizes the details of the 3Com trade while the actual evidence presented at trial (and as recited in the appeals court opinion) give a far less innocent view of his actions with that trade. He talks about spending 21 months in prison, all of which he gave the impression as being spent at the Pennsylvania prison camp; however, he fails to mention in the book that only 15 months were in the prison camp while the last 6 months were in a halfway house in the Bronx. At the end of the book, he blames the district court judge Richard Sullivan for being unfair, particularly with respect to how he charged the jury. But again, he fails to include any details on his appeal, in which he challenged the sufficiency of the evidence for his conviction and the allegedly improper jury charge that Judge Sullivan gave the jury. Its not as sympathetic when you learn that a panel of three judges at the court of appeals voted 3-0 that, in fact, there was sufficient evidence to convict him and that jury charge was not improper. And he only ever hints at why he didn't take the plea deal that would have only given him probation - while he may have very good reasons for this, it seems odd not to give the reader even a hint of why he made the choice he did. If you've made it through the whole book, the extra 15 or 20 minutes to read the court of appeals opinion may provide a good alternative perspective to the view the author paints in the book, and you can then compare and contrast the stories portrayed in each to make a final sense of where the truth may lie.
Adding up all these details and omissions, its much tougher to feel sympathy for the author and, given what he was convicted for, the less-than-complete perspective on the facts of his tale make it tough to see if he really taken an objective view of the situation, his role in it, and his punishment. That is not to say that he doesn't have some valid points and perspectives about how securities laws are enforced and punished in the U.S., but by giving the impression he may be telling a slanted view of the story, it takes away from the effectiveness of his ultimate message he was trying to convey about the problems of the system.
August 10, 2019
Confessions of a Wall Street Insider is Michael Kimelman's account of being involved with the conspiracy of an inside trade that went wrong and ended up with him being arrested and eventually imprisoned. Kimelman was a manager and partner for Incremental. This story is told very much like it would if at some point it was adapted into a film, which it certainly would make a great nominee for a book to film adaptation. Kimelman first talks about his arrest, then about how he came to where he was, and he explores his professional and personal life before returning to the case itself. He talks about his interactions with lawyers, his interactions with the people that put him in this mess (in particular the Goffer brothers, Zvi and Nu, but especially Zvi), and the tension that took place between Kimelman and his wife, Lisa, who was putting together a catering business. Together, the two of them have three children: Sylvie, Cam, and Phineas.
Kimelman did such a brilliant job telling this story. He was straightforward and let us know exactly how things were, explaining it the way he felt it is best explained. We learn about law through Kimelman based on his point of view and how the court and imprisonment process is not always quick and rapid the way television and film make it look. We are also reminded of how brutal prison life is from Kimelman's perspective. The only downside is that this is merely his perspective. I personally felt Kimelman was being truthful, but he did say some pretty strong things about the people in this memoir and I would be interested to hear how they would rebuttal. Taking Kimelman's word, there are people mentioned in this text that have plenty of issues.
This book will certainly make you second guess investing in the stock market, let alone make extreme investments the way that Mike Kimelman did.
Kimelman did such a brilliant job telling this story. He was straightforward and let us know exactly how things were, explaining it the way he felt it is best explained. We learn about law through Kimelman based on his point of view and how the court and imprisonment process is not always quick and rapid the way television and film make it look. We are also reminded of how brutal prison life is from Kimelman's perspective. The only downside is that this is merely his perspective. I personally felt Kimelman was being truthful, but he did say some pretty strong things about the people in this memoir and I would be interested to hear how they would rebuttal. Taking Kimelman's word, there are people mentioned in this text that have plenty of issues.
This book will certainly make you second guess investing in the stock market, let alone make extreme investments the way that Mike Kimelman did.
April 17, 2019
Kimelman is an engaging writer, but as a finance professional who knew one or more of the names that arose during the string of insider trading arrests during that period, I also see it with a somewhat jaded eye.
He is correct in that the insider trading statute is rather vague, as is the definition of the offense. That said, it's also true that amongst friends there's very little dispute as to the nature of the offense. It's like porn - you know it when you see it. And in the finance world, you pretty much know when your hot tip can't possibly originate from anywhere other than illicit sources.
So from a legal standpoint, he may certainly argue that he wasn't guilty of a crime, the trial and conviction notwithstanding, he probably won't argue that he and his brethren in that business had been skirting close to the edge for a long time, in pursuit of the elusive "edge" in trading.
The other thing to note is that he calls his conviction a fait accompli due to the pitchfork sentiments of the masses at this time. While he's not wrong that plenty of bad actors walked away scot-free, it doesn't follow that he's innocent. More to the point, his chosen occupation is notoriously questionable in terms of actual utility to society, and way disproportionately compensated for this lack of value. So to stand around and bitch about how there are guiltier parties seems a bit rich in that context.
All that said, in a reasonable world he may have not suffered such a fate. But at the same time, he played with fire knowingly, and became suddenly exposed to not only the proverbial black swan, but the nature of injustice in the world, which some people recognize when it befalls others, and some only when it befalls them. I'm not sure which one he is.
He is correct in that the insider trading statute is rather vague, as is the definition of the offense. That said, it's also true that amongst friends there's very little dispute as to the nature of the offense. It's like porn - you know it when you see it. And in the finance world, you pretty much know when your hot tip can't possibly originate from anywhere other than illicit sources.
So from a legal standpoint, he may certainly argue that he wasn't guilty of a crime, the trial and conviction notwithstanding, he probably won't argue that he and his brethren in that business had been skirting close to the edge for a long time, in pursuit of the elusive "edge" in trading.
The other thing to note is that he calls his conviction a fait accompli due to the pitchfork sentiments of the masses at this time. While he's not wrong that plenty of bad actors walked away scot-free, it doesn't follow that he's innocent. More to the point, his chosen occupation is notoriously questionable in terms of actual utility to society, and way disproportionately compensated for this lack of value. So to stand around and bitch about how there are guiltier parties seems a bit rich in that context.
All that said, in a reasonable world he may have not suffered such a fate. But at the same time, he played with fire knowingly, and became suddenly exposed to not only the proverbial black swan, but the nature of injustice in the world, which some people recognize when it befalls others, and some only when it befalls them. I'm not sure which one he is.
March 30, 2017
Great and compelling read!
This is a very sad story of how the U.S. Justice system really works.
From a jury convicting an innocent man because his was not tried separately, but instead with two guilty defendants and by a ruthless prison guard taking away Mike's son toy away during a prison visit and by denying family visits after they traveled thousands of miles to see him, it is time for real change in our system.
This is a very sad story of how the U.S. Justice system really works.
From a jury convicting an innocent man because his was not tried separately, but instead with two guilty defendants and by a ruthless prison guard taking away Mike's son toy away during a prison visit and by denying family visits after they traveled thousands of miles to see him, it is time for real change in our system.
February 12, 2018
I always thought that Raj Rajaratnam of the Galleon Group was the only Wall Street trader that went to jail for insider trading. Turns out that a lot of people got caught in the government dragnet and many of them spent time in jail. This is the story of Michael Kimelman and the nightmare he lived through.
You would think that “insider trading” would be pretty easy to prove. All you have to show is that an individual profited from information that was not available to the general public. The reality is that “tips, hot leads and inside information” are as common as dirt on Wall Street. Probably 98 % of this information is worthless and 2% is worth a fortune. The government could probably charge every other trader on Wall Street with insider trading if they wanted to. Unfortunately for Michael Kimelman he was one of the “chosen few” who the government went after.
To this day Kimelman claims that he is innocent of insider trading and when you compare his actions to what typically goes on with traders he is probably right. Kimmelman claims that the only thing he did wrong was in picking his partners in his hedge fund. Certainly Zvi Goffer was totally out of control. He was a liar, a manipulator, a drunk and an overall scoundrel. But Kimmelman could only see the connections Zvi had and the potential for making a lot of money. You know the old saying: “birds of a feather “.
The daily life of these guys was downright scary. Every night drunken orgies, pill popping, and drugs were the norm. They were the kings of the world and could do no wrong. The meeting with Fitty Cents where they tried to get him to invest in their fund made the hair on my neck stand up. If I thought the life of a Wall Street trader was over the top, I learned that a rap stars life makes it look like Sunday school.
All of this came crashing down when FBI agents knocked on his door in the middle of the night. Kimelman was carted off to jail and his wife and 3 kids were left terrified. From that day on Kimelman’s life changed forever. His assets were frozen, his hedge fund was closed, he couldn’t get a job and it ultimately ruined his marriage.
Kimelman could have coped a plea and probably not served any jail time. Instead he steadfastly proclaimed his innocence and decided to go to trial. This was ultimately probably a huge mistake. From the beginning the deck was stacked against Kimelman. The government and the judge appeared that they were going to make an example of Kimelman. This probably wasn’t fair and some of the things they did may have been illegal. Don’t hold your breath waiting for some FBI agents or judges to be prosecuted for illegal activities.
Kimelman spent almost two years in jail and is now out on bail. His previous life is over and he is trying to start anew. I can certainly feel some sympathy for Kimelman but when all is said and done most of the blame for his predicament lies squarely on his shoulders. He is planning on filing an appeal to have his verdict overturned. We’ll see.
This was a very interesting read and if you have an interest in this subject I think you will enjoy it.
You would think that “insider trading” would be pretty easy to prove. All you have to show is that an individual profited from information that was not available to the general public. The reality is that “tips, hot leads and inside information” are as common as dirt on Wall Street. Probably 98 % of this information is worthless and 2% is worth a fortune. The government could probably charge every other trader on Wall Street with insider trading if they wanted to. Unfortunately for Michael Kimelman he was one of the “chosen few” who the government went after.
To this day Kimelman claims that he is innocent of insider trading and when you compare his actions to what typically goes on with traders he is probably right. Kimmelman claims that the only thing he did wrong was in picking his partners in his hedge fund. Certainly Zvi Goffer was totally out of control. He was a liar, a manipulator, a drunk and an overall scoundrel. But Kimmelman could only see the connections Zvi had and the potential for making a lot of money. You know the old saying: “birds of a feather “.
The daily life of these guys was downright scary. Every night drunken orgies, pill popping, and drugs were the norm. They were the kings of the world and could do no wrong. The meeting with Fitty Cents where they tried to get him to invest in their fund made the hair on my neck stand up. If I thought the life of a Wall Street trader was over the top, I learned that a rap stars life makes it look like Sunday school.
All of this came crashing down when FBI agents knocked on his door in the middle of the night. Kimelman was carted off to jail and his wife and 3 kids were left terrified. From that day on Kimelman’s life changed forever. His assets were frozen, his hedge fund was closed, he couldn’t get a job and it ultimately ruined his marriage.
Kimelman could have coped a plea and probably not served any jail time. Instead he steadfastly proclaimed his innocence and decided to go to trial. This was ultimately probably a huge mistake. From the beginning the deck was stacked against Kimelman. The government and the judge appeared that they were going to make an example of Kimelman. This probably wasn’t fair and some of the things they did may have been illegal. Don’t hold your breath waiting for some FBI agents or judges to be prosecuted for illegal activities.
Kimelman spent almost two years in jail and is now out on bail. His previous life is over and he is trying to start anew. I can certainly feel some sympathy for Kimelman but when all is said and done most of the blame for his predicament lies squarely on his shoulders. He is planning on filing an appeal to have his verdict overturned. We’ll see.
This was a very interesting read and if you have an interest in this subject I think you will enjoy it.
This entire review has been hidden because of spoilers.
September 8, 2018
As much as I despise the soulless insects who work on Wall Street and suck the blood out of the rest of us who actually work for a living, I have to admit that Michael Kimelman can tell a story. He is as funny as hell as he describes the menacing FBI agents and snarling German shepherd invading his Westchester County home at an ungodly hour to charge him with insider trading. Justice would be expensive. Mike’s bond was $250,000 and a defense lawyer asked for a $100,000 retainer. A trial could cost millions. Kimelman had graduated from law school at USC. He did not wish to become a Clarence Darrow; too bad, Darrow and Ralph Nader are two of my biggest heroes. Michael left a prestigious law firm to work at Datek as a day trader. A $500,000 Christmas party was a Roman orgy of whores and coke. All empires eventually collapse. Trump is Nero and we are next. Kimelman moved on to other firms and he was later arrested for insider trading at Incremental. His supposed ill gotten gain was $16,000. What a joke; another Michael named Millken stole a cool billion. Meanwhile, Kimelman takes us back to the founding of his hedge fund company and a meeting with the rapper, 50 Cent. Mr. Cent’s financial team was offered a high rate of return for an investment of 10 million dollars. Kimelman’s partner in BS, Zvi Goffer, assured 50’s people of a return of 30%-50%. It was a sure thing. The rappers right hand woman asked if there was a possibility of losing money. Michael had seen several large and dangerous looking body guards upon his arrival and sensed severe bodily harm if a profit was not delivered. In the midst of some financial wheeling and dealing, the biggest fish, Raj Rajaratnam, the head of Galleon, a monster hedge fund, was arrested, and a week later, so was Kimelman. Raj was found guilty, and the author knew that he was up next to do battle with the unlimited resources of the feds. The banks had been bailed out to the tune of $1 trillion and none of the big time crooks went to jail. Jaime Dimon is still safe and sound at his Park Avenue penthouse. Kimelman did over two years in prison, basically for choosing Zvi Goffer, a con artist, as a partner. What a country!
April 23, 2018
An American Tale
Not quite up to the mark for a British reader as too many U.S. references, e.g. sporting, as analogies or within the general text that will not make sense to many non Americans although off course primarily for US market. I am from finance background so got many of those references although financial and legal cultures be quite different from say City of London compared with New York. Regrettably Michael doesn't always come over as a person one can be very sympathetic towards. He played with the big boys did well though and by those people but when it all went pear shaped blames everyone but himself. Like a naive good intentioned interviewee he is 'too trusting' a personality trait that is both good and bad depending on outcomes. However I don't want to be too harsh and I do lean towards him being essentially innocent as charged. That's the system for you and it can be as rotten here in the UK as it is in US. The book is a work of reflection, insight and mitigation...and a good read...I would recommend reading it and making up your own mind. And I wish Michael all good luck with his future endeavours...just make sure who you are mixing with.
Not quite up to the mark for a British reader as too many U.S. references, e.g. sporting, as analogies or within the general text that will not make sense to many non Americans although off course primarily for US market. I am from finance background so got many of those references although financial and legal cultures be quite different from say City of London compared with New York. Regrettably Michael doesn't always come over as a person one can be very sympathetic towards. He played with the big boys did well though and by those people but when it all went pear shaped blames everyone but himself. Like a naive good intentioned interviewee he is 'too trusting' a personality trait that is both good and bad depending on outcomes. However I don't want to be too harsh and I do lean towards him being essentially innocent as charged. That's the system for you and it can be as rotten here in the UK as it is in US. The book is a work of reflection, insight and mitigation...and a good read...I would recommend reading it and making up your own mind. And I wish Michael all good luck with his future endeavours...just make sure who you are mixing with.
May 24, 2017
This personal memoir aims at and succeeds to reveal various aspects regarding the way in which the personal file of the author was managed by the American authorities in a case of insider trading. The memory of the Bernie Madoff case and the financial crisis definitely influenced not only the decision in this specific case, with far less consequences in other people's lives compared to Madoff, but also the public perception. The book offers the author's point of view - the book was written while he was in prison - about the lack of balances and check of the American judicial system as well as the search for scape goats and the frequent inaccuracies of the media reporting in this case. It is an interesting account for anyone interested in the domain of trading and memoirs of financial misadventures in nowadays America.
Disclaimer: Book offered by the publisher in exchange for an honest review
Disclaimer: Book offered by the publisher in exchange for an honest review
May 25, 2019
Very well written. I found it hard to put down. A memoir that chronicles the author’s experiences as a hedge fund trader, conviction for insider trading, prison time, and redemptive post incarceration. My empathy for the author increased as the book went along...although I disagree that insider trading is a victimless crime (it’s of utmost importance that public knows the markets are fair, and what about the trader on the other side of the trade?)as he states early on. But it’s not murder either..perhaps the punishment should fit the crime, say, the winnings from the ill gotten trades donated to charity instead of jail time? Also it was hard for me to believe he was an innocent bystander and not believe the info he was getting could have been non public info..He seemed a little too sure of his own innocence and victim hood the first part of the book, but I believe the punishment and what it did to his life was excessive.
This entire review has been hidden because of spoilers.
January 13, 2018
Time spent reading this, was truly time well spent
Awesomely narrated legal facts, exposing odd practices in law. Sometimes it's shear bad luck, sometimes it's deliberate action that puts u behind d bars. Author has clearly narrated both of the situations in his book. Also, his experience as a family person in a prison is really sad n one can hardly empathise with his on the same grounds.
Amazing book, a must read for those who work on the similar lines that author was working on.
Precaution is always better than cure, that's what one can say after reading this.
Awesomely narrated legal facts, exposing odd practices in law. Sometimes it's shear bad luck, sometimes it's deliberate action that puts u behind d bars. Author has clearly narrated both of the situations in his book. Also, his experience as a family person in a prison is really sad n one can hardly empathise with his on the same grounds.
Amazing book, a must read for those who work on the similar lines that author was working on.
Precaution is always better than cure, that's what one can say after reading this.
February 18, 2022
I'm a big fan of Preet Bharara and his podcast Stay Tuned and his book Doing Justice, so I bristled when Kimelman took shots at him over his pursuit of insider trading cases when he was US Attorney for the SDNY. I'll give the author his due though - he got screwed, not by no fault of his own but by a system that gets justice through extortion.
Some parts of this book are riveting, especially when giving us a peak at the workings of Wall Street or the courts that police it. But it flounders when the author overindulges in navel gazing.
Some parts of this book are riveting, especially when giving us a peak at the workings of Wall Street or the courts that police it. But it flounders when the author overindulges in navel gazing.
March 29, 2018
Good insight
This book shows the inner workings of the drunken money folks in the Wall Street nogoodniks and totally unethical power folks in the form of the judicial system. I am glad that Kimelman is finding rehabilitation. It is not possible for most people who had been chewed up and spat out by the system. I wish him luck. Good writing style. He should probably flow this line of work.
This book shows the inner workings of the drunken money folks in the Wall Street nogoodniks and totally unethical power folks in the form of the judicial system. I am glad that Kimelman is finding rehabilitation. It is not possible for most people who had been chewed up and spat out by the system. I wish him luck. Good writing style. He should probably flow this line of work.
April 19, 2019
Outstanding
This is a frightening tale of human weakness and miscarriage of justice. From this account, Wall Street and all other financial institutions are essentially run by greed-driven gamblers who self medicate nightly in order to come down from the day's adrenaline rush. Scary. Hopefully, the author will be able to use his experience and education to help overhaul both the judicial system and the money making institutions in America..
This is a frightening tale of human weakness and miscarriage of justice. From this account, Wall Street and all other financial institutions are essentially run by greed-driven gamblers who self medicate nightly in order to come down from the day's adrenaline rush. Scary. Hopefully, the author will be able to use his experience and education to help overhaul both the judicial system and the money making institutions in America..
April 23, 2019
Kimelman's convction a travesty
Enlightening memoir of Wall Street, the intracaies of hedge funds, day trading, lies, deceit and greed and the Federal court system. It is mind boggling as to why Judge Sullivan denied the motion to overturn the conviction. I guess there's another side to the story. Or the Judge is biased.
Kimelman writes well, but tosses financialese like puts and calls without explanation. Hence, only 4 stars.
Enlightening memoir of Wall Street, the intracaies of hedge funds, day trading, lies, deceit and greed and the Federal court system. It is mind boggling as to why Judge Sullivan denied the motion to overturn the conviction. I guess there's another side to the story. Or the Judge is biased.
Kimelman writes well, but tosses financialese like puts and calls without explanation. Hence, only 4 stars.
March 28, 2019
Incredible and frightening story. Well told by the author/protagonist/victim. A true page-turner. And while there are two (three?) sides to every story, and part of me thinks that it can't be like Kimelman says ... I believe him. I wish him the best.
PS Another 5 stars for the random Tanyon Sturtze reference.
PS Another 5 stars for the random Tanyon Sturtze reference.
May 27, 2017
Fantastically written, gripping from start to finish and will take you on an eye opening journey into political corruption and a system that is fundamentally broken. If you like Billions or A Wolf of Wall Street then this is a must read. This book should be a film!!! 5 starts
July 14, 2017
Perhaps I should have paid closer attention to the jacket, but I expected more information about how Wall Street and the justice system (specifically the SEC) operated. It was an interesting read and I did learn some things from it, but it was underwhelming.
May 1, 2018
Fantastic read
While I empathize with Michael,he does an amazing job of describing in great detail the unfairness of the system and how he had to deal with it i feel terrible for him and his family. That said , I enjoyed reading his book. He's is a terrific author
While I empathize with Michael,he does an amazing job of describing in great detail the unfairness of the system and how he had to deal with it i feel terrible for him and his family. That said , I enjoyed reading his book. He's is a terrific author
April 15, 2018
Another book written as an explanation and apology and not to entertain.
May 5, 2018
Great book
Excellent book written perfectly i high recommend it. Screw you Sullivan and Bharara for messing with Mike's life the guy was innocent, I hope y'all go to hell.
Excellent book written perfectly i high recommend it. Screw you Sullivan and Bharara for messing with Mike's life the guy was innocent, I hope y'all go to hell.
October 3, 2018
Dull at times, but my hero Preet makes an appearance or two (although what is printed about him may tarnish his image a bit).....
April 11, 2019
I’ll never be close enough to Wall Street or the upper echelons of firms to have to worry. But an entertaining and informative account nonetheless.
August 13, 2020
Interesting read. Learned some new stuff.
March 4, 2021
Not poorly written, however, sounded like an entitled guy whining throughout the entire book. Bottom line, if you play with fire, you're gonna get burned. He got burned.
March 17, 2021
Pretty good book on how easily you can be considered to be involved as insider trading. Beware folks
March 26, 2021
Well written book with many relevant lessons. I don't agree with Michael's conclusions but I do have empathy for his situation. In the end, it's all about the people you're with.
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