September 24, 2022

Disgraced CEO Claims Stealing $665 Million Was Just Incompetence, Not Theft

You wonder sometimes why these guys say anything at all instead of just keeping their traps shut:

A former investment CEO was sentenced Friday to 14 years in prison and ordered to pay $665 million in funds lost to his former clients.

“I may be incompetent, but I’m not a thief,” Eric Bloom, 50, said as sentence was handed down.

Bloom is also a family guy who wanted to do less stealing of client money and more family guying with his wife and kids:

The former Sentinel Management executive said he may have been negligent in picking his portfolio manager but added he wanted to spend more time with his family. Bloom’s wife and children sat with emotion.

The judge wasn't having it, telling Bloom "You still fail to grasp what you’ve done wrong."

Back in December, federal prosecutors called Bloom an "unrepentant con man." No, no, guys, that's incompetent con man.

Bloom served as CEO, CFO, chief compliance officer, and chief trader for the Sentinel Management Group, which went belly up in 2007 after the financial crisis "ripped away the veneer," according to Bloom.



Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Crazy Eddie: They Don’t Fraud ’Em Like That Anymore

Whenever I meet someone who grew up on the east coast in the late 70s or early 80s, I ask if they remember Crazy Eddie. I have yet to hear a response other than, “Of course!” To many, the story of Crazy Eddie is a story of loving to hate a television commercial. The Crazy […]