The Call from My Attorneys

When I got the call from Joel Athey and Bob Corbin, my attorneys, I knew the news wouldn’t be good. Joel was my main point of contact, someone I talked to regularly. Bob usually came in when there were significant issues to discuss. So, both on the line meant something serious was up. I braced myself and told them I was ready for whatever they had to tell me. After all, I had already been through so much — the guilty plea, the DOJ and SEC press releases — what more could hit me?

The Harsh Reality of Restitution

They got straight to the point. I was already aware of the potential 60-month federal prison sentence that was part of my plea deal. But they had more to tell me. The government had calculated my restitution, and the figure was enormous: $8,532,198. I remember asking about the odd number at the end, trying to make sense of it. But the bottom line was clear — this was a debt that would follow me for a very long time.

Highs and Lows on the Road to Sentencing

This journey has been a rollercoaster. There have been low moments, where the weight of my situation drove me to chew tobacco and withdraw into myself. But then there were highs — moments of clarity where I told myself I could overcome this, pay back the money, and rebuild my life.

White Collar Conviction: A Misstep and Its Consequences

My initial interaction with the government had been less than honest, which didn’t help my credibility when I first met with them. My co-defendant, on the other hand, had secured a cooperation deal, leading to a potentially lighter prison sentence despite having more involvement than I did.

An Opportunity for A Federal Prison Sentence Reduction

Everything changed when my co-defendant was indicted on new charges. His plea deal was torn up, and suddenly, there was a chance for me to reduce my prison sentence. It was an unexpected opportunity that I was determined to leverage.

The Truth with the SEC

I was given the chance to work with the SEC to help them understand what had happened at UBS. It was a stark change from before — no more dodging or deflecting. I went all in, sharing the full, unvarnished truth of my actions and the broader context of the fraud.

My Year with the SEC After My White Collar Conviction

Over the next year, I met with the SEC multiple times, sharing details that went beyond my plea agreement — things they didn’t even know about. It was about laying everything on the table, which finally allowed them to see the full picture, including the roles of my managers at UBS and co-defendant.

The Outcome of Honesty

My candor paid off. Not only was my federal prison sentence reduced, but my restitution was also significantly lowered. It felt like a financial reprieve, a second chance earned by simply being truthful.

Lessons and Advice

My experience is a testament to the importance of owning your story and facing the facts head-on. If you’re dealing with a similar situation, take control now. Understand the details of your case and the players involved. If you need help, we’re here. Don’t wait until it’s too late to get the guidance you need. Schedule a call with our team, and we’ll help you find the best way forward.

In Closing: The True Cost of Integrity

In the end, being honest from the start is what truly counts. My openness with the SEC not only changed my sentence but also my entire life trajectory. If you find yourself in a bind, reach out, and let’s discuss how to tackle it head-on. Remember, the first step towards fixing a problem is acknowledging it. Let’s work together to help you move forward.

Justin Paperny