A client who is serving time in federal prison recently sent me an email. He wanted to thank me for encouraging him to prepare so aggressively, even on those days he wanted to do a million other things.

As I know too well, prison is harder on those that love and support us. If I can get my clients to embrace that reality they will be more likely to prepare.

To that end, this client had worked with his brokerage firm for decades. Upon his conviction for insider trading, I told him the firm would firm him. Initially, he did not believe me. They told him it was fine. Out of due diligence, I encouraged him to speak to a friend and broker, Jeff Ortiz, who runs JRO Wealth Management.

Just like people released from prison should have several jobs in the halfway house lined up, they should have other options when it comes to banks and brokerage firms. Once people learn of your conviction, strange things can happen.

Indeed, while this firm initially told my client he could keep his account, the new compliance manager had a change of heart. He had 21 days to find a new bank.

Because of his preparations, he did not freak out. He had already spoken to Jeff. While Jeff cannot guarantee that he can accept every account from someone who has a conviction, he can assure you that if you are approved, you will stay approved.

Fortunately, Jeff was able to work his magic, and my client had found a new home for his money. More importantly, he did not have to deal with the anxieties of having to find a new broker from prison (something I had to do from prison).

I filmed a short video on the topic. Click Here to watch it.

If you have questions, or wish to learn more about Jeff you can call/text him at (310) 702-3500.


Justin Paperny

Director, White Collar Advice