Episode Details

How Cooperation Helped—And What Didn't

For a year before sentencing, I worked with the SEC to explain how the fraud at UBS unfolded. That effort paid off. The SEC told the DOJ they didn't view UBS as a victim, which meant I didn't owe $8.5 million in restitution. Investors got their money back—thanks to UBS, not me—but it helped reduce the financial damage at sentencing. Still, the judge wasn't swayed. He saw someone with every advantage who chose to look the other way for money. His message: you got caught, others don't. That's why you're going to prison.

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