Drew “Bo” Brownstein, son of power broker attorney and lobbyist Norman Brownstein (Ted Kennedy once called Norman Brownstein the 101st Senator) was supposed to be sentenced this week in a New York federal court for securities fraud. Bo Brownstein illegally used inside information to net a $ 2.4 million profit on the information.
Bo Brownstein was head of the Denver based Big 5 Asset Management hedge fund, and has been an executive at Credit Suisse bank in New York.
The sentencing has now been put off several times while the old man is pulling levers and calling in his markers to ensure baby Bo doesn’t do any jail time. The initial plea bargain deal was for a sentencing range of 3 to 4 years. But as the wheels of injustice churn, it looks like Bo might get off with a slap on the wrist.
Although the maximum jail time for this offense is 20 years, Bo’s attorney’s are negotiating a no jail time deal in which Bo will do 500 hours of community service at National Jewish Hospital here in Denver. Dr. Michael Salem, president and chief executive at National Jewish, has written the court recommending that Bo do no jail time and would be welcome to do his “community service” sentence at National Jewish.
Norman Brownstein is on the board of directors of National Jewish and has been for many years. No doubt the staff of National Jewish will be honored to have baby Bo amongst their ranks, where he will probably be given a corner office to perform his “duties”, complete with internet service so he can keep up with news of the financial markets.
Co-conspirator Clay Peterson, who headed Arthur Andersen’s Denver office in the 1990’s, was sentenced to two years probation and no jail time.
Steal $100 from a 7/11, and you’re looking at 3 to 5 down in Canon City. And if you honk your horn in solidarity with the Occupy Wall Street movement, you get a ticket. But if you steal $2.4 million on Wall Street and your name is Bo Brownstein, no problem, daddy will make it all better.
Yes Viginia, the 1% are different from you and I.