Daily Archives: October 29, 2014

And speaking of getting screwed on Wall Street …

Better days: Ms. Kelly at her Sag Harbor booking

Better days: Ms. Kelly at her Sag Harbor D.U.I. booking

There’s a wonderful divorce going on between a jilted wife and her wealthy Wall Street husband, and as usual, the NY Post has the story.

Christina Kelly says her investment-banker husband made her go the extra mile to help him land a client — pushing her into a partner-swap with the business honcho and his wild girlfriend.

The mom of two revealed details of the kinky alleged hookup — and every drug binge, extramarital pool fling and sex encounter in between — in salacious Manhattan court papers targeting her husband, Jefferies & Co. wunderkind Sage Kelly.

And now, she and her reputed real-life “Wolf of Wall Street’’ hubby are “the talk of the town,’’ a Wall Street source said.

“All the top Wall Street and hedge-fund guys are talking about it. They are all ­e-mailing it to each other,’’ the source said of Christina’s 26-page affidavit.

Christina Kelly alleges in nearly every page that her $7-million-a-year hubby is nothing but a coke- and Ecstasy-loving, booze-swilling, abusive spouse and dad who lives for seamy sex romps.

Christina, 39, said her husband, 42, was trying to woo Aegerion Pharmaceuticals honcho Marc Beer the night she wound up having sex with Beer — and “sexual contact’’ with his prancing, big-breasted girlfriend, according to the papers.

The former Ralph Lauren event planner said the sex jaunt occurred in a hotel room at the Ritz-Carlton in Boston in 2012 after a booze- and cocaine-fueled evening.

“Soon, Sage and I were having sex with each other on one bed, and Marc and his girlfriend were having sex on the other bed,’’ Christina says in her affidavit.

“Then, Marc said, ‘Let’s switch,’ ” she claims in the papers.

Public access to the actual affidavit has been blocked, but it seems everyone on Wall Street has a copy (and off the street – a friend mailed me a copy, but I don’t have the technical expertise to link it here), so ask around. The Post article captures the essence of the claims, however, and has enough details to satisfy all but the most salacious minds, such as mine.

UPDATE: Link to affidavit here

24 Comments

Filed under Uncategorized

Beware junk food nostrum peddlers when choosing an investment advisor

Marty and Kim pitch suckers

Marty and Kim Sands pitch suckers

Greenwich resident Martin Sands is in trouble with the SEC, again.

The Securities and Exchange Commission charged a Greenwich resident Wednesday with violating the “custody rule,” which is aimed at protecting clients from unscrupulous investment advisors.

Martin Sands, 53, who lives in Greenwich’s backcountry, was one of three top executives at New York-based Sands Brothers Asset Management charged this week. According to the SEC, Sands, along with his brother, Steven Sands, have been sanctioned by the SEC for custody rule violations before, back in 2010.

Sands, who recently launched Paleo Passion Pops, a new Greenwich-based company that sells healthful popsicles containing all natural ingredients, was previously censured by the SEC in 2010 for willfully aiding abetting and causing SBAM’s violation of its custody rule then, according to the SEC.

In addition to the 2010 censure, the SEC notes in the order instituting administrative and cease-and-desist proceedings filed Wednesday, that Sands “has been sanctioned by the securities authorities in Wisconsin,” and “twice been temporarily barred from association or suspended from holding supervisory positions, censured and fined by the New York Stock Exchange.” The SEC also alleged that the firm “has also been the subject of a number of customer complaints concerning misappropriation of assets, at least one of which resulted in an NASD arbitration award of $2.15 million.”

Sands, readers may recall, is the neighbor of Judge Judy’s on LaFrantz road who built an illegal lacrosse field on his property, sending runofff cascading onto hers. The NYT reported, 

The Sheindlins said the field is illegal because it was built without the proper permits and wetlands approval. They also said it infringes on their privacy.

”When we complained, Mr. Sands’ response was he would buy our home,” Ms. Sheindlin said. ”We love our home and suggest he use that money to purchase a site for his sports field in a properly zoned area.

Sands has an extensive history of refusing to pay customer arbitration awards

Sands Brothers & Co., a private company formed in 1990 by brothers Martin and Steven Sands to cater to wealthy investors, has the right to continue appealing the awards and to make settlement offers that are lower than awarded amounts, said Richard Roth, a New York attorney who represents Sands Brothers & Co. and the two founders. He denied that he threatened that the firm will not be able to pay arbitration awards if clients don’t agree to lowball settlements.

“That’s only somewhat accurate,” Roth said of his settlement strategy. “I have been telling investors that they (Sands Brothers & Co.) have filed to withdraw as a broker-dealer, and if they want to settle, there is money that has been set aside. I do try to get them down to as little as possible – I’ve settled from 1.5 cents on a dollar to 10 cents on a dollar.”

Another disgruntled Sands Brothers investor has compiled a nasty docket of previous sanctions, awards and orders against the firm and its principals, which you can find here, and our own state’s Banking Commission recites a history of wrongdoing here.

I spent much of my first career hunting wicked stock brokers and their ilk, and I can usually smell an arrogant, above-the-law crook when he weaves his sweaty path past my nostrils. I’m sure Mr. Sands isn’t that sort of fellow; indeed, I never encountered him in my own cases, but when a person with his sort of disciplinary history expands into pseudo-health foods, my olfactory senses stir to life.

 

9 Comments

Filed under Uncategorized

Conyers Farm property woes continue

74 Upper Cross Road

74 Upper Cross Road

74 Upper Cross Road, which sold for $13.5 million in 2012 and came back on in August of this year at $13,890, dropped its price today to $11.800. Considering that the Stockman property just sold for $13.150, it’s a fair assumption, especially since David Ogilvy had the buyer for Stockman and the listing for this one, that the Stockman buyer saw both houses and preferred Stockman’s over this. Given the paucity of buyers for homes up here, the owner of 74 may regret not dropping his price sooner and capturing that buyer.

10 Comments

Filed under Uncategorized

Taken to the woodshed

Trickle down pricing

Trickle down pricing

David Stockman’s house at 105 Conyers Farm has sold for $13,150.00. Started at $23,500,000 in 2010. Zillow estimated it was worth $17 million, Fountain thought not.

12 Comments

Filed under Uncategorized

Real estate activity, finally

One Ferris Drive

One Ferris Drive

One Ferris Drive, Old Greenwich, bank owned, sold for $488,000. It started at $675,000 a year ago. Tucked under I-95, it lacks a certain appeal, but at this price, not so bad.

5 Wallasy Way

5 Wallasy Way

95 Glenville Rd

95 Glenville Rd

5 Wallasy Way, Riverside, asking $879,000, reports a contingent contract. Wallasey is that little dead end off Riverside Avene, between St. Catharine’s and the old people’s home. This one is directly on Cos Cob harbor and has some noise issues from the I-95 and Route 1 bridge traffic, but like Ferris, price can’t be beat.

95 Glenville Road, asking $1.250 million, reports  pending deal. 1.43 acres. I never saw it.

41 Baldwin Farms S.

41 Baldwin Farms S.

One house I have seen, several times, and like very much, is 41 Baldwin Farms S., now asking $3.450 million, down from its 2013 original asking price of $4.995. I assume, from the recent auction held on the premises that it’s now empty.

19 Comments

Filed under Uncategorized

I’d hesitated to put this up on Halloween, but if it will make His Holiness happy ….

Trick or treat

Trick or treat

Pope says Halloween is evil, should be replaced with “Holyween”. I’m not sure my porch sign will convince youngsters to go home and change into angels and saints, but it will certainly deter the little devils, and spare me the cost of apples and razor blades.

3 Comments

Filed under Uncategorized

Bad day for Fiat

From Business Insider:

Screen Shot 2014-10-29 at 10.00.15 AM

1 Comment

Filed under Uncategorized

Exactly as predicted 3 weeks ago

Tsar Klain

Tsar Klain

Single Ebola case has caused Bellevue Hospital to close its ICU to other patients.

Doctors at Bellevue Hospital are so busy caring for Ebola patient Dr Craig Spencer that they have begun transferring patients out of the intensive care unit to nearby NYU Langone Medical Center.

Bellevue, one of the the most respected hospitals in the nation, is treating its first ever case of Ebola after Dr Craig Spencer arrived at the hospital last week with symptoms of the disease.

Which is exactly what doctors and hospital administrators feared.

“One Ebola case will wipe out my hospital.”

[Dr.] McCaughey’s answer is stunning.

According to her, after the CDC outlined its preparation strategy, one hospital administrator responded, “What you’re telling us would bankrupt my hospital!” She said that that administrator represents a Southern California hospital.

…. “Treating one Ebola patient requires, full time, 20 medical staff. Mostly ICU (intensive care unit) people. So that would wipe out an ICU in an average-sized hospital.”

In the case of Texas Presbyterian, McCaughey says that the hospital cordoned off its ICU to care for Thomas Eric Duncan and sent the rest of its ICU patients to other area hospitals. She added that many communities will not have multiple hospitals to choose from, so one Ebola case could cripple ICUs in small towns.

Dr. Spencer, by the way, the man who has so fully occupied Bellevue’s ICU, initially lied to authorities when questioned about his activities and claimed that he had “self-quarantined” himself upon his return from Africa. Only when the police tracked his credit card receipts and confronted him with the evidence of his visits to restaurants, blowing alleys and the like did he confess to his first lie.

Meantime, while no one has seen or heard from Obama’s newly-appointed Ebola Tsar Ron Klain, the word in Washington is that he’s nearing completion of a comet political solution to the crisis and will emerge from hiding just as soon as it’s done.

44 Comments

Filed under Uncategorized