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Busted: Prostitution On Wall Street

Submitted by on July 21, 2011 – 8:43 amNo Comment

For the average American, quite a bit of negative ideas come to mind when we think of Wall Street these days. We think corporate bailouts, exorbitant bonuses, disproportionate salaries, lofty vacations, shady practices and greed. Well, we can add one more unsavory element to the list. These guys have a tendency to employ the services of ladies of the evening.

After the widely publicized downfall of former governor and trick Eliot Spitzer, you’d think people would get the message. You’d be very wrong.

A very successful prostitution ring on Wall Street has been shut down by law enforcement. The service, touted as a high-end escort service known as High Class NY, actually operated out of an office in Brooklyn first mistake and raked in about $7 million over three years. Many of the clients spent about $10,000 a night, as the services ranged from $400 to $3600 an hour (quite a jump, right?).

Get this, the “escort service” would also provide drugs for the clients.

Allegedly, the service was well-run, complete with fake Web sites, dummy corporations, and a fake contract drawn up by a law firm which stated the “employees” were not allowed to sleep with their clients. Seventeen were arrested with ties to the company, including the owner and his wife, the owner’s stepson, nearly a dozen managers/supervisors and two investors who put up $700,000 each.

I wonder how this bust will affect the market today.

Source: Huffington Post

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