Please make your check payable to, “Progressive Prison Ministries, Inc.,” a 501(c)(3) nonprofit, and send to our mailing address: P.O. Box 1, Woodbury, CT 06798. All donations are used exclusively to support our program. All donations are tax deductible to the extent permitted by law. Thank you for your support!
Podcast Ep. 19, Richard Lee: Insider Trading Charges Dismissed on White Collar Week
On the podcast today, we have Richard Lee. Richard is best known for having been a trader at Steve Cohen’s hedge fund, SAC Capital, and for having insider trading charges against him dismissed after a 7 year fight to clear his name.
Richard initially pleaded guilty to insider trading charges in 2013, and upon discovery of new evidence in 2017, he moved to withdraw his original plea. On June 21, 2019, a federal court judge for the Southern District of New York granted Richard’s motion to vacate his guilty plea, and then on Nov 27, 2019, federal prosecutors dismissed all charges against him.
I first met Richard in 2013, soon after he first pleaded guilty. We’ve been friends and have worked together closely ever since. On the podcast today, Richard and I discuss the entire story that led to his incredible outcome.
So coming up, Richard Lee. Insider trading charges dismissed. On White Collar Week. I hope you’ll join us. – Jeff
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If you have a friend, family member, colleague or client with a white collar justice issue, please forward this email; they can reach us anytime – day or night! Our contact info: http://prisonist.org/contact-us.
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Guests on this Episode:
Richard Lee
Richard Lee is a former Portfolio Manager at S.A.C. Capital Advisors, LLC (“SAC”). Prior to SAC, Richard was a project manager for the Clinton Foundation in South America, working in sustainable development and social venture capital in partnership with other NGOs and the United States Agency for International Development. Earlier, Richard was part of a Clinton Foundation team which implemented the widespread use of antiretroviral therapies to treat people living with HIV/AIDS in the Caribbean and Africa.
Richard previously was a Managing Director and Portfolio Manager at Citadel, LLC and a Research Analyst at Farallon Capital Management, LLC. He began his career at McKinsey & Company. Richard is a graduate of Brown University.
Richard lives in Chicago, IL with his wife and two daughters.
You can find all episodes of our podcast “White Collar Week with Jeff Grant” on our website prisonist.org, our Facebook page, Podbean, YouTube (video), SoundCloud, Apple Podcasts, Spotify, LinkedIn, Instagram and Twitter.
Welcome to White Collar Week with Jeff Grant, a podcast serving the white collar justice community. It’s the isolation that destroys us. The solution is in community.
If you are interested in this podcast, then you are probably already a member of the white collar justice community – even if you don’t quite know it yet. Our community is certainly made up of people being prosecuted, or who have already been prosecuted, for white collar crimes. But it is also made up of the spouses, children and families of those prosecuted for white collar crimes – these are the first victims of white collar crime. And the community also consists of the other victims, both direct and indirect, and those in the wider white collar ecosystem like friends, colleagues, prosecutors, defense attorneys, judges, law enforcement, academics, researchers. Investigators, mitigation experts, parole & probation officers, corrections officers, reentry professionals, mental health care professionals, drug and alcohol counselors, – and ministers, chaplains and advocates for criminal and social justice reform. The list goes on and on…
Our mission is to introduce you to other members of the white collar justice community, to hear their very personal stories, and hopefully gain a broader perspective of what this is really all about. Maybe this will inspire some deeper thoughts and introspection? Maybe it will inspire some empathy and compassion for people you might otherwise resent or dismiss? And maybe it will help lift us all out of our own isolation and into community, so we can learn to live again in the sunshine of the spirit.
Along the way, I’ll share with you some of the things I’ve learned in my own journey from successful lawyer, to prescription opioid addict, white collar crime, suicide attempt, disbarment, destruction of my marriage, and the almost 14 months I served in a Federal prison. And also my recovery, love story I share with my wife Lynn Springer, after prison earning a Master of Divinity from Union Theological Seminary in NYC, pastoring in an inner city church in Bridgeport CT, and then co-founding with Lynn in Greenwich CT, Progressive Prison Ministries, the world’s first ministry serving the white collar justice community. It’s been quite a ride, but I firmly believe that the best is yet to come.
So I invite you to come along with me as we experience something new, and bold, and different – a podcast that serves the entire white collar justice community. I hope you will join me.
It’s the Isolation that Destroys Us. The Solution is in Community.
Progressive Prison Ministries, Inc. is the world’s first ministry supporting the white collar justice community. Founded by husband and wife, Jeff Grantand Lynn Springer in Greenwich CT in 2012, we incorporated as a nonprofit in Connecticut in 2014, and received 501(c)(3) status in 2015. Jeff has over three decades of experience in crisis management, business, law (former), reentry, recovery (clean & sober 17+ years), and executive and religious leadership. As Jeff was incarcerated for a white-collar crime he committed in 2001, he and Lynn have a first-hand perspective on the trials and tribulations that white-collar families have to endure as they navigate the criminal justice system and life beyond.
Progressive Prison Ministries, Inc. is nonsectarian, serving those of all faiths, or no faith whatsoever. To date we have helped over three hundred fifty (350) individuals, and their families, to accept responsibility for their actions and to acknowledge the pain they have caused to others. In accordance with our commitment to restorative justice, we counsel our members to make amends as a first step in changing their lives and moving towards a new spiritual way of living centered on hope, care, compassion, tolerance, empathy and service to others. Our team has grown to over ten people, most with advanced degrees, all of whom are currently volunteering their time and resources.
Progressive Prison Ministries’ goal is to provide spiritual solutions and emotional support to those who are feeling alone, isolated, and hopeless. We have found that these individuals are suffering from a void but are stuck, and don’t know what to do about it. Our objective is to help them find a path to a healthy, spirit-filled place on the other side of what may seem like insurmountable problems. Many of those we counsel are in a place where their previous lives have come to an end due to their transgressions. In many cases their legal problems have led to divorce, estrangement from their children, families, friends and support communities, and loss of a career. The toll this takes on individuals and families is emotionally devastating. White-collar crimes are often precipitated by other issues in the offenders’ lives such as alcohol or drug abuse, and/or a physical or mental illness that lead to financial issues that overwhelms their ability to be present for themselves and their families and cause poor decision making. We recognize that life often presents us with such circumstances, sometimes which lead us to make mistakes in violation of the law.
All conversations and communications between our ordained ministry, and licensed clinical relationships, and those we serve fall under state privilege laws. This is one reason that attorneys often allow and encourage their clients to maintain relationships with us while in active prosecution or litigation situations.
If you, a friend, family member, colleague or client are suffering from a white collar criminal justice issue or are experiencing some other traumatic or life-altering event, and would like to find a path to a healthy, spirit-filled place on the other side of what seems like insurmountable problems, please contact us to schedule an initial call or appointment.
Copyright 2020, All Rights Reserved, Progressive Prison Ministries, Inc.
For the first year I was home from prison, I rerouted any money that came my way directly into an account for prepaid calls with Securus, the correctional phone service behemoth. Because prison rules only allow outgoing calls, I would cheerfully accept and underwrite calls from my friends and former cell- mates still inside, and listen to what was happening in the place where I’d lived for more than six years—gossip from the old neighborhood. Police had arrested one of the guards for sexual assault. Then another. Then a third. Recidivists swung in and out. Tuesday evenings were locked down for staff training, which both ends of the call knew was likely not happening.
“What’s up with you?” each caller inevitably asked. I had little to relay and, without a job or social networks—all of that had evaporated 10 years before—I was almost in the same position as they were. So I would share small details: “I got a $12 bob” — all I could afford and a significant fall from my pre-prison life, which included $500 highlights in Manhattan. “No, I didn’t get a job yet.” “Of course I’m not dating anyone — did you hear what I just said about the cut-rate bob?”
In post-prison reentry to society, your future just shows up. It doesn’t appear when you need it to and it doesn’t match your plans because even though you’d been warned, you had no idea how hard it was going to be. With a criminal record, stop signs and land mines litter your life; you’ll be blocked or blown up almost every time you at- tempt something new. But you’ll continue on, as I did. Eventually, I got busier, found a job, started freelancing, and my appeals demanded more of my attention. I’ve never felt fully resettled, though. Each detour and disappointment re-minds me of where I once was.
As time went on, my phone account deposits got smaller and less frequent. Even though I had more money, I couldn’t justify the cost of the calls in light of competing, immediate expenses—like getting new shoes to replace the ones whose soles had cracked from age and neglect as my feet walked the line far away.
Drifting from the prepaid calls didn’t result from forgetting about the women of York Correctional Institution. Quite the contrary: Their stories and needs fuel my work. I fought to cap the price of prison calls so that their families and I would pay less to connect with them. I think about each one every day, but I doubt they know that because I haven’t talked to many of them in years.
Until the pandemic, I didn’t realize that the cost of the calls was just an excuse. Now, each inmate in Connecticut receives two free calls per week because wardens canceled in-person visits to prevent COVID-19 from spreading. Inmates could call me even with my zero Securus balance, but they haven’t. Maybe my number isn’t on their lists of approved contacts anymore.
They might feel betrayed, which would be reasonable. They may have forgotten about me, which I would deserve. But they know, and I know, the real reason why we don’t talk anymore. My life is kinetic; theirs, still. Prison is the last place many of them will ever live. As frustrated as I may feel about my progress, I’m moving and I can’t bring them with me, at least not in a meaningful way. The dynamic created by my freedom and their confinement is unworkable over the phone. I know that maybe just by listening to them I’d be helping; presence means a lot.
But as long as I can’t free them or save them, each call feels like I’m brunching with champagne across the table from someone connected to an IV glucose drip. The powerlessness to share the freedom I have gnaws at me. Perhaps cutting the cord was not only inevitable, but in all of our best interests.
Chandra Bozelko writes the award-winning blog Prison Diaries. You can follow her on Twitter at @ChandraBozelko and email her at outlawcolumn@gmail.com.