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I know this is cynical, but as soon as I read the beginning of this WSJ story, I knew where it was going:

The SEC complaint, filed yesterday in U.S. District Court for the Eastern District of New York, accused One Wall Street Inc. and its chief executive, among others, of selling securities to at least 64 investors, falsely promising that the company would soon conduct an initial public offering and that it was preparing to merge with E*Trade Financial Corp.

You know it's coming.

Instead, the SEC said, Chief Executive Donte Jarvis used the proceeds as "a personal piggy bank,"

Not yet.

paying for jewelry,

Almost.

gambling

A little more.

and "adult entertainment" services.

Bingo!

The 31-year-old also was accused of giving his wife, La Shondra Hatter, at least $166,000 in checks drawn on the One Wall Street account. One Wall Street allegedly raised money by issuing unregistered securities starting in March 2003.

This further confirms the "Elfenbein Hypothesis," which states that the securities and porn industry are slowly converging.

Posted by edelfenbein at August 22, 2006 10:09 AM