Justin Paperny is a former Bear Stearns stock broker who spent 18 months in a federal prison for conspiring to commit fraud with a hedge fund client. He’s now getting calls from parents caught up in the college admissions scandal. Though he won’t say who his clients are, the 44-year-old Paperny is a regular lecturer on ethics at USC’s Marshall School of Business — a bit ironic since six of the 50 alleged perpetrators have close ties.
… For a number of reasons, Paperny doesn’t believe the parents should go to prison. For one, our prison system is overrun with people doing time for non-violent offenses. Also, he says their time in prison will actually be easier than what they’re going through right now — and what they’re going to deal with for the rest of their lives as someone caught up in a scandal.