I Was a Wall Street Broker — Then I Went to Federal Prison | Justin Paperny

Locked In with Ian Bick

Ian Bick

Society & Culture

4.8 • 745 Ratings

🗓️ 19 August 2025

⏱️ 107 minutes

🔗️ Recording | iTunes | RSS

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Summary

Justin Paperny had the perfect life — a privileged childhood in California, a promising baseball career, and by 26, he was the youngest broker at Bear Stearns’ Los Angeles office. But behind the polished image, greed took over. First, it was stealing commissions. Then, he got pulled into a multi-million dollar fraud scheme with a client. At 32, he traded luxury boardrooms for 18 months in federal prison camp. In this interview, Justin reveals how his choices unraveled his career, the reality of life inside a federal prison camp, and how he turned his biggest mistake into a new mission — helping others avoid the same fate. His story is a cautionary tale of ambition, greed, and redemption. #WhiteCollarCrime #PrisonStories #FraudCase #FederalPrison #FinanceScandal #PrisonInterviews #TrueCrimePodcast #redemptionstory Connect with Justin Paperny: Website: https://free.whitecollaradvice.com/google2?utm_source=adwords&utm_medium=White+Collar+Advice&utm_campaign=KS-Leads-Search-Brand&utm_content=Brand-Exact&utm_keyword=justin+paperny&utm_matchtype=e&campaign_id=22279642692&ad_group_id=174779004879&ad_id=734949328994&gad_source=1&gad_campaignid=22279642692&gbraid=0AAAAAC59KDbd9vbZE8r8cORPwr__0suk-&gclid=CjwKCAjwtfvEBhAmEiwA-DsKjqq4EOzZG9qXnXhrGdbvhfgeOeaGsqJOA-Y0j_5b61KcCob5GtNevxoCU0cQAvD_BwE Instagram: https://www.instagram.com/whitecollaradviceteam/ YouTube: https://www.youtube.com/@WhiteCollarAdviceOfficial Hosted, Executive Produced & Edited By Ian Bick: https://www.instagram.com/ian_bick/?hl=en https://ianbick.com/ Get 50% off the Magic Mind offer here: https://www.magicmind.com/IANB50. #magicmind #mentalwealth #mentalperformance Presented by Tyson 2.0 & Wooooo Energy: https://tyson20.com/ https://woooooenergy.com/ Use code LOCKEDIN for 20% OFF Wooooo Energy Buy Merch: http://www.ianbick.com/shop Timestamps: 00:00 Intro: Justin's Story & Downfall 02:23 From Wall Street to Prison 06:41 Turning Prison into Purpose 12:12 Building a New Life After Release 24:24 Baseball Dreams & Early Influences 36:00 Breaking into Finance 43:38 The Slippery Slope: Small Cheats, Big Consequences 51:13 Rationalizations and the Cost of Fraud 01:01:12 The Federal Investigation and Plea 01:05:41 Preparing for Prison and Self-Reflection 01:13:21 Life Inside: Surprising Prison Realities 01:28:39 Finding Redemption & Building Discipline 01:35:01 Life After Prison: Stigma, Success & Giving Back 01:44:34 Final Reflections & Outro Powered by: Just Media House : https://www.justmediahouse.com/ Creative direction, design, assets, support by FWRD: https://www.fwrd.co Learn more about your ad choices. Visit podcastchoices.com/adchoices

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1:30.4	I found out a glitch in the accounting system at Bear Stearns.
1:32.6	It enabled me to keep 100% of the commission, not 25%.
1:36.0	So it's a $10,000 commission I kept all 10 instead of 25%.
1:39.4	Justin Pappernie had it all a privileged upbringing,
1:42.6	a rising career as one of the youngest brokers at Bear Stearns,
1:46.1	and a life most people only dream about. But behind the scenes, he was stealing commissions and getting
	...

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