David Rutkoske, the president of a now-defunct securities firm, was sentenced to nine years in prison and must pay $12 million in restitution to the more than 350 investors whom he cheated. Rutkoske’s firm, Lloyd Wade, manipulated the stock of some gaming company called NetBet in the late ’90s. The interesting part came before sentencing:
He said he grew up on the eastern edge of Long Island in a small community of Polish potato farmers. He said his 110-student senior class in high school voted him the most gullible.
The “I didn’t know what I was doing, and I’ve never known what I was doing” defense didn’t work.