White Collar Advice

Hosted by Justin Paperny

Business Education

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Episodes

300

Latest episode

Oct 2026

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About the show

Whether you're a defense attorney, a criminal defendant, or someone eager to learn about sentencing, federal prison, and white-collar crime, our podcast is an excellent resource. It's never too soon or too late to begin preparing for a government investigation, and here's why: Statistics demonstrate the potentially life-altering consequences of encountering the criminal justice system. Beyond the initial indignity of an arrest or the notification of a criminal investigation, those targeted by law enforcement face additional challenges: How will this situation impact my career and earning capacity? What changes will my life undergo if I receive a federal prison sentence? How will my family members be affected by my term of confinement? In the face of such complex challenges, consulting with a competent defense attorney is crucial (please note we are not lawyers and do not offer legal advice). A skilled attorney will guide the criminal justice process and help individuals navigate these difficulties. At White Collar Advice, our dedicated team focuses on assisting those seeking to learn how to: Avoid charges or get the shortest sentence possible. Serve their sentence in a federal prison camp or a facility with the lowest possible security level. Establish meaning and confidence while in federal prison. Transition back into society and pursue a new career path. Create a record that leads to increased liberty during supervised release. Our podcast offers more than just generic information through a quick internet search. We prioritize delivering insightful and personalized content to our audience. As the host, I bring a unique perspective to the table. As a successful stockbroker at Bear Stearns and UBS, I specialized in representing professional athletes and hedge funds. My journey through the criminal justice system, including a felony conviction for securities law violations, has given me valuable insights. For an in-depth account, grab a free copy of Lessons From Prison at WhiteCollarAdvice.com. White Collar Advice has also become a trusted resource for numerous media outlets, including Dr. Phil, The New York Times, CNN, Fox News, The Washington Post, Fortune, The New York Post, BBC, ABC, and NBC. If you have questions or inquiries, please contact us at Support@WhiteCollarAdvice.com or call 818-424-2220. I appreciate your interest in our podcast. We look forward to sharing valuable knowledge and empowering you with the information you need to navigate the complexities of the criminal justice system. Justin Paperny

Listen to episodes

60 recent

October 19, 202630 min

Coming Home From Federal Prison Camp

What happens when you prepare for federal prison, do the work, come home, and still struggle to open a bank account? I've been home since 2009. In this conversation, we talk about earning a living after prison, the shame of a conviction, and trying work you've never done before. I share how handwritten prison blogs brought my first phone calls, why I refunded my first paying client, and what I regret about my early days home. We also talk about our families, learning to tell your story, and why preparing for release should begin long before you leave prison. Justin Paperny

September 23, 202615 min

Was It a Mistake or a Bad Choice?

I finished Sam Harris's Free Will last night, 1 hour and 14 minutes on Audible, and it made me look again at how I went from USC and Bear Stearns to lying to FBI agent Paul Bertrand. Harris argues we don't choose our thoughts, our genetics, our parents, or our early experiences. That idea is dangerous in front of a judge. If your narrative suggests it wasn't your fault, the court and your victims will hear it that way. What I took from the book is sequence: a financial problem, the concealment, the concealment working, and each next step getting easier. Michael Santos once asked me whether it was a mistake or a bad choice. Harris says change requires causes. So stop saying you learned your lesson. Show the judge the conditions you've changed (restitution, new professional boundaries, community service, a release plan, public writing), and start building them long before sentencing.

September 22, 20265 min

Isn't What You Do Manipulation? Question 11

A journalist keeps hitting me with one question: isn't what you do manipulation? So on question 11, I stop and read her the definition: to control or influence cleverly, unfairly, or unscrupulously. Then I walk through it. Sentencing advocacy is influence, yes, but so is the government's case, the defense attorney's argument, and sometimes a victim impact statement (I've seen people claim to be victims who weren't, including in my own case). Character reference letters can be used to manipulate too. But a defendant cannot shorten a sentence by manipulating a judge, because judges know the difference between a speech and a record. I bring up Judge Boo's line about fixing the window you broke, then walk through what that looks like: paying restitution, accepting responsibility, cooperating, getting a job, paying taxes. Those are facts a judge can verify, not manipulation. I finish without knowing how to end the podcast, because her next question is why a wealthy defendant who can afford us gets an advantage.

September 15, 20268 min

Going to Prison Does Not Qualify You to Give Advice

A journalist writing about white collar crime sent me about 50 questions before our call. We cut it to 25, and I answered the first three here. Who I am and why anyone should listen to me: going to prison does not qualify you to give advice, and neither does failing. What matters is what you did with the experience and whether you built a record someone can look at. How I went from USC and Bear Stearns to federal prison: not one decision, but pressure, opportunity, and rationalization, convincing myself I was the good guy while I took commissions I was not entitled to. And whether I deserved prison: I know I deserved consequences. I broke the law, I hurt people, and even though the victims got their money back, it did not replace the shame and pain they went through.

September 3, 20261 min

He Called Me Before the FBI Did. He Still Got 6 Years

Nearly three years ago I spoke with a man who told me he was embezzling money. He was not the target of an investigation. I told him to stop the bleeding and not make it worse, and I referred him to five lawyers. He didn't call one. He had convinced himself, the way I once did, that another wire and another quarter would fix it and no one would know. He didn't fix it. The losses doubled. More victims, an indictment, a guilty plea, a conviction, and more than six years in federal prison. When we spoke again, he told me he wished he had taken my advice three years ago.

September 3, 20261 min

Ippei Blamed Shohei in His Letter to the Judge

Someone new to our community asked how Ippei got 57 months while his co-defendant, Matthew Boyer, got a year and a day. I told him it's not the right comparison. Ippei stole $16 or $17 million, and even if Shohei is the greatest athlete in the world and a billionaire, he's still a victim, and the case did real damage to his brand. But look at how the two men responded. Ippei blamed Shohei in his letter to Judge Holcomb; I read that letter and made a long YouTube video about it. Matthew treated it as an evidence challenge instead of a legal one. He built a narrative about what he would do going forward, volunteered with Prison Professors, and spoke at business schools including USC about the consequences of cheating. I attended both sentencing hearings and filmed a video right after Matt's, reciting what Judge Holcomb said. Judge Holcomb is cynical. He expects defendants to say one thing and do another.

September 2, 20261 min

The SEC Didn't Get Through to Me. Prison Did.

When I went to federal prison I got the severity of my conduct. Standing for count, the 2 a.m. fire drills, visiting with crying parents. You realize maybe you can do better. When I settled with the Securities and Exchange Commission, really a toothless agency, I didn't get it. I had to go inside. I think that's the case for a lot of people serving time for very small frauds, $10,000 to $50,000 in PPP fraud, and for the many who go to prison for obstruction with no financial loss at all. If you reward bad behavior, if you go to prison and get clemency you didn't earn, you come home and keep breaking the law, like George Santos did. He bet on Kalshi, the prediction market, got caught, they took $17,000, and he's banned from those markets. People go to prison for $17,000. There's no consequence for him, so he's going to continue. Prison worked for me because I understood the severity of it. Santos went to prison and got clemency, so he can keep breaking the law knowing he will never go back. It is indeed a two-tiered system of justice, them and us.

September 2, 20261 min

She Was Deceived Too

I was on a phone call with a federal defendant and his wife, and twice she said, you got that right. Most people who come into our community went into business with good intentions, then things happened and before they knew it they were in trouble. A small number go into business to steal and do harm, and by this defendant's own admission, that was him. He took shortcuts. He said one thing and immediately did another. He stole and he deceived. It's easy to blame spouses, the ones who love the life and the country club and the lifestyle, but much of the time, and especially in this case, they had no idea. She was deceived like a victim. She could not believe this was happening, and she said, I just want to go back to how it was. I told her that life is over. This is who he is, by his own admission. Then I asked if she would want that life, built on the backs of the people her husband stole from. After a five or 10 second pause she said, yeah, you got that right too.

September 1, 20260 min

300 Words a Day for 15 Months

What would happen if you went to federal prison and said, I'm going to write 300 words six days a week for the 15 months I'm here? Document what you're reading and why. The lessons you're learning. How you became immersed in a government investigation and why it will never happen again. The steps you're taking to grow your network, develop new skills, and prove worthy of a second chance. You would leave with a body of work so extensive you could share it for weeks, months, years, and generations to come. And at 300 words a day, six days a week, you will have worked your way through the massive collateral consequences that accompany a criminal conviction. I did it with help. So can you.

September 1, 20261 min

Making the Bad Choice Seem Reasonable Again

At a sentencing hearing most judges hear I'm sorry, I'll never do it again, I'll spend the rest of my life making amends, I'll pay all my victims back. The judge says, we'll see. Then you serve 24 months. You come home to the bills, the mortgage, the rent, and the rebuilding is hard. You walk to the mailbox and the IRS has sent you a check for just under $10,000. You tell yourself they took your freedom and your reputation and they didn't take this, so clearly they want you to have it. You deposit it. Six months later your probation officer audits your books, sees the deposit, and calls to say this can't be right. Within a week you're back in front of the same judge you promised to make your victims whole, and your judgment and commitment order says any inheritance, refunds, or lottery winnings go to victims. Twelve months back in jail or prison, three years added to supervision. It's not a lack of information. It's making the bad choice seem reasonable again.

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