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This profile was last updated on 2/15/09  and contains information from public web pages.

Mr. Bert Fingerhut

Wrong Bert Fingerhut?

Depositor

Phone: (845) ***-****  HQ Phone
Email: b***@***.com
Provident Bank
400 Rella Boulevard
Montebello, New York 10901
United States

Company Description: Provident Bank (NASDAQ: PBKS) is a regional, full-service commercial bank with $6.4 billion in assets. Provident serves individuals and businesses in the dynamic...   more
Background

Employment History

  • Odyssey Partners
Web References
Bert ...
www.motoutah.com, 15 Feb 2009 [cached]
Bert Fingerhut
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"Bert Fingerhut" now there's the name of a felon convicted of FRAUD last year.
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In his day, Bert Fingerhut was a Wall Street player. A top-ranked securities
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In the Rockies, Mr. Fingerhut became as passionate about conservation as he once was about stocks. He joined the boards of a string of environmental organizations. So devoted was he to the wilderness that he got married in Wyoming's Grand Teton National Park.
But he couldn't get Wall Street out of his system. In the 1990s he picked up
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Mr. Fingerhut took the advice to heart, and then some.
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In May, Mr. Fingerhut pleaded guilty to conspiring to defraud banks and
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Mr. Fingerhut's scheme essentially boiled down to a new twist on an age-old investment technique: using leverage to pump returns. With friends and family, he boosted the number of accounts at mutual banks that might someday yield bargain-priced shares. Then he got a local Colorado bank to lend him money against the money deposited in those mutuals -- loans he used to help
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Prosecutors say that in skirting these rules, Mr. Fingerhut, 63, took investment opportunities meant to benefit bank customers. "Fingerhut is a
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From Aspen, Mr. Fingerhut kept a
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Pleading guilty along with Mr. Fingerhut was Robert Danetz, a retired New
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opening accounts funded by Mr. Fingerhut. He has agreed to forfeit about $1.2 million, his cut of Mr. Fingerhut's profits.
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Mr. Fingerhut spoke for himself in court Friday.
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Mr. Danetz and Mr. Fingerhut are lifelong friends, whose mothers strolled
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As Mr. Fingerhut became rich on Wall Street, he was generous to his schoolteacher friend, who worked in the Bronx borough of the city. At Mr. Fingerhut's expense, they
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signed an "Investment Trust Agreement" acknowledging that Mr. Fingerhut
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up to Mr. Fingerhut, according to people familiar with the case.
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Fingerhut once criticized Mr. Danetz for using FedEx instead of the Postal
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Mr. Fingerhut used at least a half-dozen other people to open accounts at mutual banks, according to people familiar with the case, including a brother of Mr. Danetz and a nephew of Mr. Fingerhut.
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Bert Fingerhut and Bobby Danetz also settled SEC civil charges.
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Mr. Fingerhut first began to develop his investing prowess as a New York University undergraduate in the 1960s. While still a student, he worked at
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Mr. Fingerhut quickly developed a reputation as a savvy stock analyst, specializing in airlines. He appeared in Institutional Investor magazine's first All-America Research Team when he was just 28 and then made the list for eight years running. "If you were going to invest in airlines, you didn't breathe unless you talked to Bert Fingerhut," said one former Oppenheimer colleague.
Mr. Fingerhut rose to director of research in 1980, departing after the sale of Oppenheimer to a British bank. (The bank later resold it; the firm Mr. Fingerhut worked for has little more than historic links to today's OppenheimerFunds and Oppenheimer & Co., a broker-dealer.)
Once an overweight chain-smoker, Mr. Fingerhut got thin and ran marathons. He moved to the Rockies and worked part time at Odyssey Partners, a
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But after a few years, Mr. Fingerhut left Odyssey to pursue his
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Mr. Fingerhut also volunteered at Mountain Rescue Aspen, and four years ago, says the group, Mr. Fingerhut saved the life of a deaf woman who had become violently ill in the back country.
His lawyer recalled that service. "For the past 20 years, Bert was on call
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first All-America Research Team, Mr. Fingerhut told the magazine: "I'm so
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York, Mr. Fingerhut lost roughly $20,000 when the stock didn't perform as
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Mr. Fingerhut and his records, were winners. The biggest: Provident Bank in Jersey City, N.J., and New Haven Savings Bank in Connecticut.
Mr. Fingerhut became a Provident depositor in 1996, according to government filings.
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Mr. Fingerhut instructed them to subscribe for 70,000 of its new shares. The deal was oversubscribed, and the bank let them buy about 65,000. Mr. Fingerhut and his wife, who had
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transferred most of his and his family's shares to Mr. Fingerhut, who quickly sold them, making profits of about $1.2 million all together on the deal.
If Mr. Fingerhut was worried about getting caught, he didn't show it.
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Mr. Fingerhut and his friends also had set up numerous accounts at New Haven
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Fingerhut was able to buy 420,000 shares at the $10 IPO price.
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Mr. Fingerhut booked about $1.5 million in profits.
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At Mr. Fingerhut's direction, said the SEC, Mr. Danetz
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Despite the close call, Mr. Fingerhut kept up his scheme for 2½ more years and 28 more bank conversions, according to the SEC.
But in mid-2006, an Internal Revenue Service agent took an interest in a "suspicious-activity report" from a financial institution, which showed unusual activity between accounts held by Mr. Fingerhut and Mr. Danetz.
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Financial Corp. spiked 60%, earning Mr. Fingerhut about $300,000.
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Danetz's home in Teaneck, N.J., and Mr. Fingerhut's in Aspen, uncovering a
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Mr. Fingerhut summed up his escapade in court Friday: "This was purely an act of selfishness and a crime of greed."
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"Bert Fingerhut" now there's the name of a felon convicted of FRAUD last year.
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