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Money When rich ‘bros’ like Martin Shkreli get sent to prison, they call these wise guys first

06:30  11 march  2018
06:30  11 march  2018 Source:   marketwatch.com

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“Pharma bro” Martin Shkreli wept at his sentencing hearing Friday, and former congressman Anthony Weiner cried when a When you get into federal prison , you have no control whatsoever. They ’ve already helped the likes of Bernie Madoff and Martha Stewart. What do these prison preppers do?

When rich ‘ bros ’ like Martin Shkreli get sent to prison , they call these wise guys first What a ‘ prison coach’ would tell white-collar criminalsWhat a ‘ prison coach’ would tell white-collar criminals.

© Provided by Dow Jones & Company, Inc. "Prison coach" Larry Levine spent 10 years in federal prison and now gets paid to help future inmates prep for their time behind bars.

“Pharma bro” Martin Shkreli wept at his sentencing hearing Friday, and former congressman Anthony Weiner cried when a judge sentenced him to 21 months in prison for sexting with a 15-year-old girl. Tears are a natural reaction — prison is tough and most felons have no idea what to expect. But for a few thousand dollars, high-profile felons like Shkreli and Weiner can hire a “prison consultant” to help smooth the transition to life behind bars.

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What a ‘ prison coach’ would tell white-collar criminals.

For non-violent criminals like Weiner and Shkreli, prison “is a totally different environment than they’ve ever been, it’s crazy in there,” said Michael Frantz, director of Jail Time Consulting, who served 36 months in a federal facility for tax evasion.

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“They come from a world where there’s order,” Frantz said. “They have people under them and tell them what to do. When you get into federal prison, you have no control whatsoever. In the real world, there’s order and rational thinking. In the Bureau of Prisons there’s absolutely no rational thinking.”

Weiner’s attorney didn’t respond to a question on whether he’s using a prison consultant, and neither did the lawyer for Shkreli, who’s been behind bars at a Brooklyn detention center while he awaits sentencing on fraud charges. But Weiner and Shkreli are just the type of convicts who typically use prison consultants. They’ve already helped the likes of Bernie Madoff and Martha Stewart.

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Updated When rich ‘ bros ’ like Martin Shkreli get sent to prison , they call these wise guys first .

For non-violent criminals like Weiner and “pharma bro” Martin Shkreli — who’s now behind bars in a Brooklyn jail “ They come from a world where there’s order,” Frantz said. “ They have people under them and tell them what to do. When you get into federal prison , you have no control whatsoever.

What do these prison preppers do?

A combination hand-holder, shoulder-to-cry-on, and red tape slicer, prison consultants prep future inmates for life behind bars, teach them how to make the best use of their time “on the inside,” and can even help inmates shave time off their sentences. Many of the consultants have been to prison themselves and know from personal experience how to navigate the Bureau of Prisons bureaucracy.

Prices for their services range from $500 for advocating for better medical care in prison to $20,000 for comprehensive post-prison consulting to help ex-inmates rebuild their lives by starting new businesses — in fields they’re not legally barred from working in — or writing books.

Marketwatch talked to prison consultants to find out how they would advise Weiner and Shkreli. The best part? Many of these tips work for non-criminals too.

Use the ‘SWOT’ technique

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What a ‘ prison coach’ would tell white-collar criminals. You May Also Like . 2018-5-2 03:45 pm.

When rich ‘ bros ’ like Martin Shkreli get sent to prison , they call these wise guys first . The value of the companies in your portfolio doesn’t change by a positive or negative 5% three times a day. Get the value right and the price will follow.

In movies and on TV, surviving prison requires brawn. But Larry Levine, founder of Wall Street Prison Consultants, counsels clients to use their brains first. He tells them to use a classic business-school technique — a SWOT analysis — to evaluate a situation’s strengths, weaknesses, opportunities and threats. Levine, who served 10 years at 11 federal correctional institutions, coaches inmates to use it when confronted with a decision in prison, where nervousness can cloud judgment.

Use your time wisely

Just as life is short and easily squandered, a prison term can be too. “A lot of inmates sit around watching MTV, jerking off and playing cards, and that’s their five years,” Levine said. A better way to spend your sentence? Educate yourself at the law library and share your knowledge with other inmates, or write a book.

Own your story

Just as failure has become a badge of honor in Silicon Valley, ex-cons shouldn’t shy away from their checkered pasts, says Justin Paperny, a one-time Bear Stearns stockbroker who went to prison after pleading guilty to hedge fund fraud. Some prison consultants offer “reputation repair” services that bury unflattering Google search results. But Paperny, founder of White Collar Advice, preaches the opposite for his white-collar crime clients, who he says are unfairly “kicked aside” by society.

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Gazelle.

“The government has a version of a defendant as a greedy entitled short-sighted white collar defendant — much of the time, that’s not true,” said Paperny, whose clients have included former Alanis Morissette business manager Jonathan Schwartz, who embezzled millions from Morissette and others. “Rather than run from it and pretend it’s not there, I encourage defendants to own it.”

Paperny even has clients film YouTube videos where they recount their crimes. Schwartz made one just before starting his six-year prison stint. Paperny’s other offerings include free videos for ex-cons that answer questions such as what’s the first day of federal prison like and how to date after prison.

On the first day of federal prison:

• Don’t try to shake hands with a prison guard when you arrive at prison. Paperny did, thinking he was being polite, and quickly learned that guards don’t speak to inmates.

• Don’t bring your mom with you if you self-surrender to prison. Paperny did and regretted it (it’s too hard on your parents to watch something like that).

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When in prison, listen more than you talk

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Updated 1329 GMT March 10, 2018 1 . What a ‘ prison coach’ would tell white-collar criminals.

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“The best advice I could give the congressman is to mind his own business, show people respect and don’t get caught up in drama,” Levine said. “In other words, fly under the radar.”

That will be a tall order for Weiner, the two-time New York City mayoral candidate whose fall from grace has been widely chronicled in the media and in a documentary film. He faces significant hurdles in prison, Levine said, because his conviction for sexting with a 15-year-old girl will brand him a “chomo” (prison lingo for a child molester). That puts him among the lowest of the low at his facility, Levine said.

Stay humble and hustle for nice jobs

Weiner’s going to have a rough road ahead of him, Levine said. “The inmate population is going to hate him.” His advice? “He’s got to just watch his s*** and be quiet and docile.” Make friends with the prison guards, but don’t be too obvious about it. “There’s a lot of politics that goes on in prison,” he added. “You need to know who to ally yourself with.”

Levine, who landed in prison after working as an “efficiency expert” for the mob, charges clients $2,500 to $5,000 for services including “psychologically preparing” clients for jail and helping them get the best jobs while they’re in prison. Prison staff will typically give famous inmates demeaning jobs like emptying trash cans or cleaning greasy pots and pans, Levine said. The worst job at a prison is cleaning the showers, Levine said. The best are paper-pushing jobs in an air conditioned office.

Just like in the regular working world, getting a good job isn’t about what you know, it’s about who you know, Levine said. There’s a lot of turnover in prison jobs because the workforce is constantly cycling in and out of the facility. “You have to know somebody who’s going to tell you: apply for this, apply for that,” Levine said.

Think long-term even for a short sentence

Similar to how a wise employee starts contributing the maximum to a 401(k) retirement account as soon as they get a new job, prison inmates should stay focused on their post-prison life.

If other inmates pick fights with Shkreli or Weiner, their best move would be to stay calm — otherwise they risk jeopardizing their future, Paperny said.

High-profile inmates should avoid “scenarios that could lead to trouble” — which means they should stick close to their cells and avoid participating in card games, steer clear of the television room and even avoid the chow hall as much as possible, Paperny said. “If challenged, he must understand how his response will influence the rest of his life.” Getting into a fight could mean time in the SHU, or special housing unit, more commonly known as solitary confinement.

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