UNITED STATES: NEW YORK STATE PRISONER MICHAEL MATHIE TURNS $75,000 DOLLARS INTO ALMOST A MILLION ON THE STOCK MARKET IN A YEAR

Record ID: 337866

  • Title: UNITED STATES: NEW YORK STATE PRISONER MICHAEL MATHIE TURNS $75,000 DOLLARS INTO ALMOST A MILLION ON THE STOCK MARKET IN A YEAR
  • Date: 21st June 2001
  • Summary: AUBURN, NEW YORK, UNITED STATES (RECENT) (REUTERS - ACCESS ALL) 1. MV: AUBURN CORRECTIONAL FACILITY/PRISON GUARD AT SECURITY LOOK OUT 0.04 2. MV: BARS ON WINDOWS 0.09 3. REPEAT OF FIRST TWO SHOTS 0.18 4. SV: PRISONER MICHAEL MATHIE WALKS INTO VISITATION ROOM 0.26 5. SCU: (SOUNDBITE)(English) MICHAEL MATHIE SAYING: "I continued the litigation against Suffolk County and when I won that litigation, I took 75,000 U.S. dollars of that money and started actively traded stocks using that money. In the beginning my family thought I was crazy. They thought I was going to lose everything and I didn't obviously." 0.47 (W6) ISLIP TERRACE, NEW YORK, UNITED STATES (RECENT, 2001) (REUTERS - ACCESS ALL) 6. SV: MATHIE'S FATHER (MAURICE MATHIE) TRADING STOCKS ON THE INTERNET 0.54 7. SCU: FINGERS TYPING ON KEYBOARD 0.59 8. SCU: STOCK TRADING WEBSITE 1.10 9. SCU: (SOUNDBITE)(English) PRISONER'S FATHER MAURICE MATHIE SAYING: "Well he calls me and instructs me to buy this and sell that and I just follow his instructions." REPORTER ASKING QUESTION OFF CAMERA (SOUNDBITE)(English) MAURICE MATHIE SAYING: "No, I really have no interest in it. I can't understand it, number one. He has tried to explain it to me and it it is like to teach me Greek or a foreign language. I just have no interest in it." 1.39 10. SLV: HOUSE BOUGHT BY MICHAEL MATHIE 1.45 11. PAN: DODGE VIPER CAR BOUGHT BY MATHIE 1.50 12. CU: PRICE TAG OF CAR WORTH $74,450 1.54 13. MV: 2001 WHITE PONTIAC TRANS AM CAR BOUGHT BY MATHIE 2.02 (W6) NEW YORK CITY, NEW YORK, UNITED STATES (JUNE 20, 2001) (REUTERS - ACCESS ALL) 14. PAN UP: CORRECTIONAL ASSOCIATION OF NEW YORK 2.08 15. SCU: SIGN 2.10 16. SCU: (SOUNDBITE)(English) DIRECTOR ROBERT GANGI SAYING: "Completely unique...most prisoners are poor people. Most prisoners have very little familiarity like the stock exchange or with any major fianicial transactions, so there are very few inmates who even have the vaguest potential to get even involved with the kind of investments he apparently has." 2.40 17. SCU: ROBERT GANGI ON THE PHONE AT HIS DESK 2.46 18. SCU: (SOUNDBITE) (English) GANGI SAYING: "In fact this publicity around his gathering wealth has only hurt his chances for parole." 2.52 AUBURN, NEW YORK, UNITED STATES (RECENT, 2001) (REUTERS) 19. SV: MICHAEL MATHIE SITTING DURING INTERVIEW 2.57 20. CU: MICHAEL MATHIE'S HANDS 2.59 21. SCU: (SOUNDBITE)(English) MICHAEL MATHIE SAYING: "The market is mostly based on emotion, and when you make decisions on emotion, you make errors and I am a prime example of that, because the decision I made that landed me in prison was based on pure emotion and not intellect. That is probably one of the profound lessons that I have had to learn. Maybe that is what drives me with the market." 3.26 22. WS: AUBURN CORRECTIONAL FACILITY 3.34 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 6th July 2001 13:00
  • Keywords:
  • Location: AUBURN, ISLIP TERRACE, AND NEW YORK CITY, NEW YORK, UNITED STATES
  • City:
  • Country: USA
  • Reuters ID: LVA51QKLKZD4IWA1EK451V34AGY7
  • Story Text: Traders on Wall Street strive to make millions of
    dollars day in and day out. At the Auburn Correctional
    Facility in New York State, there is a prisoner by the name of
    Michael Mathie, who has turned nearly $75,000 into nearly a
    million dollars in a single year.


    Michale Mathie, a prisoner at Auburn correctional
    facility, has made almost a million dollars in the stock
    market.

    Serving his 12th year of a 10 to 30 year sentence for
    manslaughter and conspiracy Mathie calls his father collect ,
    who carries out his son's orders to buy or sell via a trading
    account on his home computer.

    Mathie has played the market for only about two years,
    trading over 8 million dollars in paper. In 1999, his income
    tax return showed he just made just short of $900,000. He has
    invested his money in a house for his family in Long Island,
    and bought four cars including a $97,000 Dodge Viper. Plus a
    garage to keep it in.

    Although inmates are not allowed to run businesses from
    prison, state prison officials say Mathie can do what he does
    under his right to free speech. And he's not trading , his
    father is.

    "He's completely unique." aid Robert Gangi, head of the
    Correctional Association of New York, a non profit group that
    monitors prison conditions and lobbies for reforms. "Most
    prisoners are poor people, most prisoners have very little
    familiarity with things like the stock exchange. There are
    very few inmates who even have the vaguest potential to get
    involved with the kind of investments that he apparently has."
    But the attention on Mathie, 33, may be unwelcome when
    the parole board makes its decision next month, Gangi added.

    "In my political judgement, there's no chance he'll get
    paroled," said Gangi.

    Mathie, a high school dropout , Mathie and three others
    were arrested in 1989 for the murder of Paul Lamariana, who
    was struck in the head by a tire iron, and choked with an
    electrical cord. Mathie admitted hitting Lamiana with a tire
    iron, saying he believed the victim had been abusing the
    daughter of a friend.

    In prison, Mathie was sexually assaulted by a prison guard
    in Suffold County jail and received $500,00 in a civil
    lawsuit.


  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register