Summary of Penny Stock Chronicles

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Penny Stock Chronicles summary
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Chris DiIorio was not an uneducated investor or unfamiliar with the financial markets. Yet in 2006, the former Wall Street equity trader found himself on the wrong side of a speculative penny stock investment, quickly losing $1.3 million in paper value. DiIorio vowed to learn the reasons for the boom in his stock pick and its ultimate demise and to discover the truth about the financial actors behind the scenes who manipulated his investment. Journalist David Dayen, who has written numerous articles as well as a book about financial fraud, pens a rich seven-piece narrative on DiIorio’s 10-year obsession. getAbstract recommends Daven’s account of DiIorio’s unproven but convincing analysis to investors, especially those thinking about penny stock investing.

In this summary, you will learn

  • How a Wall Street veteran lost $1.3 million in paper profits on penny stocks,
  • What his 10-year investigation into the causes of the loss reveal and
  • Why large financial institutions buy penny stocks.
 

About the Author

David Dayen writes for The Intercept, Salon, The Fiscal Times, New Republic, and other publications. He is the author of Chain of Title, a book about three ordinary Americans who uncovered Wall Street’s foreclosure fraud.

 

Summary

Part I: “The Money Is Gone”
In 2006, Chris DiIorio was 39 years old and a seasoned investment professional. He’d been an equity researcher, providing guidance to portfolio managers. Before then, he had worked on Wall Street for many years as an analyst and trader with the investment firm...

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