Michael Iavarone’s Wednesday began so well. He rang the opening bell at the New York Stock Exchange, just like the Wall Street titan he claimed to be. The co-leader of the group owning 75 percent of Triple Crown hopeful Big Brown was the beaming face of horseracing.
By the NYSE closing bell, Iavarone’s story and standing were in shambles. My colleague David Evans had disclosed Iavarone wasn’t the former “high-profile investment banker” of his bio but a onetime stockbroker at four now-defunct “bucket shops.” In 1999, he was disciplined for unauthorized trading at one of them.
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