The Heroes of Wall Street Are Actually Barred From Wall Street

Occupy Wall Street

Photo: Twitpic

Last Thursday, John and Derek Tabacco became the heroes of Wall Street as they stood amidst throngs of protestors trying to shut down the area, holding up neon green posters that read “Get A Job” and “Occupy A Desk!”They then declared their movement the “Wall Street Freedom Fighters.”

Business Insider identified the Tabacco brothers as technology entrepreneurs, who operate the website LocateStock.com.

We also found out that Derek (pictured on left) used to be a participant on Millionaire Matchmaker.

Now, Justin Elliot at Slate has uncovered some more juicy facts about the other brother, John (on right).

John Tabacco is actually barred from the securities industry. In the 1990s, he worked as a broker for First Hanover Securities in Staten Island and was caught for executing transactions in customer accounts without their consent. John was fined $50,000 and ordered to pay $20,000 in restitution, and subsequently barred from the industry.

John told Elliot that he did not need a brokers licence to operate his current business, which aids in short-selling.

Apparently, you don’t need a licence to fight on behalf of Wall Street either.

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