Wall Street Whiz Kid Pleads to L.A. Stock Scam

The onetime “Wall Street Whiz Kid” is headed back to prison. David Bloom, a twice-convicted con man who once courted investors on Wall Street, pleaded no contest on Tuesday to 18 counts of grand theft by deception and securities fraud in Los Angeles. Prosecutors say the scheme fleeced neighbors and bar patrons out of roughly $250,000, and he is expected to receive about 10 years in prison at a sentencing hearing in June.

Plea hearing and prosecutor's statement

According to the Los Angeles Times, Bloom entered the no-contest plea in Los Angeles Superior Court and waived his right to a trial after medical issues delayed the case. Los Angeles County Dist. Atty. Nathan Hochman said in a statement that “David Bloom didn't just lie, he stole from people who trusted him, while he treated their livelihoods as his own personal bankroll.” Prosecutors told the court the scheme brought in about $250,000 and confirmed that sentencing is scheduled for June.

How he found his marks

Prosecutors and court filings describe Bloom as carefully curating an aura of wealth and access, promising Super Bowl tickets, industry introductions and inside access to pre-IPO shares before asking for cash. Courthouse News Service and earlier coverage indicate he sought out patrons at the Frolic Room on Hollywood Boulevard and residents at the Villa Carlotta apartment complex, pitching stakes in companies such as Instacart and SoHo House that he did not own.

A long history of fraud

Bloom's Los Angeles plea is the latest chapter in a fraud record that stretches back decades. CBS Los Angeles reports that he pleaded guilty in the late 1980s to mail and securities fraud after investigators said he bilked investors of millions, and that he was convicted again in 2000 on larceny and business-law counts. He was arrested in August 2022 and charged in 2023 after neighbors and alleged victims came forward.

What comes next

The Los Angeles County public defender’s office, which represented Bloom, declined to comment. Prosecutors say the plea clears the way for restitution efforts and formal sentencing. Because Bloom has prior felony convictions, he faces enhanced penalties under California law and is expected to receive a multiyear sentence when he returns to court in June.

Victims' reaction

“He really preys on people that are all of a sudden going through a really rough time,” one alleged victim told CBS Los Angeles, describing how Bloom ingratiated himself before pitching investments. Neighbors and neighborhood regulars say the case is a sobering reminder that confidence games do not always unfold in boardrooms and trading floors, but can play out just as easily in local bars and apartment lobbies.