Matthew Cox | Inside True Crime Podcast
Kardashian's Realtor Arrested In $6M Ponzi Scheme
07 May 2025
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Full Episode
I'm Sean Property the Kardashian. I raised maybe 10 or 15 million dollars. I found a little glitch in the accounting system that enabled me to keep 100% of the commission. My sophomore year at USC, I learned that I have an older cousin who works as a managing partner at Goldman Sachs. So my mom called and said, why don't you just go spend some time with him at Goldman Sachs? I'm like, okay.
So for that summer, I'd get there at four o'clock in the morning, four or five days a week. I never want to tie before my ties to like right here. And I walk in and my cousin's like, so you're the baseball player. And I said, yes. He said, well, what do you want to do? So I'm thinking about going to graduate school. You didn't know him? He was much older.
And I knew that he was kind of infamous and managed a lot of money, very successful. So I knew of him, but my mom was proactive in reaching out and said, my son may have interest in this. I just want him to come and learn from you. So I spent that summer with him at Goldman Sachs. And I said, maybe I want to go to graduate school or maybe go into sales and become a stockbroker.
And he's like, nothing more than a used car salesman. If you're going to be a stockbroker, you need to go to graduate school or get a business degree. But I was very enticed by the amount of money they were managing there, right? $50, $100 million orders. It was intoxicating like playing baseball in front of 20 or 30,000 people.
So I said, I'm no longer going to go to graduate school when I graduate. I want to go into the brokerage business. So when I graduated USC in 1997, I began working at Merrill Lynch and just a young, cold calling salesman. I graduated college pretty fit as an athlete. Within a year, I've put on 40 pounds rationalizing.
It's the long days of hedge funds and mutual funds bringing in food in at five, out at 10, cold walking, cold calling to ensure I'm at the top of my list, right? So I get my securities license. And after about a year at Merrill Lynch, I raised maybe $10 or $15 million. And the brokerage industry was going through a change where they said, we don't want you to work by yourself.
We want you to become part of a team. I said, I kind of want to sink or swim on my own. I'm totally fine. They said, we want you to be part of a team. And I said, no. And they said, well, we'll reassess in 60 days. If you want to remain at Merrill Lynch, you're going to have to join a team. So over the next 60 days, I was watching this business more than I ever had.
And I started to see a lot of friends of mine flunk out of the business. And here's what happened. These junior brokers, maybe a five, $10 million. You go to USC, UCLA, Cal, you have 10, five, $15 million under business. You then merge your book of business with this senior broker.
And by merging your book of business, you think it's going to lead to internal life because you've got the senior broker mentoring you. But here's what happened. The junior brokers would end up managing the senior broker's book of business all day, doing all the client services work.
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