White collar crimes are typically easy to understand.
In the most straightforward cases of bad behavior on the Street, there's direct link between motive and deed. Stockbroker builds up huge gambling debt, and steals money from clients to feed the addiction.
In other instances, motive is slightly more complex. High-flying M&A banker leaks pending takeover deals because he somehow feels above the rules, and strangely thrilled by spilling secrets.
But what on earth was going on in the mind of Kevin Pinto?
Mr. Pinto was a compliance officer at Paradigm Capital. He has been with the investment dealer since the beginning of 2006, making sure colleagues didn't break the rules while trading or cutting deals.
On Friday, the 37-year-old turned himself into police, and now stands charged with 10 bank robberies. More charges are expected, relating to a string of 26 solo holdups that stretch back to 2003.
There are common threads to these robberies. The individual didn't wear a disguise when he approached tellers, and claimed he had a gun but never showed it. In several cases, he ran away with no money at all.
Colleagues at Paradigm, which has offices in Toronto and Calgary, are in shock. Late Friday, the employee-owned firm contacted clients to say an internal audit is underway, but there is no reason to believe client interests are in danger. Mr. Pinto has been supsended.
Ironies abound in this situation, as in addition to the compliance officer's rather unusual alleged hobby, Paradigm boasts from Ontario Securities commission chairman Peter Dey as its chairman, and well-liked and respected Ian Joseph, a former money manager, as president. This crew puts the straight in straight arrow.
Mr. Pinto's alleged crimes clearly were not about money. Bank holdups only tend to net a few thousand dollars. As a compliance officer, Mr. Pinto held a job that typically pays in the $120,000 to $160,000 range. While not high profile, it's a respected way to earn a living on the Street.
In time, the full story of what played out here will be told. Mr. Pinto is in jail over the weekend, but will eventually go to trail. The psychological underpinnings for these deeds may involve a strange form of thrill-seeking, or need to be caught and punished for sins real or imagined.
Until motive becomes clear, Mr. Pinto's case will fascinate the Street. Once all the details are known, this tale will become part of the financial district's lore.
