May 5, 2026: Wall Street Whiz Kid” Pleads No Contest in Quarter-Million-Dollar Investment Scam

Sentencing for David Bloom is set for June 8 in Department 117 of the Foltz Criminal Justice Center

LOS ANGELES - David Peter Bloom, known as the "Wall Street Whiz Kid," pleaded no contest today to 18 felony counts stemming from an investment scam that grossed close to $250,000.

"David Bloom didn't just lie, he stole from people who trusted him, while he treated their livelihoods as his own personal bankroll," Los Angeles County District Attorney Nathan J. Hochman said. "Today's no contest plea makes clear that those who exploit others for personal gain will face serious consequences. I commend Deputy District Attorney Paul Przelomiec for his tenacity and commitment to securing justice for the victims. Our office will continue to pursue and hold accountable anyone who engages in financial fraud."

Bloom (dob 4/24/64) pleaded no contest to nine felony counts of securities fraud and nine felony counts of grand theft, along with special allegations that he engaged in a pattern of theft-related felony conduct and had two or more prior felony convictions. Bloom entered an open plea to the Court, meaning he pleaded no contest to all charges and admitted all allegations without any agreement as to sentencing, leaving that decision to the judge. He is expected to be sentenced to a total of 10 years in state prison. Sentencing is set to take place June 8 in Department 117 of the Foltz Criminal Justice Center.

Between 2021 and 2023, Bloom cultivated close relationships with the victims, identified their vulnerabilities, and exploited their trust to extract as much money as possible. He stole from multiple victims by convincing them to give him money to invest on their behalf. Instead of investing their money, Bloom used their money to support his own lavish lifestyle. He did not disclose to victims that he was barred for life by the United States Securities and Exchange Commission from acting as a broker and, as a result, was not authorized to broker securities transactions.

Case BA516916 was prosecuted by Deputy District Attorney Paul Przelomiec, with assistance from attorney Danielle Stoumbos of the California Department of Financial Protection and Innovation, and investigated by the Los Angeles Police Department's Complex Financial Crimes Division.