What to Pack for Prison - Fortune
By Kimberly L. Allers; Ronald Cohen
February 3, 2003
(FORTUNE Magazine) – Few on the outside know as much about life on the inside as Ronald Cohen. A former stockbroker, Cohen served four stretches totaling 11 years in five federal institutions for various securities fraud violations. Since July 2000, Cohen has run the Client Advisory Group, which counsels white-collar criminals on how to handle time behind bars. Charging $150 per hour, Cohen has worked with around 100 clients. With a rash of executives heading for the Big House, we talked to Cohen about the new criminals, strip searches, and why his company has its headquarters in an extended-stay hotel in Addison, Texas ("It's hard to rent when you're a convicted felon," he explains). --Kimberly L. Allers
Q: What's the first advice you give convicted executives?
A: It's jail, not Yale. Some guys show up with expensive jogging suits, a Rolex, cellphone, and laptop--none of which is allowed in prison--thinking that they can still do business or day-trade. It's just not going to happen.
Q: So is Club Fed a myth?
A: Yes. Even a minimum-security federal prison camp means that when you arrive, you are stripped and searched by a complete stranger. You are given clothes that probably don't fit. You work when you're told, eat when you're told, and then it's lights out at 10:30 P.M.
Q: How do executives adjust to that?
A: It's pretty humiliating for an executive or a wealthy person used to an influential circle of friends to be told what to do and when to do it by a guy who might not have graduated from high school. But prison staff control your life. Mind your business. Don't flaunt your money. It could cause you more trouble. Prison is the great equalizer--everyone is a just a number.
Q: What inside tips do you have for handling the "system"?
A: Make sure your pre-sentencing investigation (PSI) report is completely accurate. It details your whole life: childhood, family history, education, any history of violence--everything! It's the bible for the Bureau of Prisons and the most important document for an inmate. It can determine everything from your security classification (low risk, medium, high) to whether you end up at a prison camp or a federal correctional institution (where you'll find barbed-wire fences, gun towers, and a much, much tougher environment). Check it, object to it, and make sure it's accurate.
Q: Any of the recently accused who might be in particular need of your services?
A: Dennis Kozlowski (Tyco's former CEO) is facing state, not federal charges. If convicted, he would be sentenced to a state prison, which tends to be more violent, with worse living conditions than a federal institution. It would be a real hellhole.
Q: Last question: If prison is so bad, why did you end up there three more times?
A: Unfortunately, I didn't learn my lesson early in the game. I've learned now. But I admit I was greedy.
http://money.cnn.com/magazines/fortune/fortune_archive/2003/02/03/336455/index.htm