August 30, 2023 - Los Angeles County District Attorney George Gascón announced on Tuesday that David Bloom, once known as the “Wall Street Whiz Kid,” has been charged with stealing close to a quarter of a million dollars in an investment scam.

“David Bloom managed to convince hard-working people to turn over their earnings as part of a fraudulent investment scheme,” District Attorney Gascón said. “Anyone who believes they fell victim in this case or other financial scams are encouraged to report it to my office or their local law enforcement agency. Those who prey upon people for their own selfish gain will be held accountable for their actions.”

Bloom,59, faces nine felony counts of securities fraud and nine felony counts of grand theft with special allegations of two or more prior felony convictions. Case BA516916 was filed for warrant on August 4. He was arrested yesterday morning and is expected to be arraigned August 29 in Dept. 30 at the Clara Shortridge Foltz Criminal Justice Center.

Between 2021 and 2023, Bloom is accused of committing multiple counts of theft by convincing people to give him money in exchange for investments and other financial opportunities. Prosecutors contend that Bloom never delivered on the investments and failed to return the bulk of the money given to him by the victims.

The case remains under investigation by the Los Angeles Police Department. Anyone with information is encouraged to call the LAPD at (213) 486-6977.

Source: Los Angeles County District Attorney