“Alan Bond, a once-prominent money manager and regular on TV’s “Wall Street Week With Louis Rukeyser,” was convicted on charges of allocating winning trades to his own brokerage account and saddling his clients with the losers,” writes Jerry Markon in today’s Wall Street Journal.

“A federal judge immediately threw Mr. Bond in jail, where he will await sentencing, set for Sept. 9. U.S. District Judge Leonard Sand — alluding to Mr. Bond’s earlier indictment on charges of bilking customers out of millions of dollars in a separate commission-kickback scheme — angrily said: ‘The victims in this case were the people who trusted Mr. Bond at a time when others were abandoning him.’ “

“Under federal sentencing guidelines, Mr. Bond, 40 years old, faces at least nine years in prison, prosecutors said. He also faces another trial on the charges related to the kickback scheme. Defense lawyers declined to comment on the verdict, but said Mr. Bond plans to appeal.”

“Rising from a modest upbringing to attend Harvard Business School, Mr. Bond become one of the first African-Americans to become famous in the prestigious world of managing stocks. As the verdicts were read, he bowed his head and his father, James Bond, sobbed: ‘I can’t believe it. What did I do wrong?’ Mr. Bond hugged his father and other family members before federal marshals led him away.”

“The Bond matter was one of the more unusual Wall Street fraud cases in recent years. While Mr. Bond is hardly the first money manager accused of defrauding clients, his case stands out because at the time of his indictment in August 2001, he was out on bail awaiting trial on the earlier set of fraud charges filed in 1999.”

“In rejecting pleas from defense lawyers that Mr. Bond remain free on $1 million bail, Judge Sand said: ‘The defendant has reflected a great disdain for responsibility and a willingness to sacrifice the interests of those who have shown confidence in him.’ “

“The charismatic Mr. Bond was able to remain in business between the two indictments by persuading a handful of customers to stick with him. Three of those clients — transit unions in Birmingham, Ala., and Richmond, Va., and a Baltimore-based pension fund — became victims in the second scheme.”