In 1999, Seth Davis runs a successful
casino from his apartment, catering to college students. His father, federal judge Marty Davis, views him as a disappointment for his illegal activities and dropping out of
Queens College. Cousin Adam introduces his associate, Greg Weinstein who plays
blackjack, and recruits Seth into
J. T. Marlin, a
brokerage firm off the
Long Island Expressway, promising he will get rich. Seth attends the firm's group interview. Co-founder Jim Young explains work expectations, and how to become a millionaire within three years. Their techniques include
cold calling investors to sell stock. Seth starts as a stockbroker trainee, requiring forty accounts to close for Greg's team, and passing the
Series 7 exam, before working independently. To motivate brokers, the firm throws lavish parties with women, gambling, drugs and alcohol. He quickly closes the required accounts, wins his father's grudging approval, and starts romancing secretary Abbie Halpert, Greg's ex-girlfriend. Gradually, he learns
J. T. Marlin (which legitimate brokers believe was named to mimic
J. P. Morgan) is running
pump and dump schemes to create
artificial demand in the stock of expired or fake companies and speculative
penny stocks. After "pumping" questionable or illegal stock, the founders sell and trade for legitimate stocks for record profits. Meanwhile, investors lose their money, having no one to sell shares to when prices plummet.
FBI agents investigating the firm through phone taps, plan on turning Seth into their
informant, while also pressuring Abbie for better results. Seth passes his Series 7, becoming a broker. He calls Harry Reynard, purchasing manager for a gourmet food company. Initially reluctant, Harry invests after Seth lies about potential value, selling one-hundred shares at $8 each. When stock value drops, Harry asks what went wrong, but Seth persuades him to buy $50,000 more; Harry's life savings to purchase a house. After the stock tanks, Harry's wife Sara takes their children and leaves him. Marty discovers the firm's "
chop shop" disrepute and disowns Seth, accusing him of "destroying peoples' lives." Feeling guilty, Seth resolves to make the firm pay. Investigating further, he discovers the founders already prepared to abandon
J. T. Marlin, destroy records, cut employee ties, and rebrand under a new firm, leaving victims to lengthy legal battles with little hope to recover their money. At Marty's office, Seth tearfully explains he closed his
cardroom and only became a broker to gain his approval. He asks Marty to help with a scheme to rob the firm of $300,000 to bring them down and repay firm victims. His
judgeship in jeopardy, Marty initially refuses, but later calls to reconcile and offer his help. The FBI record Marty's call with Seth, who is arrested for violating twenty-six
SEC and
NASD regulations. They offer immunity for Seth's testimony, but threaten to involve Marty, risking
impeachment and
disbarment. Seth refuses, asserting he will chose jail if his father is implicated. They come to an agreement; Seth is released after staying overnight. Following FBI instructions, Seth copies evidence to
floppy disk. To recover Harry's investment, Seth lies to firm founder Michael Brantley that Harry is "a whale" from which they will lose even more money if they don't placate him with 100,000 shares of their next
IPO. Brantley agrees, with a caveat; Harry cannot sell until the firm sells their own shares. Seth double-crosses both Michael and Gregg by having senior broker Chris Varick sign Harry's sell ticket explaining, Chris could do one thing right before the firm is raided, ending their broker careers. Chris reluctantly agrees. The FBI arrives and raid the building as Seth leaves, wondering what to do with his life after severing ties with
J. T. Marlin. ==Cast==