Former Partner at 'Wolf of Wall Street' Firm Launches a Social Site for Ex Cons

Sarah Favot

Favot is an award-winning journalist and adjunct instructor at USC's Annenberg School for Communication and Journalism. She previously was an investigative and data reporter at national education news site The 74 and local news site LA School Report. She's also worked at the Los Angeles Daily News. She was a Livingston Award finalist in 2011 and holds a Master's degree in journalism from Boston University and BA from the University of Windsor in Ontario, Canada.

Wolf of Wall Street

A one-time partner in the New York brokerage firm made famous by "The Wolf of Wall Street" film has launched a social media site for people like him — the formerly incarcerated.

Richard Bronson debuted Los Angeles-based Commissary Club in beta just three weeks ago and already has thousands of people on a wait list. Bronson aims to reach an estimated 70 million Americans who have a criminal record, whether it resulted from years in prison or an arrest without a conviction.


"There's virtually no way for them to connect to one another," Bronson said. "People with records tend to lead solitary lives living in the shadows, sort of ashamed or afraid to emerge out of fear they'll get in trouble or they'll be ostracized, which is certainly understandable."

He hopes the site will help people get jobs, housing, financial services, legal advice and even dates.

Bronson, 66, said the film starring Leonardo DiCaprio, which depicts the high life and criminality at the firm, was "fairly accurate." He left Stratton Oakmont to establish his own firm in Miami that grew to 500 employees and continued to defraud clients.

"Needless to say, my life took some interesting turns, but unfortunately, I also broke some laws along the way," he said. "While I wish I could have some good excuse, the only thing I have to say is that I was stupid and greedy."

Richard BronsonRichard Bronson served a 22-month prison sentence after he pleaded guilty to securities fraud

He served a 22-month prison sentence after he pleaded guilty to securities fraud, a relatively lenient sentence because he repaid those who suffered losses.

In 2017, after he got out of prison, he founded 70 Million Jobs, a for-profit employment platform that was supported by Y Combinator funding. Being a white man with a college education, he realized there were millions of others who had less privilege and would have an even harder time establishing a life outside of prison walls.

"For me, going from a life of Ferraris and supermodels and private jets and drug taking and gambling millions of dollars and this crazy life, and then going to prison where I'm scrubbing toilets for 100 guys behind bars, that typically changes a person, and it should," he said.

The Prison Policy Initiative estimates that more than 27% of the formerly incarcerated were unemployed as of 2018. The goal of 70 Million Jobs was to create 1 million jobs, but Bronson estimates that figure to be about 2,500 now, though it's difficult to quantify because they don't track all of their users. The company works with employers like Denny's, Uber, Jack in the Box and Skechers.

Kory Harp, MOD Pizza's program manager for opportunity employment, said about 25% to 29% of its workforce are second chancers. The company, which has 495 stores in the U.S. and Canada, works with 70 Million Jobs to place new employees.

Lupe Villegas, who is a district manager for MOD Pizza in Central and Northern California and was formerly incarcerated himself, said the best employees are those who are eager and humble.

"Are you hungry enough to keep a job and be moldable for us and can accept feedback? Those are the people who are successful," he said.

To date, 70 Million Jobs, which moved its headquarters from San Francisco to L.A. more than a year ago, has raised $1.6 million from investors and is seeking an additional $2 million.

Bronson said while venture capitalists believed in the mission of 70 Million Jobs, they had trouble seeing how it could be lucrative. Despite the issues he encountered, the company became profitable at the beginning of this year and it had plans for a Series A funding round at the end of the year, but then the pandemic hit.

Many of the people who found jobs through 70 Million Jobs work in warehouses, construction and manufacturing — jobs where you can't work from home.

"Our business went from really taking off to literally zero, virtually overnight," he said.

As funding started drying up, Bronson pivoted to the social media site, which was in the long-term plans, but was now accelerated.

The plan is to partner with companies and services that want to target to this population.

"Together, they have formidable buying power, but nobody markets a single thing to them," Bronson said. "Not only is that wrong, but it almost represents a seminal business opportunity as well."

Bronson hopes it will be an all-encompassing platform, like the AARP for seniors.

He declined to give details about what companies they've partnered with since the site is in its beginning stages and negotiations are underway.

He envisions running shoe, music, entertainment and video-gaming companies will want to market to this audience as well as financial institutions, mobile phone companies, legal services and, of course, potential employers.

Kevin Bruce, who served 35 years in prison for second-degree murder, was a beta tester for the site. He works for San Francisco-based Checkr, a startup tech company that performs background checks for companies like Uber and Lyft.

He said shame is the reason why Commissary Club is needed for those who've been convicted of crimes because you're in a network where people already know that you have a criminal past.

"I didn't have to explain myself, these people already knew, that takes so much stress out of the interview process that you can't even imagine.," he said. "It takes the shame out of the game."

It also can help with dating life.

"If I had to go on Tinder to look for a date, I'm not going to get very far," he said.

LA’s Upgrade in Travel and NBA Viewing
Image Source: Los Angeles World Airports

🔦 Spotlight

Exciting developments are underway for Los Angeles as the city prepares for major upgrades in both travel and entertainment. The Los Angeles Board of Airport Commissioners has approved an additional $400 million for the Automated People Mover (APM) at LAX, increasing its total budget to $3.34 billion. This boost ensures the elevated train’s completion by December 8, 2025, with service starting in January 2026. For Angelenos, this means a significant improvement in travel convenience. The APM will streamline connections between parking, rental car facilities, and the new Metro transit station, drastically cutting traffic congestion around the airport. Imagine a future without the dreaded 30-minute traffic delays at LAX! The APM will operate 24/7, reducing airport traffic by 42 million vehicle miles annually and carrying 30 million passengers each year, while also creating thousands of local jobs and supporting small businesses.

Meanwhile, the NBA is also making waves with its new broadcasting deals. The league has signed multi-year agreements with ESPN, NBC, and Amazon Prime Video, marking a notable shift in media partnerships. ESPN will maintain its long-standing role, NBC returns as a network broadcaster after years away, and Amazon Prime Video will provide NBA games through its streaming platform. Starting with the 2025-2026 season, these deals will enhance the league's reach and revenue, aligning with the NBA's goal to expand its audience and adapt to evolving viewing habits. Whether you're catching the action on TV or streaming online, these changes promise to elevate the fan experience and bring more basketball excitement to Los Angeles.


🤝 Venture Deals

LA Companies

  • Pearl, a startup that makes AI-powered software that assists dentists in identifying cavities, gum disease, and other dental conditions, raised a $58M Series B funding led by Left Lane Capital with Smash Capital, and others also participating. - learn more

LA Venture Funds

  • Fulcrum Venture Group participated in a prior $3.5M Pre-Seed Round for Code Metal, a developer tools startup. - learn more
  • B Capital co-led a $12.5M Seed Round for Star Catcher, a startup that aims to develop a space-based grid that captures solar energy in space and distributes it to satellites and other space assets. - learn more
  • Mantis VC and Amplify participated in a $140M Series C for Chainguard, an open source security startup. - learn more
  • Prominent LA venture capitalist, Carter Reum and wife, Paris Hilton, participated in a $14M Seed/Series A for W, the men’s personal care brand from Jake Paul. - learn more

LA Exits


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🤫 The Secret to Staying Fit at Your Desk: 6 Essential Under-Desk Exercise Machines

Health experts are sounding the alarm: our sedentary jobs are slowly killing us, yet we can't abandon our desks if we want to keep the lights on. It feels like we're caught between a rock and a hard place. Enter under-desk exercise machines – the overlooked heroes (albeit kind of goofy looking) of the modern workspace. These devices let tech professionals stay active, enhance their health, and increase their productivity, all without stepping away from their screens. Here are 6 fantastic options that will enhance the way you work and workout simultaneously.

DeskCycle Under Desk Bike Pedal Exerciser

This bike has nearly ten thousand five-star reviews on amazon. It works with nearly any desk/chair setup. It is quiet, sturdy and allows up to 40 pounds of resistance. If you are looking for an under-desk bike this is a fantastic option.

Type: Under-Desk Bike

Price: $180 - $200


Sunny Health & Fitness Dual Function Under Desk Pedal Exerciser

This under-desk bike is extremely quiet due to the magnetic resistance making it an ideal option if you work in a shared space. It doesn’t slip, has eight levels of resistance, and the option to work legs and arms. It’s about half the price of the DeskCycle bike making it a solid mid-range option for those looking to increase their daily activity.

Type: Under-Desk Bike

Price: $100 - $110


Sunny Health & Fitness Sitting Under Desk Elliptical

This under-desk elliptical comes in multiple colors if you really want to underscore that you are a quirky individual, in case an under-desk elliptical isn’t enough. This model is a bit heavy (very sturdy), has eight different resistance levels, and has more than nine thousand 5-star reviews.

Type: Under-Desk Elliptical

Price: $120 - $230


DeskCycle Ellipse Leg Exerciser

This under-desk elliptical is another great option. It is a bit pricey but it’s quiet, well-made and has eight resistance levels. It also syncs with your apple watch or fitbit which is a very large perk for those office-wide “step” challenges. Get ready to win.

Type: Under-Desk Elliptical

Price: $220 - $230


Daeyegim Quiet LED Remote Treadmill

If you have a standing desk and are looking to walk and work this is a fantastic option. This walking-only treadmill allows you to walk between 0.5 to 5 mph (or jog unless you have the stride length of an NBA forward). It is very quiet, which is perfect if you want to use it near others or during a meeting. You can’t change the incline or fold it in half but it is great for simply getting in some extra steps during the work day.

Type: Under-Desk Treadmill

Price: $220 - $230


Sunny Health & Fitness Foldable Manual Treadmill

This under-desk treadmill isn’t the most premium model but it is affordable and has an impressive array of features. It is a manual treadmill meaning it doesn’t need to be plugged in; it is foldable and offers an incline up to 13%. I personally can’t imagine working and walking up a 13% incline but if that sounds like your cup of tea, then I truly respect the hustle.

Type: Under-Desk Treadmill

Price: $150 - $200




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🤠Musk Picks Texas and 🔥Tinder AI Picks Your Profile Pictures

🔦 Spotlight

Tinder is altering dating profile creation with its new AI-powered Photo Selector feature, designed to help users choose their most appealing dating profile pictures. This innovative tool employs facial recognition technology to curate a set of up to 10 photos from the user's device, streamlining the often time-consuming process of profile setup. To use the feature, users simply take a selfie within the Tinder app and grant access to their camera roll. The AI then analyzes the photos based on factors like lighting and composition, drawing from Tinder's research on what makes an effective profile picture.

The selection process occurs entirely on the user's device, ensuring privacy and data security. Tinder doesn't collect or store any biometric data or photos beyond those chosen for the profile, and the facial recognition data is deleted once the user exits the feature. This new tool addresses a common pain point for users, as Tinder's research shows that young singles typically spend about 25 to 33 minutes selecting a profile picture. By automating this process, Tinder aims to reduce profile creation time and allow users to focus more on making meaningful connections.

In wholly unrelated news, Elon Musk has announced plans to relocate the headquarters of X (formerly Twitter) and SpaceX from California to Texas. SpaceX will move from Hawthorne to Starbase, while X will shift from San Francisco to Austin. Musk cited concerns about aggressive drug users near X's current headquarters and a new California law regarding gender identity notification in schools as reasons for the move. This decision follows Musk's previous relocation of Tesla's headquarters to Texas in 2021.

🤝 Venture Deals

LA Companies

LA Venture Funds

LA Exits

  • Penguin Random House agreed to acquire comic book publisher Boom! Studios from backers like Walt Disney Co. - learn more

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