Lenny Dykstra Sold Access to Jim Cramer
Market 'genius' also took illegal bribe to tout penny stock
By Kevin Spak, Newser User
Posted Jun 28, 2010 9:57 AM CDT
Jim Cramer, host of CNBC Networks' "Mad Money" show is seen during an interview in front of the New York Stock Exchange, Wednesday, Oct. 3, 2007 in New York.   (AP Photo/Edouard H.R. Gluck)

(Newser) – Lenny Dykstra, the fraudster Jim Cramer unwittingly turned into a stock-picking star, accepted an illegal bribe to pimp a penny stock on his TheStreet.com newsletter, Randall Lane of the Daily Beast reports. Dykstra secretly accepted $250,000 worth of Automated Vending Technologies shares in exchange for a plug in the newsletter and a promised meeting with Cramer, according to a former adviser to Dykstra, a retired baseball star.

Dykstra knew it was illegal, so he had the stock issued in his brother-in-law’s name, without, the adviser says, the brother-in-law’s knowledge. Dykstra never delivered on the meeting with Cramer—who almost certainly never knew about the scheme—but he did advise his readers to buy AVT. Lane confronted AVT’s founder with a certificate proving the stock handoff, but he denied everything, saying the only money he ever gave Dykstra was $15,000 to trade for him. That money has disappeared.

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Showing 3 of 14 comments
HANKHILL
Jun 28, 2010 3:32 PM CDT
POORLD LENNY I GUESS HE DID NOT SAVE HIS BASEBALL MONEY
Spudsy
Jun 28, 2010 11:58 AM CDT
I have been holding this grudge since the Wrigley Field cheap seats of 1969. Dykstra is a New York Met. Explains all of the evilness.
timeandagain
Jun 28, 2010 11:08 AM CDT
Kevin Spak ought to go work for the NY Times. Bad writing!