Another day, another high end Wall Street prostitution ring busted. Reuters reports that seventeen people were indicted on Wednesday on charges of running a high-end prostitution ring that catered to Wall Street clients who often spent more than $10,000 in a night, authorities said. The ring pulled in more than $7 million over three years, Brooklyn District Attorney Charles Hynes said at a news conference. The prostitution service, named High Class NY, was run 24 hours a day out of an office in Brooklyn and charged from $400 to $3,600 an hour for its services, according to the 144-count indictment. It also provided customers with cocaine and other narcotics, the indictment said. Hynes said clients often spent in excess of $10,000 in a single night. Oh we just can't wait for the discovery on the client log on that one. And with the IRS about to get involved you bet there will be some high profile fallouts.

Police said the business was extremely sophisticated, running several escort websites and using dummy corporations with misleading names and codes during business-related phone calls.



High Class NY even had a law firm draw up employment contracts for its prostitutes, who described themselves as models and fraudulently agreed to refrain from sexual contact with clients, police said.



"They were on the high-end of sophistication," said Vice Detective Joe Panico.



Among those indicted were High Class NY owner Mikhail Yampolsky and his wife Bronislava, who allegedly used the proceeds from their business to finance expensive trips to Atlantic City and luxury car purchases, Hynes said.



Also indicted were Yampolsky's son Alexander, step-son Jonathan, 11 managers and supervisors and two investors, Efim Gorelik and Yakov Maystrovich, he said.



Each of the investors had put $700,000 into High Class NY and were being paid back with interest, he said.

Sorry: no client names yet. We give the NYPost and other self-respecting tabloids exactly 30 minutes before this status quo is changed.

Sadly for the economy this means that the money multiplier has just declined by at least one quarter turn.

Update: as expected, here is the NY Post: