CEOs, Bankers Used Corporate Credit Cards for Sex, Says New York Madam

Brought Down After Revelation of Client #9

Davis operated her escort service as a prostitution conglomerate, with five different "brands" over a four year period, each with its own "price point" and websites.

At the high end was an escort service called Carlyle Trust, mimicking the name, but not connected in any way, to a prestigious investment firm. Davis said she recruited top fashion models who charged up to $2,000 an hour for clients of Carlyle Trust.

Her lower cost services charged $400 an hour for a "body rub," she said.

The "best little whorehouse on Wall Street" was located just a few blocks from the New York Stock Exchange, in apartment 3A at 136 William Street.

Davis operated three other "in-call" locations in the mid-town area of Manhattan.

The escort business took in as much as $200,000 a week, Davis estimated.

But it came to a screeching halt last year in the crackdown that followed the revelation that then-New York Governor Eliot Spitzer was client #9 of a rival escort service.

In a book to be released Feb. 6, "Manhattan Madam," Davis claims Spitzer had earlier been a client of her service but was banned because of his aggressive behavior trying to get girls to have unprotected sex with him.

Manhattan psychotherapist Jonathan Alpert, who works with many Wall Street clients, told ABC News that many of his clients who patronize escort services are accustomed to high risks and high stakes on the job, and seeing a prostitute, especially if one is married, provides the same rush. "You're playing with fire...it's part of the culture of Wall Street. A lot of drugs, cocaine use, fast times, sex--it's part of the culture."

Alpert said people also use adult sexual service as a way to cope with stress in much the same way that one may use alcohol or drugs. "It's a way to escape," said Alpert, adding that "A lot of clients I see tell me they simply want someone to speak to, someone to listen to them."

Treatment Not Fair, Madam Says

In a plea arrangement, Davis pleaded guilty to promoting prostitution and was sentenced to three-months time served. She forfeited about $500,000 in profits as part of the deal, according to court documents.

Click here to read the documents.

Watch the story tonight on 20/20 at 10 p.m. ET

"I, as the proprietor of a business get arrested and lose everything, when no one that was frequenting my business, spending $200,000, $300,000 a year, has been punished in any way or even looked into."

Patricia Pileggi, a defense attorney who has represented a Madam, said that targeting the Madam and not the clients does nothing to deter prostitution.

"The DA's office has some ability to prosecute the clients," said Pileggi. "If there's a real interest in deterring this kind of conduct you don't simply target the Madam, you make an effort to target the clients as well."

Pileggi added that there is a provision for the different degrees of culpability in the NY statutes: "[Davis] was prosecuted for a felony and the clients would be guilty of misdemeanors."

She says she has not yet decided whether to release the full client list to the public.

Kate McCarthy and Andrew Sullivan contributed to this report.

Click Here for the Investigative Homepage.

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