Federal Court Orders Defendant to Pay More Than $2.9 Million in Connection with a Social Media-Based

Discussion in 'Wall St. News' started by ETJ, Jul 22, 2019.

  1. ETJ


    CFTC Order
    dealmaker likes this.
  2. guru


  3. tommcginnis


    Obviously, this is a fraud deal rather than a trading deal, so maybe this is a simplistic question but, why would someone *do* this? How could they think they would *ever* get away with it? and as well, how could they SLEEP at night? And to do it multiple *times*?!?!? To COMPOUND a fraud with a fraud-replying-upon-a-fraud??? And people (*victims*) finding him out, and to keep it all going?? And there was a "social media" *confession*APOLOGY*?!?!? WHAT? Did he think everybody would feel better cuz he said, "Sorry"???

    It's thievery, and the guy should be doing serious time. So how is he not doing serious time??? It's not like he even traded IN THE LEAST. This was not a Royal Whoops -- it was fraud from one end to the other. NO JAIL TIME??? Maybe it's a jurisdictional thing?? Bernie Madoff was hung by the SEC (I THINK), and maybe the whole CFTC structure lacks provision for declaration of fraud=jail_time. I don't know. I would've thought that any connection to necessary statute ("Commerce" being a fair, viable, legislative umbrella) would've been easy to do. But I *do*not* know.

    Certainly, there was no protection from further prosecution offered -- this was a failure-to-show Order.

    I guess this is just one more of those occasions when you blink a bit and mutter, "What were they thinking???"
    bone likes this.
  4. guru


    Good points. People are going to jail for minor thefts, so why wouldn’t he? Though maybe he is or will be charged criminally separately.
    As for why crooks do this, it’s similar to why would someone rob someone, rob a bank, or just steal from a store. They all think they can get away with this, except defrauding investors may carry even a lesser risk of jail time...
    Though people who fall for these schemes need to be more diligent, less naive, and less greedy as well...
    tommcginnis likes this.
  5. bone

    bone ET Sponsor

    How is this asshole not in jail ? Possibly because he could make the defendants whole ? If he stole $800K from a Bank he would be in Federal Prison. So I guess if you perpetuate the “right kind” of theft and you can afford to put a couple mil in the Fed coffers by means of a Civil fine you can buy your way out of jail.

    I’m perplexed.
    tommcginnis likes this.
  6. tommcginnis


    Very much agree with you guys. Sheeesh.

    BUT IN ANOTHER LIFE,........
    Here's a cute movie, some good acting and, By George!, a plot half-way related to this thread --
    kinda like, "If you're gonna do the Time, you might as well do the Crime......"
  7. ETJ


    The fraud included solicitation via fictitious screenshots - kina funny, but about time.