He has only been charged of insider trading, he has not been convicted of insider trading. These cases are often tough to prove, he may eventually settle for less the 250K. I would even say less then 100K.
couldn't happen to a nicer rat-bastard. I doubt he'll do time in the Big House. Regardless, the only thing these jokers resent is the loss of their soothsaying perception in the public eye by the exposure of their own hypocrisy. Hopefully his pie hole will stay closed for a LONG time regarding his "insights" into the markets.
I see....I didnt remember the exact details of the case. If it is only a civil case then he will probably just have to pay a fine. To a guy like him it's no big deal financially. But his bid to buy The Cubs is probably history.
So he owns 750k worth of stock one day. The next day the ceo calls him up and basically says your screwed we are doing a PIPEs. Wouldn't you be mad knowing your fkd and you can't do anything about it? He sold to preserve his investment not to advance a position on inside info. In the complaint it listed his action as "reckless". People do get "reckless" when they get punched in the nose.
For someone worth like 2.5 Billion, acting on inside info to save 750k is INSANE. He deserves to be sentenced to 2 yrs in a mental hospital....not a prison.
Today is one of the happiest days of my life. I hate this hypocritical prick so much its probably not healthy. Just another napoleanic complex cocksucker that believes he's above the law. I hope he fries.
He is certainly going to take a reputation hit for this at the very least. He'll probably pay a pretty hefty fine but the insider trading stigma will last for awhile and undoubtedly affect his future business prospects.