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He cashed almost $1m. He WOULD have lost $117k. So after all the chips fell, that was his ill-gotten amount. But he didn't know that at the time. He knew the
by 4ntonius8lock 7y ago
He cashed almost $1m.
He WOULD have lost $117k. So after all the chips fell, that was his ill-gotten amount.
But he didn't know that at the time. He knew the stocks were going down. How much is anyone's guess. The externalizations of their failure are a multi billion dollar matter. It wasn't a small issue. There was a real potential their stock would plummet.
From his perspective at the time, he was getting almost $1m, which he might not get otherwise.
Furthermore, the reason for the stock going down in the first place was HIS fault. He was the CIO. The information leak was directly on his shoulders.
- esoterica 7y agoThe restitution was exactly equal to the profit (and there was a fine imposed on top of that). If he had made $1m instead of 117k then he would have been made to pay back $1m. Your assertion that the restitution structure would have allowed him to pay back less then the amount he profited by is nonsensical.