4 ms·

Securities fraud. I have linked it below. There are a few other articles where I am mentioned in passing or via hyperlink. https://www.bloomberg.com/opinion/ar

Securities fraud. I have linked it below. There are a few other articles where I am mentioned in passing or via hyperlink. https://www.bloomberg.com/opinion/articles/2017-05-22/fitbit-quants-and-uber https://www.bloomberg.com/opinion/articles/2017-05-22/fitbit...

Drip33 6y ago
Previous discussion: https://news.ycombinator.com/item?id=20927197 https://news.ycombinator.com/item?id=20927197 > Also forfeiture doesn't account for the fact that you may have paid capital gains tax. I feel like they really shafted me on that one. As someone also charged but not convicted, I learned hypothetically you also don't get to account for expenses if you lose. Meaning you could run a $10 billion gross revenue drug empire, it costs $9.9 billion to run so you walk away with $100m and you still have to pay $10 billion in forfeiture.
- rwmurrayVT 6y ago
  Correct. :-(
- Voloskaya 6y ago
  If the most you could lose is whatever margin you made, that wouldn't be much of an incentive to not do that in the first place and it would be quite a broken system.
  - Drip33 6y ago
    What I wrote about is forfeiture which doesn't include criminal penalties. Most of the American (which I am not) federal press releases I read about have a maximum $250,000 fine per count. Here is a random press release from justice.gov https://www.justice.gov/opa/pr/six-additional-individuals-indicted-antitrust-charges-ongoing-broiler-chicken-investigation https://www.justice.gov/opa/pr/six-additional-individuals-in... >The Sherman Act offense charged carries a statutory maximum penalty of 10 years in prison and a $1 million fine for individuals. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by victims if either amount is greater than $1 million. The false statements offense charged carries a statutory maximum penalty of 5 years imprisonment and a $250,000 fine. The obstruction of justice offense charged carries a statutory maximum penalty of 20 years imprisonment and a $250,000 fine. These fines are on top of the forfeiture so if the person in this article earned $1 million gross, $100k net they would have to repay on a guilty finding $1 million + say $500k in fines = $1.5m when they only "earned" $100k.
    - Voloskaya 6y ago
      That makes sense, thanks for educating me :)
skrebbel 6y ago
Did it really happen as he describes it? I.e. he wrote about a fraud scheme and you went "hey good idea I'm gonna do that too"? Or was there more to it? :-) Feel free to not respond or anything, not trying to get you to incriminate yourself or whatever, I'm just nosy.
- rwmurrayVT 6y ago
  There's more to it than just reading an article and going for it. I also feel like I got nailed harder because there was a second person that they were trying to get me to reveal. That was not possible because of encrypted messaging. They incorrectly believed it was someone who I knew it was not.
fisherjeff 6y ago
To be fair, everything is securities fraud
- leroy_masochist 6y ago
  It sucks that you are being downvoted for making a reference to one of Matt's recurring jokes

Drip33 6y ago

Previous discussion: https://news.ycombinator.com/item?id=20927197 https://news.ycombinator.com/item?id=20927197 > Also forfeiture doesn't account for the fact that you may have paid capital gains tax. I feel like they really shafted me on that one. As someone also charged but not convicted, I learned hypothetically you also don't get to account for expenses if you lose. Meaning you could run a $10 billion gross revenue drug empire, it costs $9.9 billion to run so you walk away with $100m and you still have to pay $10 billion in forfeiture.

rwmurrayVT 6y ago
Correct. :-(
Voloskaya 6y ago
If the most you could lose is whatever margin you made, that wouldn't be much of an incentive to not do that in the first place and it would be quite a broken system.
- Drip33 6y ago
  What I wrote about is forfeiture which doesn't include criminal penalties. Most of the American (which I am not) federal press releases I read about have a maximum $250,000 fine per count. Here is a random press release from justice.gov https://www.justice.gov/opa/pr/six-additional-individuals-indicted-antitrust-charges-ongoing-broiler-chicken-investigation https://www.justice.gov/opa/pr/six-additional-individuals-in... >The Sherman Act offense charged carries a statutory maximum penalty of 10 years in prison and a $1 million fine for individuals. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by victims if either amount is greater than $1 million. The false statements offense charged carries a statutory maximum penalty of 5 years imprisonment and a $250,000 fine. The obstruction of justice offense charged carries a statutory maximum penalty of 20 years imprisonment and a $250,000 fine. These fines are on top of the forfeiture so if the person in this article earned $1 million gross, $100k net they would have to repay on a guilty finding $1 million + say $500k in fines = $1.5m when they only "earned" $100k.
  - Voloskaya 6y ago
    That makes sense, thanks for educating me :)

skrebbel 6y ago

Did it really happen as he describes it? I.e. he wrote about a fraud scheme and you went "hey good idea I'm gonna do that too"? Or was there more to it? :-) Feel free to not respond or anything, not trying to get you to incriminate yourself or whatever, I'm just nosy.

rwmurrayVT 6y ago
There's more to it than just reading an article and going for it. I also feel like I got nailed harder because there was a second person that they were trying to get me to reveal. That was not possible because of encrypted messaging. They incorrectly believed it was someone who I knew it was not.

fisherjeff 6y ago

To be fair, everything is securities fraud

leroy_masochist 6y ago
It sucks that you are being downvoted for making a reference to one of Matt's recurring jokes