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This seems surprisingly far down the list of what SEC's priorities should be. A million dollar fraud when there are almost certainly billion dollar frauds ongoi
by tlb 5y ago
This seems surprisingly far down the list of what SEC's priorities should be. A million dollar fraud when there are almost certainly billion dollar frauds ongoing.
One theory for going after small fish is that fraudsters often start small and get bigger and more sophisticated (and harder to catch). Therefore, it's good to nail them early and signal to other junior fraudsters that they're not underneath the radar.
It'd be interesting to take famous big-time fraudsters and work backwards to the very first crime they got away with. And reckon how much time and resources could've been saved if they'd caught them then.
- eklitzke 5y agoPresumably someone tipped the SEC about this, so they just had to go and verify the trades and then ask Twilio for chat logs. The report actually mentions exactly which SEC employees led the investigation, and it wasn't a huge team.
- bitcoinmoney 5y agoThey’re probably bragging on social media. Sucks for them.
- thedz 5y agoi think there's also a fallacy there that you can't work on billion dollar cases while also pursuing million dollar ones even if they were the same people, relatively simple cases like this probably helps provide some sense of closure while the big fish are being hunted