4 ms·
Who was defrauded?
by ncmncm 4y ago
Who was defrauded?
- dredmorbius 4y agoFrom Matt Levine's 2019 column, investors, small or otherwise, who buy based on the fraudulent valuation: The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious. From a traditional perspective, the market is fractured and possibly in the process of breaking completely. <https://archive.ph/PL5lI https://archive.ph/PL5lI> Discussed at the time (h/t mesofile): <https://news.ycombinator.com/item?id=26867465 https://news.ycombinator.com/item?id=26867465>
- djbebs 4y agoThat's a terrible argument, and could be used to justify charging every company.
- lokar 4y agoThey (allegedly) broke very clear regulations on trading securities. What's the problem?
- ncmncm 4y agoI keep getting downvotes for asking this question: Was there so much as one, single individual who lost money as a result of their activity? If you don't have an answer, just say that. I am aware that the final buyer ended up paying more that they would otherwise have needed to. But that was not the question: they, too, knew exactly what they were getting.
- dredmorbius 4y agoYou've rejected substantive responses several times too many.
- ncmncm 4y agoEverybody already knew they broke regulations, because that was in TFA. But it was not the question I asked.
- lokar 4y agoThere are lots of places in law where we recognize some activity is bad, but does not always lead to specific harm, and we impose a penalty anyway.
- ncmncm 4y agoFraud requires deception. Again, who was deceived? Did any small investor lose a cent? I would rather see SEC do something about ICOs.