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TL;DR: he argues that he did the same as everyone else on Wall street, so the SEC fines him $285,000, letting him keep more than half a mil of net profits. The
by falcor84 3y ago
TL;DR: he argues that he did the same as everyone else on Wall street, so the SEC fines him $285,000, letting him keep more than half a mil of net profits. The system works as intended</sarcasm>
- arkades 3y agoThe SEC only found wrongdoing in eleven trades, whose profit netted approx $272K. They did not penalize him for trades not found in violation of the law. Clearly, too long, didn’t read.
- pierat 3y agoAgain, not a real court. And no jury, and basically a fake judge.
- falcor84 3y agoThe issue of which particular trades were in violation of the law doesn't appear to be that clear cut: > Michael Lewis, writing for New York Times Magazine, acknowledges that there were victims who suffered from Lebed’s actions, yet asserts that the SEC only settled because they believed they would not be able to win in court, and that its evidence was not as strong as it had alleged