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> I am not sure what the news is The news is that lying on those filings is a federal crime and can lead to jail time (for normal people who are actually subje
by dmitrygr 2y ago
> I am not sure what the news is
The news is that lying on those filings is a federal crime and can lead to jail time (for normal people who are actually subject to law).
- infecto 2y agoYour distorted view of Altman is probably causing you to go down the wrong path of securities law. 1) I don't believe even if malicious this would be a criminal case that leads to jail time. 2) The s-1 filings are prepared and audited by third party companies. 3) Most likely in this case, these positions are listed to outline any potential conflicts of interest. I am not well read on the matter but I could see that you would list potential engagements to note the conflict of interest even if they are not finalized.
- riku_iki 2y ago> 2) The s-1 filings are prepared and audited by third party companies. does it completely release liability?
- infecto 2y agoNo but the point being that multiple people looked at this and most likely this is immaterial to the S1 and would never be on the radar for the SEC.
- dmitrygr 2y ago> The s-1 filings are prepared and audited by third party companies. And signed by…whom?
- infecto 2y agoThat’s not really the point. The point is that this disclosure is immaterial to the spac and might have been true or in process to being true at the time of filing. Nothing will come of this other than a handful of people getting upset.
- yreg 2y agoPeople don't go to jail for errors like these.
- tensility 2y agoNormal folks get fired for "mistakes" like this. Oligarchs don't.
- infecto 2y agoWhat mistake? It’s an immaterial S1 for a SPAC. I don’t believe anyone including the advisors filing this would get in trouble.
- cuttysnark 2y agoThat mistake is that it's not true. Altman has earned a name for himself in the truth-telling/transparency department. He wasn't briefly sacked for his fashion sense. In the article they quote Marc Fagel, who previously served as the regional director for the SEC's office in San Francisco: "Misstating the qualifications of executives is something the SEC takes seriously,"
- yreg 2y agoPretty big difference between getting fired and getting jail time, ain't it? Still, I doubt anyone is getting fired over this. And the document was not written by an oligarch, lol.
- HWR_14 2y agoCan they? I thought SEC violations couldn't result in jail time.