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Ask HN: Why isn't Cramer being prosecuted? Didn't he claim to break the law on TV?
Are there any legal or financial experts out there who can shed some light on this?
I sort of expect people who admit to crimes in interviews to at least be investigated, if not prosecuted.
It seems doubly worse that he is encouraging people to copy his crime as well.
- Allocator2008 18y agoTo break the law, he would have to intentionally "talk down" a company, right around an important event for that company, like an IPO or an acquisition or a major product release. It is hard to prove intent. I could say "ACME sucks" because I honestly believe ACME sucks, or I could say they suck because I want to short their price. It is tricky business. Who is to say he broke the law if in fact he talked down a company? Maybe he was just giving his honest opinion and was not trying to trade in the stock himself. Intent is always a tricky thing, especially when it comes to securities fraud issues. (Disclaimer: I am not a lawyer, the above are just my gut thoughts!)
- andrewljohnson 18y agoI'm talking about the interview, where he specifically said (and I paraphrase) "fomenting is against the law, but I did it anyways because the SEC is clueless." That was just one of a couple of crimes he admitted too, and I cite this one because he specifically said "I committed a crime." What more do you need?
- kyochan 18y agoEvidence. If he goes on trial he could plead the fifth and prosecutor will need evidence to corroborate whether he actually did what he said.
- anamax 18y agoHow about some evidence that either of you actually knows the relevant law and evidence showing that his actions actually qualify? You need both. His statements aren't either.
- noodle 18y agohe was heavily investigated and subpoena'd by the SEC.
- anamax 18y ago> I sort of expect people who admit to crimes in interviews to at least be investigated, if not prosecuted. Why?