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To 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 maj
by Allocator2008 18y ago
To 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.