3 ms·
It's very gobsmacking that the SEC finds the time and energy to make an example out of a 15 year old but can't muster the backbone to prosecute actual players i
by Aqueous 13y ago
It's very gobsmacking that the SEC finds the time and energy to make an example out of a 15 year old but can't muster the backbone to prosecute actual players in the investment banking industry, who regularly engage in pump and dump schemes exactly like the one this kid was doing!
it's almost as gobsmacking that the kid's Yahoo Finance stock pitches are completely indistiguishable from the blather on CNBC that occurs every single day of the year. WHO THE FUCK IS TRADING ON STOCK TIPS FROM YAHOO FINANCE MESSAGE BOARDS?
- Zigurd 13y agoThe SEC is lucky the kid was snotty enough not to hang himself, though it sounds like they were not satisfied with the shame inflicted. As simplistic as the mother's complaints are, had the SEC called her and explained what pump-and-dump is and why adults who understand what it is go to prison for doing it, they could have saved everyone a lot of grief and money.
- jcheng 13y ago> WHO THE FUCK IS TRADING ON STOCK TIPS FROM YAHOO FINANCE MESSAGE BOARDS? Not "is"; "was". This was during the dotcom bubble. A lot of people were paying attention to Yahoo finance boards, most of them pretty unsophisticated investors (obviously). Everybody knew someone who had made $10,000s to $MMs on the stock market and nobody wanted to be the only sucker to miss out--like the teachers in this story, taking stock picks from their students. Pretty crazy times.