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Looks like both the links to Sand Hill Exchange blog post and Founders blog post are dead with just a mention of "censored". I wonder what SEC rules did they vi
by akg_67 11y ago
Looks like both the links to Sand Hill Exchange blog post and Founders blog post are dead with just a mention of "censored". I wonder what SEC rules did they violate now, may be not disclosing publicly the terms of settlements.
- jboy55 11y agoTheir lawyers managed to read it the posts. With statements like, "Nobody wants to play in a market with zero users, we realized. So we gave participants the illusion of liquidity." "We created bots to trade against incoming orders. They were like my friends. I even named them! My favorite was the “Jesse Livermore” bot. Opportunistic to a fault." "The bots would run every day and place orders against each other so the market looked like it was exhibiting lots of price movement and volume. For added credibility, we randomly generated trading histories for each company going all the way back to last year." Their lawyers realized they were admitting to creating a scheme to defraud investors to the safety of their market. Or maybe the SEC read it, and realized that perhaps this wasn't just a simple trading platform, but had a lot of fraudulent data on it and criminal charges were better.
- davidgerard 11y agoSandhill blog post: https://archive.is/qVNUQ https://archive.is/qVNUQ Medium blog post: https://archive.is/DOVJZ https://archive.is/DOVJZ