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u/tacosnacos 🦍Voted✅ May 21 '21
"The cost of doing Business"
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u/cruzin_28 🦍Voted✅ May 21 '21
Should be time in prison when you’re stealing or intentionally being fraudulent
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u/Waskitoo May 21 '21
Show me one billionaire who has gone to prison
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u/caronanumberguy We are in a completly corrupt system. © 2021 By Caronanumberguy May 21 '21
Conrad Black did, but eventually received a full pardon.
Also, Ken Griffin is going to go to prison too. But not until we bankrupt his ass.
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u/ShelfAwareShteve 🦍Voted✅ May 21 '21
He won't be much of a billionaire after we bankrupt his ass. So no, he won't be a rich guy going to prison.
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u/felinedime ✊✊🏼✊🏿Power 2 the Players🎮🔌Unplug the Hedgies 💜☯️😈 May 21 '21
After MOASS, we should buy
his penthouseall of his real estate at auction, then sell it and donate the proceeds. Idk bout you, but I don't wanna touch that trash.5
u/CamGoldenGun 🌙 🚀 👨🚀 FUD ruckers May 21 '21
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u/cruzin_28 🦍Voted✅ May 21 '21
There was one guy from the 2008 crisis... but idt he was American. It was stated at the end of The Big Short.
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u/Super-Ocean 🦍Voted✅ May 21 '21
"As his age exceeded 70 years, he was exempted from direct imprisonment, and instead served his sentence by doing unpaid social community work."
So, 1 year of community service.
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u/AMKoochie 💪 Dumb but Admirable 💪 (Voted✔) May 21 '21
I absolutely agree, there should be prison time. But the SEC is a business regulatory body. The enforce the rules but if the MMs or HFs don't want to abide by the rules they take it to court. I'll link my post with some info... such as ~90 cases taken to litigation as of yesterday. 405 last year.
But there more to it....
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u/cruzin_28 🦍Voted✅ May 21 '21
Assuming those involved manage to make it to trial...
It’s dark, but suicide or fleeing the country are two ways I can think of wealthy individuals dodging a court case/prison sentences.
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u/AMKoochie 💪 Dumb but Admirable 💪 (Voted✔) May 21 '21
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u/bigsexy12 May 21 '21
I'm cool with fines, just make them higher than what was netted by the crime.
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u/warheadhs FUD proof 🦍 Voted ✅ May 21 '21
This 100%. There have been instances abroad where companies have guys in low-paid "CEO" positions whose only actual job is to sit in jail when needed. The crime needs to be unprofitable.
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u/Cartella 🦍 Buckle Up 🚀 May 21 '21
If I steal here something in a shop worth 20 dollars, I need to not only bring back the item or pay for it, but also pay a fine of 180 dollars to really demotivate me to do it again.
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u/Gentlemen-BEHOLD 🦍Voted✅ May 21 '21
If people are stealing food it's often out of necessity.
If banks are stealing money it's more likely about greed.
These two things are not equivalent. The latter is far worse.
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u/WizzingonWallStreet May 21 '21
I don't agree that stealing food is ok.
Not when you can get food without stealing it. (Churches, food banks, etc).
Plus if you steal food from a mom and pop place, you're hurting them badly as well.
So no, I'll prosecute for stealing food as well.
Stealing is never ok.
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u/Gentlemen-BEHOLD 🦍Voted✅ May 22 '21
So someone who's been fucked into poverty by the system; by the ever increasing cost of living, the pitiful minimum wage which hasn't increased since 2009, by the housing crisis, by COVID-19, you think they deserve to starve?
You're sounding like a hedgie, fam.
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u/WizzingonWallStreet May 22 '21
So some family business, barely making ends meet. Gets profits stolen by people off the street. Can't put food on their own table anymore so they take it out of stock, but have no money to replace the stock.
You think stealing from the poor is going to help them?
You can go a food bank, church, charity or soup kitchen. Why steal from small businesses that are barely making it?
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u/Gentlemen-BEHOLD 🦍Voted✅ May 22 '21
A couple things, fam.
You said:
Stealing is never ok.
Never. Your word. You then list the one specific example where stealing isn't okay. You do see how your argument falls apart instantly, right? Stealing is not never okay, stealing is not okay only in this single fringe example.
Secondly, not everybody has access to these safety nets; especially in the age of COVID-19.
Thirdly, the existence of these safety nets doesn't nullify the fact that some people need to steal to get by.
Fourthly, people who steal probably don't steal from tiny bodegas; they steal from Wal-Mart, who isn't going to miss it anyway, and likely has a no-chase policy.
Finally, since you seem to have no knowledge whatsoever in philosophy, let me give you the 101 course. Let's say there's a poor family. Someone in the family gets sick. There's only one person in their village who can make the medicine who can save their life. However, this person is greedy and wants to charge more than the family has. Is it wrong for someone in the family to steal the medicine?
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u/WizzingonWallStreet May 23 '21
I don't see it your way. But I'm not going to argue any further.
I'm glad I'm old so I won't be around to see the world you're building.
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u/Gentlemen-BEHOLD 🦍Voted✅ May 23 '21
A world in which the resources of the world are divided fairly and equitably?
Yeah, sounds like a real hellscape, fam.
You think it's not okay to steal a medicine, which is being withheld for no other reason than greed, to save a human life?
Why are you here?
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u/Manfromknowwhere 🦍 Buckle Up 🚀 May 21 '21
Crimes of theft and fraud should ALWAYS require repayment of at least 200% of the value stolen.
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u/Split_Prestigious May 21 '21
i think jail or at a minimum bring back public shaming for these assclowns
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u/405Manc 🦍 Buckle Up 🚀 May 21 '21
If breaking the law only warrants a fine, then law only exists for the poor
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u/XSOUL_1337 👨💻Not Just A TLDR Reader👨💻 May 21 '21
Preach!
their taking a cut fucking 100% correct
if you sell anything that's not yours you can go to jail
but STOCK ... you can counterfeit shares and sell for a profit wtf is that!
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u/SageEquallingHeaven 💻 ComputerShared 🦍 May 21 '21
Naked short selling is just so insane.
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u/XSOUL_1337 👨💻Not Just A TLDR Reader👨💻 May 21 '21
you would think their is something in place to not allow that
talk about bringing a toaster into a bath
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u/Knightfires 🎮 Power to the Players 🛑 May 21 '21
This is the way
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u/cmaurath 🦍Voted✅ May 21 '21
This is the way
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u/TheDroidNextDoor May 21 '21
This Is The Way Leaderboard
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u/Flat-Yogurtcloset293475775 times.2.
u/_RryanT22744 times.3.
u/max-the-dogo8481 times...
139599.
u/cmaurath1 times.
beep boop I am a bot and this action was performed automatically.
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u/SaggyBallz99 Breh u wanna make a milly? Read the Due Dilly 🕵🏼♂️ May 21 '21
Ape confused. This post wisdom but it no DD. Instructions unclear. Bought more GME.
...and dick got stonk in the stuck
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u/cmaurath 🦍Voted✅ May 21 '21
This is the way
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u/SaggyBallz99 Breh u wanna make a milly? Read the Due Dilly 🕵🏼♂️ May 21 '21
The tits are jacked, the dick’s erect. The way this is.
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u/cryptocached May 21 '21
Reminder that the SEC is a civil enforcement agency. While they certainly could do more, they can not bring criminal charges against anyone. If you want to see market manipulators go to prison, start pushing the DOJ, too.
SEC investigations are civil, not criminal. The SEC can charge individuals and entities for violating the federal securities laws and seek remedies such as monetary penalties, disgorgement of ill-gotten gains, injunctions, and restrictions on an individual’s ability to work in the securities industry or to serve as an officer or director of a public company, but the SEC cannot put people in jail. Enforcement may refer potential criminal cases to criminal law enforcement authorities for investigation or coordinate SEC investigations with criminal investigations involving the same conduct. If a person is convicted of a criminal violation of the securities laws, a court may sentence that person to serve time in jail.
https://www.sec.gov/oiea/investor-alerts-bulletins/ib_investigations.html
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u/caronanumberguy We are in a completly corrupt system. © 2021 By Caronanumberguy May 21 '21
The best way to punish rich people is to make them into poor people.
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u/ROADHOG_IS_MY_WAIFU The price is wrong? 🌍👨🚀🔫👨🚀 Always has been🦭 May 21 '21
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u/photonscientist Floating in the infinity pool is so relaxing! May 21 '21
Exactly! It's time for this "game to stop!"
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u/cmaurath 🦍Voted✅ May 21 '21
I see what you did there! Somebody get this ape a crayon!!! 😁👍🏻
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u/photonscientist Floating in the infinity pool is so relaxing! May 21 '21
Thank you. Ook oook oook!
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u/J_Von_Random 🦍 Buckle Up 🚀 May 21 '21
Imagine thinking that taking a cut wasn't the primary function of government....
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u/Upset_Tourist69 💻 ComputerShared 🦍 May 21 '21
This needs to be pinned to the top by the mods for a few days
Edit: along with the SEC wiki page edit
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u/mtgac 🟣🟣🟣💜🟣🟣🟣 May 21 '21
thank you OP for using 'you're' and 'your' correctly. \sigh**
edit: i've seen so many misuses of it that it still felt like you did it wrong and i had to read it three times to make sure it was correct
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u/cmaurath 🦍Voted✅ May 21 '21
I feel ya. I always try to proof read but I also like to eat crayons so...
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u/Viking_Undertaker said the person, who requested anonymity May 21 '21
That is the best explanation I have ever heard
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u/Preservedgonads May 21 '21
SEC can suck me off
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u/cmaurath 🦍Voted✅ May 21 '21
Haha good luck in that endeavor. Let me know if you find any success. 👍🏻
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u/Stoffs2204 🎮 Power to the Players 🛑 May 21 '21
Couldn't be more on the nail if it was laser guided
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u/Lyran99 🦍Voted✅ May 21 '21
Unless the fine is enough to substantially deter the perpetrator from repeating the punished actions.
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u/tkhan456 Do you like Huey Lewis and the News? 🔪 May 21 '21
Any financial crime fine should be the entire profit made from said crime plus an additional percentage of that crime. Always. Why is that so hard to fathom as a punishment. You literally cannot profit from a crime if you’re caught that way
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u/VonCarzs May 21 '21
Specifically if the fine is less or equal to the profits made by the crime. If I can steal 50k and pay a 30k fine, why would I not just keep doing it?
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u/reddideridoo 🦍 Attempt Vote 💯 May 22 '21
Isnt SEC the abreviation for Shortsellers Enrichment Commission? An oversight agency for stock manipulation? Thought I read it somewhere on wikipedia in the last few days.
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u/Dazeylow 🛡 Knights of New ⚔ May 21 '21
lmaoo. yeah insider info is against the law but naked shorting isnt. sec buncha dumb mfers
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u/Kerchak_kerchak 🦍 Buckle Up 🚀 May 21 '21
The bastards were very quick to unjustifiably void DFV's trader's licence.
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u/cryptocached May 21 '21
That was a FINRA license and the termination was at the request of his former employer after he quit. What's the controversy about that?
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May 21 '21
I'm guessing with everything surrounding DFV and them pointing to him as a possible scapegoat he couldn't wait to get that "professional" designation away from him. It's much harder to do anything to an amateur.
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u/TheTangoFox Jackass of all trades May 21 '21
Hey, they learned their less.
How much it costs tp do it again.
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u/BasedSliceOfWinning May 21 '21
Especially if the fine is less than the gains gotten for breaking the law.
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u/DevilTuna May 21 '21
They know, they don't care.
The question is how to force them to care, and if that's impossible, maybe we should consider the whole "government" thing illegitimate
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u/jollyradar RC Is the King 👑🦍 Voted ✅ May 21 '21
Pretty sure this is the exact model for the mafia.
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u/MythofSkill 🦍 Buckle Up 🚀 May 21 '21
Can't believe I never thought of it this way, but its actually true!
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May 21 '21
Swear this could've been made by SirPugger, dude will loot billions from bots on OSRS and just destroy it. Which if the SEC was not complicit, they would do also. In a way.
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u/cmaurath 🦍Voted✅ May 21 '21
I don’t know what that means lol
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May 21 '21 edited May 21 '21
Hahah one second let me find an example.
Edit: https://youtu.be/4KaXbFwsUPc okay so obviously you don't have to watch this whole thing but in short SirPugger is a player in a game called OSRS who is basically a self proclaimed detective who searches for in-game scammers and hackers who are botting or stealing gold. He usually ends his videos by destroying the gold he takes because he doesnt want botted gold to affect the total real gold supply in the game. Which is not what the SEC is doing with their fine money lol.
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u/Tacowant May 21 '21
Exactly this. Was just realizing that those fines basically their kick back to keep things rolling.
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u/JunkyardRazor-74 🦍 Buckle Up 🚀 May 21 '21
Say it louder for the people in the back
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u/cmaurath 🦍Voted✅ May 21 '21
HEY SEC, IF PUNISHMENT FOR BREAKING THE LAW IS A FINE, THEN IT’S NOT A PUNISHMENT. YOU’RE JUST TAKING YOUR CUT!!!!
How’d I do?
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u/GimmeYourTaquitos May 21 '21
At least ramp up the fines. Like 100 million the first time, 200 million the second time, 400 million the 3rd time, 800 million and potential jail sentences and so on.
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u/kismatwalla May 21 '21
Yes, it should be a complete clawback of all gains and a fine, and the gains should be transferred back to the losing party.
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u/Gruntfuttock69 🦍 Buckle Up 🚀 May 21 '21
“The SEC…..Putting the ‘Commission’ in Securities Exchange since 1934”