California man charged in $21M cryptocurrency fraud scheme
mercurynews.com
mercurynews.com
I had to take a look at my calendar and make sure we weren't in 2008, because this is exactly the same kind of sentiment everyone should have for the Banksters on Wall Street who destroyed the Global Economy that ruined the economy, whose implications we still have to live with to this day: 21 million is chump change and the guy is looking at this sentence:
Stollery faces up to 20 years in prison if convicted, officials said.
The FBI put a manhunt bounty for info on that woman from Onecoin, as well, but Jamie Dimon, or Lloyd Blankfeind (both who's organizations have since become favourable to Bitcoin mind you) get to walk free and still do speaking engagements; hell even Jon Carzine (former NY Senator) was out shopping for chalets in France after he blew up MF Global.
Financial crime, specifically fraud, is the most blatantly tiered of all crimes in the US, if you're already wealthy and influential you get a slap on the wrist and you move on as a cost of doing business, but if you're poor and a nobody and get caught they will throw the book at you.
Personally, I'm glad this guy selling garbage and defrauding people is going to prison, but we should hold everyone to the same standard (MBS, CDS, CDO were all garabage, too) what I fear is that those who can do it at a much larger scale (Wells Fargo Repo scam, BOA bank fee layering etc...) will always get away with it.
Are you insinuating that those people also committed securities fraud? That's a very serious accusation, do you have any evidence?
The mere fact that their entire business model was optimized on profiteering from CDS of subprime mortgages, which crashed and took out the entire Global Market and required a bail out is all that you need to know; hell, GS has been buying up risky Russian debt since the invasion in an attempt to make a profit which Russia has now defaulted on. These people never learn!
They've legitimized their crime under the pre-tense of 'too big to fail,' as for evidence have fun:
https://www.dividend.com/dividend-education/a-brief-history-...
https://violationtracker.goodjobsfirst.org/parent/goldman-sa...
And the one most recent 'biggest fine in Wall Street History' award goes to GS for 1MDB scam:
https://www.wsws.org/en/articles/2020/10/23/gold-o23.html
Assuming you are not being facetious, you have to be living under a rock to think these things are not cleared by either CEOs.
> The DoJ said Goldman had played a “central role” in the looting of 1MDB and should have detected warning signs. The acting head of the DoJ’s criminal division, Brian Rabbitt, said: “Personnel at the bank allowed this scheme to proceed by overlooking or ignoring a number of clear red flags.”
>The attempts to claim that one of the largest corruption operations in history was a matter of oversight simply does not pass muster. In court yesterday, Karen Seymour, Goldman’s senior counsel, admitted its Malaysian subsidiary had paid bribes “in order to obtain and retain business for Goldman Sachs.”
And the cherry on top:
> Besides avoiding prosecution, Goldman will also escape the appointment of a government monitor to oversee its compliance department which had earlier been put forward by officials involved in pursuing the case.
Titles like this will become a weekly occurence in the next decade.