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Well they get fees on it so what do they care?
They only get fees if you use their wealth management services. You can open an account and start trading stocks/ETFs for free, and they get nothing.
He broke an unwritten, cardinal rule, which is to never steal from the rich.
Right from the article
> Addressing the court before she was sentenced, Javice,
"she was" ...
The title even:
> Charlie Javice sentenced to seven years in prison for fraudulent sale of her startup
"her startup" ...
Kind of curious, how did you determine their gender? Guessing, saw the title on HN only without clicking on the link assumed it must be a "him"?
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No because the assets ('money') deposited to SBF were crypto, and you just gamified it by doing a currency exchange to USD while disingenuously failing to note that in that time the USD value of the crypto went up. If you want an accurate reflection, note how much of the crypto deposited went in, and then how much came back out after SBF lost it. This would be like me depositing USD, someone stealing some of it, then…
Sure, if you believe crypto is a currency.
Has anyoine from JPMC gone to prison for 2008 yet?
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They only get fees if you use their wealth management services. You can open an account and start trading stocks/ETFs for free, and they get nothing.
Not true. They get payment for order flow, spread capture, cash sweep, securities lending, etc.
He broke an unwritten, cardinal rule, which is to never steal from the rich.
Believe it or not, smaller fraudsters get prosecuted all the time, too. One of the news reporters I followed on Twitter in my area liked to follow all of the small cases of real estate and business fraud in my area. There were a lot of prosecutions for people who were stealing You just don't hear about them as much because someone going to jail for stealing $60K from a couple families from their church in a fake real…
I knew one local HVAC company where the office manager skimmed off six figures over something like 20 years before she got caught. Just slow and steady, never taking enough to be obvious, I guess. It happens more than people would think.
He broke an unwritten, cardinal rule, which is to never steal from the rich.
I was about to go on a rant about, "Why is it ethical to put people in jail for doing things that only affect money? Was anybody at JPMorgan hurt as bad as jail will hurt this person?" But you already answered the question.
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The way that due diligence would have discovered this was not to take the list and start doing spot checks on it. The way due diligence should have found this is that it should have been written all over the financials. What do you mean you have 4 million customers and a support staff of 20? What do you mean you have 4 million customers but your revenue is {clearly too low}? What do you mean you have 4 million custom…
> What do you mean you have 4 million customers and a support staff of 20? Sure to the rest, but: Whatsapp had 55 employees and 450 million users when it was acquired. It's at least conceivable to tell a story (lie) that's two orders of magnitude smaller. (And the real number was "only" off by one zero.)
>> A prosecutor, Micah Fergenson, though, said JPMorgan “didn’t get a functioning business” in exchange for its investment. “They acquired a crime scene.” I do not understand how an acquisition this big got thru due diligence without noticing all the fake users. Anyone in corporate M&A know if it is normal to spend this much money without inspecting the goods? Seems like the most basic of OLAP queries and two days of…
The article says the judge called them out for not doing enough due dilligence. The fact that they didn't do enough research doesn't mean it's okay to scam them, though.
My favorite thing about this case is how she bragged to her lead engineer she wouldn't go to prison, "“Don’t worry — I don’t want to end up in an orange jumpsuit" when she was trying to convince the engineer to fabricate their user data. From the complaint: > In particular, CC-1 and JAVICE asked Engineer-1 to supplement a list of Frank’s website visitors with additional data fields containing synthetic data. > Engine…
> she bragged to her lead engineer she wouldn't go to prison So... obviously she was wrong. But the line between "just cutting a few corners" and prosecutable criminality isn't nearly as bright as we in the peanut gallery like to think. Lots of very successful startup launches (Uber and AirBnB are famous examples) were kinda/sorta/prettymuch illegal by the plain language of the laws they were (not) operating under. A…
I, for one, would hope "don't commit crimes!" is taught in business school ethics. (LMAO as if an MBA has ethics)