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Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

cnn.com

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Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#241

Post by paulpauper »

joshmn wrote: post #159

Former federal inmate here who was recently released from prison a month ago today (I did 18 months): The big deal here was the loss amount, which can be construed any number of ways whether we like it or not. This will jack up the points and tilt the scale for the sentencing guidelines, and believe me they are archaic. After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down ther…

the reduction of time works out well for shorter sentences, but for longer sentences, you will have to serve at least close to the 85% . If you know you will be guilty, you can void bail and work on your sentence early so you get some time served.

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#242

Post by paulpauper »

next_xibalba wrote: post #218
joshmn wrote: post #159

Former federal inmate here who was recently released from prison a month ago today (I did 18 months): The big deal here was the loss amount, which can be construed any number of ways whether we like it or not. This will jack up the points and tilt the scale for the sentencing guidelines, and believe me they are archaic. After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down ther…

[flagged]

who cares if he take accountability or not. he served his time.

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#243

Post by paulpauper »

jlarocco wrote: post #14
TuringNYC wrote: post #12

>> 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.

David O Leary and Mark Cuban checking in...(they sold companies for billions that were basically worthless when the ink dried)

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#244

Post by kstrauser »

bruce511 wrote: post #213
atombender wrote: post #195

Earlier quoted context omitted.

I had another hairbrained idea once. Let's say you want to compress the number 5384615385. Find two numbers x and y so that x/y equals some number whose decimal part is 5384615385. In this case, that's 7/13. So the compressed output is just 7 and 13, which could be encoded very succinctly, thus saving lots of storage space; and decompression is just multiplying numbers. Unfortunately, while the idea works for some in…

A variation on this would work, but alas we don't have the math tools as yet. The idea (not mine) is that you can think of data as "very large numbers". So a 4096 bit number is just a big number. Well, we have a short way to generate big numbers. x^y. So given a big number (say 800 000 bits) we could generate a (Hopefully short) expression of the form a^b + (or minus) c^d + ... etc. Unfortunately the "factorizing" (a…

It would not work for arbitrary inputs. See the pigeonhole principal: you can’t represent all possible n-bit values with fewer than n bits, because otherwise you’d have at least one case where multiple input values map to the same output value. On decompression, which one do you go with?

And if that’s not convincing, then consider that any perfect compression scheme would be able to compress its own output even smaller, until you end up with a single bit output for any possible input.

So no, that wouldn’t work in general. Some specific values may compress well, but most others can’t. It’s not a matter of difficulty of finding the right answers, as much as you probably can’t do it.

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#245

Post by joshmn »

paulpauper wrote: post #241
joshmn wrote: post #159

Former federal inmate here who was recently released from prison a month ago today (I did 18 months): The big deal here was the loss amount, which can be construed any number of ways whether we like it or not. This will jack up the points and tilt the scale for the sentencing guidelines, and believe me they are archaic. After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down ther…

the reduction of time works out well for shorter sentences, but for longer sentences, you will have to serve at least close to the 85% . If you know you will be guilty, you can void bail and work on your sentence early so you get some time served.

I’m curious your relation to the BOP—there are all but a few of us here. My email is in my profile if you’d care to share.

The FSA and SCA do wonders for shorter sentences indeed. The recent push (at least on paper) for more timely transitions to community custody is welcomed and very overdue.

Sentence length is hard to stomach when you experience first hand how it all but strips people of their future. People get 10 years in the US that would be no more than 1 anywhere else, and then society expects them to come out rehabilitated and ready to contribute to society starting from, most commonly, zero.

Halfway houses don’t fix that. Home confinement doesn’t fix that. I’m lucky to have a highly marketable skill and a high degree of ability which makes my experience different than most.

I ask myself all the time how it gets fixed. In this society, I don’t think there’s a chance.

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#246

Post by chii »

hobs wrote: post #158
brandall10 wrote: post #150

Earlier quoted context omitted.

Of course, but this is basic human psychology when power asymmetry is at play. Frank "held the cards" in this deal, so to speak, and was helmed by a CEO that demonstrated sociopathic tendencies willing to do whatever it took. You can of course hold to a particular standard, but if a competitor is willing to relax that standard, you lose a distinct advantage.

No you don't - they are now vulnerable to scams and you are not.

> they are now vulnerable to scams and you are not.

if the scam is not going to hurt the agent (in this case, the CEO responsible for the buy out), and the success is going to reward the agent, then the incentives are not completely aligned between the agent and the principle.

So signing the deal with less due diligence, then correcting it later (if needed) seems more profitable to the agent, while the principle takes all of the losses (if any).

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#247

Post by themafia »

next_xibalba wrote: post #218
joshmn wrote: post #159

Former federal inmate here who was recently released from prison a month ago today (I did 18 months): The big deal here was the loss amount, which can be construed any number of ways whether we like it or not. This will jack up the points and tilt the scale for the sentencing guidelines, and believe me they are archaic. After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down ther…

[flagged]

> It’s hard to take your views on sentencing seriously

I have no idea why he had to surrender a year and a half of his life to a notoriously dangerous "correctional" institution for redistributing television streams. For profit or not. I think his incarceration represents an abuse of the system to protect sports monopolies. I genuinely wonder if it wasn't cruel and unusual.

No offense but he clearly wasn't some elite hax0r with the capability of bringing significant portions of American infrastructure to it's knees for the purposes of harming the public at large.

This should have been a civil case.

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#248

Post by thruway516 »

joshmn wrote: post #159

Former federal inmate here who was recently released from prison a month ago today (I did 18 months): The big deal here was the loss amount, which can be construed any number of ways whether we like it or not. This will jack up the points and tilt the scale for the sentencing guidelines, and believe me they are archaic. After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down ther…

> After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down there with Holmes and Maxwell, because it's cushy—and do no more than 4 years

I don't mind that outcome. She did not knowingly sell a product that could harm the public or abuse and traffic children, so it wouldn't be unfair or a travesty of justice like with those other two (especially that last one)

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#249

Post by realitysballs »

thruway516 wrote: post #248
joshmn wrote: post #159

Former federal inmate here who was recently released from prison a month ago today (I did 18 months): The big deal here was the loss amount, which can be construed any number of ways whether we like it or not. This will jack up the points and tilt the scale for the sentencing guidelines, and believe me they are archaic. After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down ther…

> After all is said and done, Charlie Javice will be hanging out at a prison camp—probably down there with Holmes and Maxwell, because it's cushy—and do no more than 4 years I don't mind that outcome. She did not knowingly sell a product that could harm the public or abuse and traffic children, so it wouldn't be unfair or a travesty of justice like with those other two (especially that last one)

Agreed, hot take, but she defrauded a large corporate bank , big whoop if you ask me.

Re: Founder sentenced to seven years in prison for fraudulent sale to JPMorgan

#250

Post by thruway516 »

paulpauper wrote: post #243
jlarocco wrote: post #14

Earlier quoted context omitted.

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.

David O Leary and Mark Cuban checking in...(they sold companies for billions that were basically worthless when the ink dried)

I dont think they had to lie to Yahoo to do it though. Everyone believed in the froth of dot-com and plenty of dumb money just there for the taking from the likes of Yahoo. Kinda like today with all the AI froth.
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