Founder of crypto lender Celsius Network arrested, charged with fraud

Post by sroussey » Thu, Jul 13, 2023, 9:01 PM UTC

legitster wrote: post #110

BlandDuck wrote: post #82

Earlier quoted context omitted.

I think the way to understand this is that the SEC is concerned about protecting unsophisticated regular folks from being scammed. If you started aggressively marketing your Pokemon cards, presenting them as financially sound investments, and regular people started putting their entire pension savings into them lured by false promises and being scammed, then the SEC might well take an interest in Pokemon cards as wel…

> I think the way to understand this is that the SEC is concerned about protecting unsophisticated regular folks from being scammed. Keep in mind, the people the SEC are focused on "making whole" are the investors . The actual "unsophisticated investors" who make up the bulk of Celcius's customer base are going to get next to nothing out of the settlement. However, the sophisticated institutional investors who invest…

Post by sroussey » Thu, Jul 13, 2023, 9:07 PM UTC

legitster wrote: post #69

Let's say I run a swap meet for people to buy and sell Pokémon cards. There are lots of scammers out there, but I promise people they are going to get good prices. And I even offer to buy cards off of people at good prices to drum up interest. Tomorrow, the SEC decides that Pokémon cards are securities (far-fetched, but work with me here) Suddenly, anyone buying and selling them becomes a criminal. I tell people via…

Post by jnwatson » Thu, Jul 13, 2023, 9:16 PM UTC

gamblor956 wrote: post #161

legitster wrote: post #110

Earlier quoted context omitted.

> I think the way to understand this is that the SEC is concerned about protecting unsophisticated regular folks from being scammed. Keep in mind, the people the SEC are focused on "making whole" are the investors . The actual "unsophisticated investors" who make up the bulk of Celcius's customer base are going to get next to nothing out of the settlement. However, the sophisticated institutional investors who invest…

The SEC is not focused on making the "institutional investors" whole. That is happening in bankruptcy court, because Celsius declared bankruptcy, and that is how bankruptcies work: the senior creditors get their money back first. If you have problems with that, take it up with the bankruptcy court and U.S. bankruptcy laws that classify customers as junior creditors. In fact, the SEC does not ever get involved in "mak…

Post by loeg » Thu, Jul 13, 2023, 9:17 PM UTC

nextworddev wrote: post #76

gloryjulio wrote: post #67

Earlier quoted context omitted.

There are tons of small scale influencer scammers are not prosecuted, and some could even pull the scams again. Logan Paul, techlead..u get the idea

Didn’t techlead literally commit all the things Celsius CEO is charged for, with his Million Token?

Post by simple-thoughts » Thu, Jul 13, 2023, 9:20 PM UTC

hattmall wrote: post #255

okwubodu wrote: post #248

Earlier quoted context omitted.

To be clear, I think Celsius committed actual fraud. I just want to talk about one particular point here. > So the burden of proof seems to be on the claim that they're the same, or that it's a meaningful analogy. I have a pair of “Dear Summer” Off-White x Nike Dunk Lows, the last collection released while Virgil Abloh was alive. The SNKRs (Nike) app randomly selected active users for the chance to purchase them; nec…

Except there actually are people who really do want the shoes not for resale. And that is a legitimate driver of value and it is a very limited market.