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prominent stock short trader charged with securities fraud (Original Post) moonshinegnomie Jul 26 OP
Good! Lock him up! jmbar2 Jul 26 #1
His name isn't Trump is it? chicoescuela Jul 26 #2
This is rampant Johnny2X2X Jul 26 #3
this was even more egregious moonshinegnomie Jul 26 #7
They will pay the fine superpatriotman Jul 26 #4
the sec doesnt screw around with this crap moonshinegnomie Jul 26 #6
hes also been criminally charged under rico moonshinegnomie Jul 26 #8
Should have been in prison ages ago malaise Jul 26 #5

Johnny2X2X

(20,881 posts)
3. This is rampant
Fri Jul 26, 2024, 09:11 AM
Jul 26

The short a stock and then do everything in their power to drive that stock down. It's so wrong.

"Short selling a stock is when a trader borrows shares from a broker and immediately sells them with the expectation that the share price will fall shortly after. If it does, the trader can buy the shares back at the lower price, return them to the broker, and keep the difference, minus any loan interest, as profit."

I work at a fortune 100 company, we have a prominent investor who is short on our stock, he works for one of the big investment houses and is on TV all the time trashing our company. I think he ultimately failed and the stock has taken off. Might have even cashed out as I don't remember reading his garbage the last year or so. But it really hurt our company, for no reason other than greed, this guy was allowed to give biased assessments of our value for literally years. Dozens of his articles got posted all over.

moonshinegnomie

(2,818 posts)
7. this was even more egregious
Fri Jul 26, 2024, 11:53 AM
Jul 26

he would short a stock,tweet about it and would brag to colleagues that he did it so retail traders would dump the stock allowing him to cover for a quick profit. he called it taking candy from a baby.


moonshinegnomie

(2,818 posts)
6. the sec doesnt screw around with this crap
Fri Jul 26, 2024, 11:50 AM
Jul 26

they can and do hit stock manipulators like a ton of bricks. they have to disgorge all profits form the maniulations,plus pay a huge fine and usually get banned form trading and running any type of security based business.

you really dont want to get teh sec coming after you.


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