JOVE23
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I am shocked. SHOCKED!
- Thread starter JOVE23
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I too, am both shocked and appalled.
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Brings up an interesting question, if he doesn't have to give the money back.... How much would you take to go to prison and for how long. IF someone said I will give you 1 million to go to prison for a year would you? 2 million? 10 million for 3 years?
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Depends. Is it the kind of prison Martha Stewart had to stay in?
Kerfuffle
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If I recall correctly the law states you have to forfeit whatever ill gotten gains you received from the insider tips. So if he made $3M off the tips, the fine would be $3M.
BigPete
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So where is the check from Bernie Madoff to all the people he defrauded and stole from?
Kerfuffle
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Here's the law:
Sections 10b and 14e of the Securities Exchange Act of 1934 give the SEC the authority to seek a court order requiring violators to give back their trading profits. The SEC can also ask the court to impose a penalty of up to three times the profit the violators realized from their insider trading.
In addition to the financial penalties, there are criminal penalties. Many now feel those penalties are not strong enough and are working to increase them substantially. A bill in the US Senate, for instance, seeks to make defrauding shareholders a felony punishable by up to 10 years in prison.
http://management.about.com/cs/businessethics/a/InsiderTrade702.htm
Sections 10b and 14e of the Securities Exchange Act of 1934 give the SEC the authority to seek a court order requiring violators to give back their trading profits. The SEC can also ask the court to impose a penalty of up to three times the profit the violators realized from their insider trading.
In addition to the financial penalties, there are criminal penalties. Many now feel those penalties are not strong enough and are working to increase them substantially. A bill in the US Senate, for instance, seeks to make defrauding shareholders a felony punishable by up to 10 years in prison.
http://management.about.com/cs/businessethics/a/InsiderTrade702.htm
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Lets put it this way, people have served 20 sumthin years for a wrongful conviction and dont even get that much in reparations. Have their entire youth robbed from them.
for 10 million dollars id take 3 years in prison in a heart beat, i don't even care what prison. Whatever I endured would be worth 10 million bucks.
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You mean like a "federal pound me in the ass prison" ... haha
Yeah I assume whatever kind of prison fits the crime normally. But since in this hypothetical there is no real crime, I'll let you pick.
3 for 10, that's actually kind of the answer I was expecting. For me, for a year... I mean for any amount of time I might have to start out at at least 3-5. 1 million ain't what it used to, and if they are taking it all in taxes anyway, I might have to say minimum of 5 for any amount of time.