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Comment by xyst | Hacker News Reader

This is a proud win in the SEC handbook? $1 million dollars is fucking chump change. Whales do this on a 1000X scale every fucking day (yes billions). They even collaborate amongst other trading firms to pump and dump. Where's the prosecution related to the GME + Citadel Securities + Melvin Capital illegal naked short selling? Remember when this group was hemorrhaging billions of dollars and forced RH to remove the "Buy" button on GME?

I ask again, where's the prosecution there?

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Apes have an understanding of financial markets that's about on par with 9/11 truthers understanding of civil engineering.

They get little bits right, but the whole picture wrong.

They are though

https://www.thestreet.com/markets/regulation/doj-sec-probe-d...

investigations != prosecutions

when sec posts the story, then I will believe it. I strongly suspect the "investigations" will lead to nowhere.

The process takes time. Prosecution doesn't, and shouldn't, happen without an investigation.

Whether this specific investigation will lead somewhere or not is yet to be determined. You cannot say they did nothing until the investigation is completed.

If the investigation doesn't lead to a just conclusion, then we can talk. But as of now, your anger at SEC just sounds like being annoyed because they decided not to speedrun this. If you actually believe that a wrongdoing has happened here, then the investigation needs to be thorough and conclusive, to make sure there were no gaps through which the guilty party can escape. And that's assuming any wrongdoing actually happened, which is what the investigation will need to determine.

I searched for Raj Rajaratnam's case and found up with Malnik, Blakstad, and Martoma cases by accident. Those are very large prosecutions with prison time. Did you not see those?

Prosecuting whales is both super expensive and risky to the conviction rate. See https://www.npr.org/2017/07/30/535799735/corporate-bungling-...

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