Insider trader sent to prison for three years for trading in Big Un shares | Crypto Craft

  • Insider trader sent to prison for three years for trading in Big Un shares

    From leaprate.com

    The Australian Securities and Investment Commission (ASIC) announced that former investment analyst Michael Ming Jinn Ho has been sentenced to three years imprisonment. Ho pleaded guilty on five counts of insider trading and one count of communicating inside information. The insider trading is related to Big Un Limited (Big Un) shares and options from 18 July 2016 to 10 February 2018. Ho invested around $1.6 million in Big Un securities while in possession of insider information provided by Richard Evertz, CEO of Big UN. The court ordered Ho to serve his sentence via an intensive correction order.Throughout the ... (full story)

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Hurst
Sep 12, 2020 7:18am
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Two Republican U.S. senators defended themselves on Friday against heavy criticism, including calls that they resign, for selling large amounts of stock before the coronavirus-induced market meltdown and after closed-door briefings on the outbreak.

Senate Intelligence Committee Chairman Richard Burr sold up to $1.7 million worth of stock on Feb. 13 in 33 separate transactions after offering public assurances the government was ready to battle the virus. His financial filings were first reported by ProPublica.

Senator Kelly Loeffler also sold millions of dollars in shares in the weeks after lawmakers were first briefed on the virus, according to public filings.

Bill Gates’ Foundation Quietly Cashed Out Beyond Meat Stock Before Its Epic Crash
Jeff Bezos sold a substantial chunk of Amazon stock in February just before the market crash. He saved hundreds of millions in the process.

These ultra rich people seem to be very lucky selling out just before the market crashes. How come they are not arrested and charged? Either they are have advanced cognitive powers or they are getting information the masses never see. One rule for the rich and one for the poor.
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trumps
Sep 12, 2020 5:50pm — Edited
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Quoting Hurst
Two Republican U.S. senators defended themselves on Friday against heavy criticism, including calls that they resign, for selling large amounts of stock before the coronavirus-induced market meltdown and after closed-door briefings on the outbreak. Senate Intelligence Committee Chairman Richard Burr sold up to $1.7 million worth of stock on Feb. 13 in 33 separate transactions after offering public assurances the government was ready to battle the virus. His financial filings were first reported by ProPublica. Senator Kelly Loeffler also sold millions...
" Either they are have advanced cognitive powers or they are getting information the masses never see. One rule for the rich and one for the poor".

I don't really understand this comment.
You outline in your post that these senators had been briefed on the virus outbreak, which is entirely normal and to be expected. In fact, the public would be outraged if they were not, as it is their job. After such briefings, you would not need advanced cognitive powers to see the potential for a market crash.
Being ready to battle a virus does not mean the virus will not have a negative/deadly impact, in the same way being ready for a war, does not mean the war will not have a negative/deadly impact.

Consider the Definition of Insider Trading:

"Insider trading is the trading of a public company's stock or other securities based on material, nonpublic information about the company".

The coronavirus outbreak was first reported in December 2019, and it was known that there was no vaccine, and Chinese nurses were making public videos about the true, serious and deadly nature of the virus not reported by the Chinese government. It then became publicly known that the Chinese government was fast tracking the construction of new hospitals, all before February 2020.

All of this was publicly known information.

As such, were these individuals conducting insider trading?

Or just smart trading?
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trumps
Sep 13, 2020 1:53am
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Quoting herewardwake
{quote} I think you are right. I think it is a smart play to use the available information. But, when you hold a public office it comes across as a terrible look to profit off of a pandemic (or at the least not take losses). I would not be surprised if they don't hold their seat.
I would think it unfair to expect them to hold onto shares when even the publicly available information indicates the market could tank. They didn't naked short the market, (which WOULD be profiting from the pandemic), they just sold the shares they already owned before the market tanked.
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herewardwake
Sep 12, 2020 11:19pm
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Quoting trumps
{quote} " Either they are have advanced cognitive powers or they are getting information the masses never see. One rule for the rich and one for the poor". I don't really understand this comment. You outline in your post that these senators had been briefed on the virus outbreak, which is entirely normal and to be expected. In fact, the public would be outraged if they were not, as it is their job. After such briefings, you would not need advanced cognitive powers to see the potential for a market crash. Being ready to battle a virus does...
I think you are right. I think it is a smart play to use the available information. But, when you hold a public office it comes across as a terrible look to profit off of a pandemic (or at the least not take losses). I would not be surprised if they don't hold their seat.
Reply
herewardwake
Sep 13, 2020 1:02pm
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Quoting trumps
{quote} I would think it unfair to expect them to hold onto shares when even the publicly available information indicates the market could tank. They didn't naked short the market, (which WOULD be profiting from the pandemic), they just sold the shares they already owned before the market tanked.
Ok, try putting that in a campaign add. Not saying it's right, just saying how it is...
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Gmoney1
Sep 14, 2020 8:21am
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Thet say ignorance is bliss, but greed is beyond need. One question: Was the general public given the same information at the same time on the same day as these political insiders?...Really.
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