Cheron: So if they wear a suit and sit in a office it is 30 months but if they wear jeans and bet with Tony it is a broken bone or two
Lord Dimwit: See, I watched The Dark Knight Rises, and from what I understand, fraudulent trades performed by terrorists or criminals are still valid trades and therefore they still stand. Otherwise, that movie would make no sense.
8 inches: When I used to be a Stockbroker a few years back, this sort of mistake always scared the living shiat out of me. You had to check, double check, and triple check an order before you put it in. One guy in the office made a mistake like in the article, but did it on accident and for not nearly the same amount of money. The brokerage house split the cost of the mistake with him ($30K) and he had to pay it back with deductions from his future paychecks. This sort of error literally kept me up at night.These days I keep my stress level a lot lower by playing Russian Roulette with my .45.
un4gvn666: Lord Dimwit: See, I watched The Dark Knight Rises, and from what I understand, fraudulent trades performed by terrorists or criminals are still valid trades and therefore they still stand. Otherwise, that movie would make no sense.I don't think you did see that movie, because there's a quote from Lucius Fox that directly invalidates that claim.Not that that has a thing to do with this thread, but oh well.
Bullseyed: Cheron: So if they wear a suit and sit in a office it is 30 months but if they wear jeans and bet with Tony it is a broken bone or twoWas going to say in before someone complains about the prison term.Why do bankers and hackers get longer prison terms than drunk drivers, rapists and murders?
BalugaJoe: Poor controls in place.
Geotpf: Couldn't he have at least not gone to jail if he just claimed it was an accident?
Debeo Summa Credo: Geotpf: Couldn't he have at least not gone to jail if he just claimed it was an accident?That was apparently his plan (to claim it was an input error if it went wrong) but they found out it was intentional somehow.
HighlanderRPI: Sooo... anyone care to speculate what would have happened if the stock went UP?
ZAZ: I had the same question as Debeo Summa Credo. Suppose it works and he sells the surplus stock for a $30 million profit. Now the firm or the firm's client has $30 million. He doesn't.Quoting the Courant article: "Unable to find a white knight to bail out the firm, Rochdale eventually closed, leaving 40 or so people out of work and the partners stuck with huge loses and wounded reputations."Was a general partnership structure where some human being could lose money?
Ego edo infantia cattus: "By the time the dust settled, Rochdale Securities had gone out of business, 40 people had lost their jobs and Miller was in federal court in Hartford, CT, pleading guilty to wire fraud charges that carried a possible sentence of 30 years in prison.He got 30 months."White collar criminal basically steals $30 million from his employer, gambles it away, then pleads guilty and gets 1/12th of the sentence. Go farkin' figure. I bet he goes to a minimum security resort for his 2.5 years.
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