First U.S. Lawmaker To Endorse Trump, Gets 26-Month Prison Sentence

[Sistine Chapel]

Everyone around this douchbag goes down.

A judge on Friday sentenced former Rep. Chris Collins (R-N.Y.), an early and staunch ally of President Donald Trump, to 26 months in prison after he pleaded guilty last September to conspiracy to commit securities fraud.

Collins, the first member of Congress to endorse Trump’s 2016 presidential bid, used his position as the largest shareholder in the Australian biotechnology company Innate Immunotherapeutics to illegally give other stockholders an inside tip that a test of the company’s main product had failed.

[oeb11]

Fascist DPST's wet themselves in happiness.

Thank you - Fascist DPST.

[Tiny]

26 months was too much time. 95% of the posters here would have done the same thing if they thought they could get away with it.

[Levianon17]

Originally Posted by Sistine Chapel

Everyone around this douchbag goes down.

A judge on Friday sentenced former Rep. Chris Collins (R-N.Y.), an early and staunch ally of President Donald Trump, to 26 months in prison after he pleaded guilty last September to conspiracy to commit securities fraud.

Collins, the first member of Congress to endorse Trump’s 2016 presidential bid, used his position as the largest shareholder in the Australian biotechnology company Innate Immunotherapeutics to illegally give other stockholders an inside tip that a test of the company’s main product had failed.

What Law are you referring too?

[lustylad]

What a dumbass. That's called material non-public information. Everyone knows you don't trade on it or you can wind up in jail. Just ask Martha Stewart. Plus his trading was highly visible and trackable since he was the largest shareholder.

So what does this have to do with trumpy?

[lustylad]

Originally Posted by Tiny

26 months was too much time. 95% of the posters here would have done the same thing if they thought they could get away with it.

I agree the sentence looks stiff. I don't agree that 95% of us would have done it.

Remember Ivan Boesky? He only got 3 years, and he did it in dozens of stocks because insider trading was his business model.

[Tiny]

Originally Posted by lustylad

What a dumbass. That's called material non-public information. Everyone knows you don't trade on it or you can wind up in jail. Just ask Martha Stewart. Plus his trading was highly visible and trackable since he was the largest shareholder.

So what does this have to do with trumpy?

Collins was a director and he didn’t sell any of his shares. He passed info about a failed drug test onto his son who in turn told his father-in-law and other family members and they were able to get out before the share price plunged 92%.

He was going to look like a dumb ass either way. Presumably he’d been touting the stock to his family and if they’d lost hundreds of thousands of dollars, they wouldn’t be very happy. I imagine though they came out much worse than if he’d never told them anything, when you take into account the fines and, for his son and maybe a couple of others, the jail sentences.

True, this has nothing to do with Trump

[Tiny]

Originally Posted by lustylad

I agree the sentence looks stiff. I don't agree that 95% of us would have done it.

Remember Ivan Boesky? He only got 3 years, and he did it in dozens of stocks because insider trading was his business model.

I’d suspect most people would do the same thing, IF they didn’t think they’d get caught. As I mentioned above, he didn’t profit from the inside information, although his son and others did. And “profit” may not be the best word, it was more like avoiding a loss

[eccieuser9500]

Patrick Leahy: Congress must defend the separation of powers


https://vtdigger.org/2020/01/17/patr...ion-of-powers/





Trump associates who have been sent to prison or faced criminal charges


https://abcnews.go.com/Politics/trum...ry?id=68358219





And Now We Know EXACTLY Why Rex Tillerson Called Trump A 'F*cking Moron'


https://www.wonkette.com/and-now-we-...-f-cking-moron

[LexusLover]

Originally Posted by lustylad

What a dumbass. That's called material non-public information. Everyone knows you don't trade on it or you can wind up in jail. Just ask Martha Stewart. Plus his trading was highly visible and trackable since he was the largest shareholder.

So what does this have to do with trumpy?

Martha wasn't convicted of any "trading of non-public information"!

She was convicted of lying to the FBI .... like HillariousNoMore.

As for Sissy Chaps he's drowning in his misery. We can chat this time next year!

His candidate will "go down" again!

[lustylad]

Originally Posted by Tiny

Collins was a director and he didn’t sell any of his shares. He passed info about a failed drug test onto his son who in turn told his father-in-law and other family members and they were able to get out before the share price plunged 92%.

He was going to look like a dumb ass either way. Presumably he’d been touting the stock to his family and if they’d lost hundreds of thousands of dollars, they wouldn’t be very happy. I imagine though they came out much worse than if he’d never told them anything, when you take into account the fines and, for his son and maybe a couple of others, the jail sentences.

You're right, he didn't sell his own shares. But how could he be stupid enough to think the SEC wouldn't track and look up the names of the major sellers just before the public announcement (of the failed drug trial) and notice they included his family members? Then all the SEC needed to do was obtain phone records and interview everyone involved, including the brokers who were probably told to hurry up and dump the shares before the Australian markets opened the next day.

Originally Posted by Tiny

I’d suspect most people would do the same thing, IF they didn’t think they’d get caught. As I mentioned above, he didn’t profit from the inside information, although his son and others did. And “profit” may not be the best word, it was more like avoiding a loss

Doesn't matter, it's still insider trading. I think in terms of risk. Even if the chance of being caught was only, say, 5%, it's not worth it to me. If you pick a stock based on the publicly available fundamentals and you make money, you can pat yourself on the back and tell yourself how smart you are. If you make a profit due to insider info, you not only feel like a cheat but you have to worry afterwards about being caught (unless you're a corrupt sociopath like Bernie Madoff or Ivan Boesky, in which case it wouldn't bother you).

Why take stupid risks when you can make big bucks honestly? A blind, dart-throwing monkey can make money in today's bull market. And it's all thanks to trumpy and his pro-growth policies of cutting taxes and rolling back odumbo's regulatory over-reach!!

Right, sissy chap?

[lustylad]

Originally Posted by LexusLover

Martha wasn't convicted of any "trading of non-public information"!

She was convicted of lying to the FBI .... like HillariousNoMore.

Yes, Martha Stewart was convicted of lying. About her insider trading. A jury found her guilty on 4 counts of lying to investigators and obstruction of justice.

Hildebeest was never charged with lying to the FBI, let alone convicted. She was interviewed on July 2, 2016 and was fully lawyered up and not asked to take an oath beforehand. The interview lasted 3-1/2 hours and the 302 summary released by the FBI two months later was heavily redacted.

https://www.nbcnews.com/politics/201...erview-n642126

[Tiny]

Originally Posted by lustylad

You're right, he didn't sell his own shares. But how could he be stupid enough to think the SEC wouldn't track and look up the names of the major sellers just before the public announcement (of the failed drug trial) and notice they included his family members? Then all the SEC needed to do was obtain phone records and interview everyone involved, including the brokers who were probably told to hurry up and dump the shares before the Australian markets opened the next day.




Doesn't matter, it's still insider trading. I think in terms of risk. Even if the chance of being caught was only, say, 5%, it's not worth it to me. If you pick a stock based on the publicly available fundamentals and you make money, you can pat yourself on the back and tell yourself how smart you are. If you make a profit due to insider info, you not only feel like a cheat but you have to worry afterwards about being caught (unless you're a corrupt sociopath like Bernie Madoff or Ivan Boesky, in which case it wouldn't bother you).

Why take stupid risks when you can make big bucks honestly? A blind, dart-throwing monkey can make money in today's bull market. And it's all thanks to trumpy and his pro-growth policies of cutting taxes and rolling back odumbo's regulatory over-reach!!

Right, sissy chap?

Collins was a double dumb ass for lying about it. If you're a tipper and you personally don't benefit, then you haven't necessarily broken the law. If Collins had been tried before the Supreme Court ruling on Salman vs. United States in 2016, he might have gotten off if he hadn't lied. That case established that if you tip a relative, it can be considered a gift of confidential information, and that means you've violated securities laws. Anyway, you can't help but think that if he'd told the truth he might have gotten off with less time, or maybe just a fine.

I agree, I wouldn't risk insider trading if there were a 5% probability of being caught. But then there are people like Steven Cohen. His fund did better than just about anyone's except Renaissance's, and the out performance resulted from what was arguably insider trading. Cohen, unlike for example Raj Rajaratnam, was careful and had a good idea of what was legal and illegal. As a result he escaped with a $1.8 billion penalty and no jail time. And a net worth of $13.6 billion.

[eccieuser9500]

Originally Posted by LexusLover

She was convicted of lying to the FBI .... like HillariousNoMore.

I don't remember that headline. Who is HillariousNoMore?

Can your dumbass provide a link, or ANY evidence, to support your easily dismissed bullshit? Do you think you're any different than the other lunatic conspiracy theorists on here?

[LexusLover]

Originally Posted by lustylad

Yes, Martha Stewart was convicted of lying. About her insider trading.

You might want to recheck your sources.