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Bedrock of the Community
United States
12003 Posts |
For an example closer to home, another example that most rich people don't go to jail for financial crimes:
The Hunt brothers were not criminally convicted of silver market manipulation, but they were found liable in a civil trial and settled civil charges with regulators.
Charges:
• Market Manipulation: Artificially inflating the world price of silver and silver futures contracts between September 1979 and March 1980.
• Rigging the Silver Futures Market: Accumulating an enormous, leveraged position (over 100 million ounces of physical bullion and massive futures positions) to force short sellers into a corner.
• Using Secret Global Accounts: Sneaking capital through a network of U.S., Swiss, Panamanian, and Bermudan accounts to bypass exchange rules.
• Antitrust Violations (Sherman Antitrust Act): Conspiring to monopolize and restrain trade in the market for silver and silver futures.
• Commodity Exchange Act Violations: Directly breaking federal rules regarding fair trading on commodities exchanges.
• Common Law Fraud: Operating a fraudulent scheme to deceive the public market and drive prices from $9 to over $50 an ounce.
• Racketeering (RICO Act): Nelson Bunker and William Herbert Hunt were explicitly charged with and found liable for civil racketeering for organizing a structured conspiracy with Saudi billionaires and foreign shell companies to manipulate the market.
• Damages & Bankruptcy: The court ordered the brothers to pay over $130 million in damages, which contributed to Nelson Bunker and William Herbert Hunt filing for Chapter 11 bankruptcy in September 1988.
• CFTC Settlement (1989): In a final settlement with the Commodity Futures Trading Commission (CFTC), Nelson Bunker Hunt and William Herbert Hunt were each fined $10 million and permanently banned from trading on U.S. commodity markets.
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: " It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat." My coin website: https://fairfaxcoins.com |
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