Glad the SEC caught these fraudsters -- the jury found them guilty on all counts, penalties TBD, and also a determination on insider trading TBD as well:
Want to bag a half billion? Here’s a step-by-step plan that almost worked:
1. Buy your way onto the boards of publicly traded companies.
2. Set up a labyrinth of offshore accounts and sham companies in the Isle of Man and the Cayman Islands.
3. Pay a lawyer a lot of dough to consistently lie about who really controls your offshore edifices.
4. Transfer your stock options and other equity-based compensation to these secret accounts. Buy even more stock when the timing is right.
5. Trade on the insider information you receive from the publicly traded companies that you control as a board member. For instance, you can load up your accounts before mergers are announced and then sell on the announcements.
6. Never disclose to the Securities and Exchange Commission that you are doing this. When you dump the massive amount of shares you secretly accumulate, you don’t want to alarm other investors and push down the price of your own stock as you sell it.
7. Use your riches to buy ranches in Aspen, Colo., a horse ranch in Dallas, vacation homes and properties for your family members. Acquire tens of millions of dollars worth of art and collectibles. Donate $10 million to have your alma mater name a building after you. Give $2.5 million to your church.
invite response
Glad the SEC caught these fraudsters -- the jury found them guilty on all counts, penalties TBD, and also a determination on insider trading TBD as well:
http://www.marketwatch.com/story/how-to-get-stinking-rich-using-secret-offshore-accounts-2014-05-14?link=MW_story_popular