More than one out of four criminals convicted of stock price manipulation and other unfair trading practices are repeat offenders, while nearly half of them get off lightly with suspended jail terms, data showed on Tuesday. According to Financial Services Commission (FSC) data submitted to Rep. Kang Byung-won of the main opposition Democratic Party of Korea (DPK), 23 percent of the 643 people who were convicted of criminal offenses in the capital market between 2019 and 2022 have records of committing such unlawful acts more than once.
The title of this post is the title of this
Slate commentary by Harlan Protass, who uses all the ugly Wall Street news to spotlight the the over-emphasis of loss in how the federal sentencing guidelines deal with white-collar fraud. Here are lengthy excerpts from an effective piece:
[W]hen it comes to large-scale frauds involving public companies and their millions of shares, the guidelines grounding in mathematics sometimes results in sentences that are, quite literally, off the chart. They fall within the realm of prison terms usually reserved for mafia bosses, major international drug lords, cop killers, child molesters, and terrorists.
Will Madoff ever leave prison alive?
The title of this post is the headline of this new piece at CNNMoney. Here is how the piece starts:
Convicted Ponzi scammer Bernard Madoff will probably spend the rest of his life in jail. On June 29, Judge Denny Chin of the U.S. District Court in New York sentences the 71-year-old. The maximum sentence is 150 years in a federal prison, based on Madoff s guilty plea to 11 criminal counts, including fraud, money laundering, perjury, false filing with the Securities and Exchange Commission, and other crimes. [The Ponzi scheme s] effect on society was widespread, said Ken Rubinstein, asset protection lawyer with the New York firm Rubinstein & Rubinstein. Its effect on individual victims was economically and psychologically catastrophic. I can t see how any judge would sentence him for any period that would be less than his remaining lifespan.
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With Daniel Lippman
DOLE ANNOUNCES CANCER DIAGNOSIS: Former Kansas Sen.
Bob Doleannounced this morning that he has been diagnosed with stage 4 lung cancer. My first treatment will begin on Monday,” the former Senate GOP leader and presidential nominee said in a tweeted statement. “While I certainly have some hurdles ahead, I also know that I join millions of Americans who face significant health challenges of their own.”