The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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lets hope for something solid coming out of this for a change.
Just to confirm.
kris-tally
5d
Hi all,
This months Q&A will be held on Wednesday 30th June at 6pm.
Jordan Belfort and Stratton Oakmont
What was the scam?
Stratton Oakmont followed the traditional "boiler room" model of using high-pressure sales techniques to sell shares (which Stratton owned) in dubious companies to investors.
In many cases, Stratton would lure its clients in by allowing them to make a profit on their initial trade. It would also promise them a large allocation of shares in an initial public offering, only to later claim that the shares were only available at a much higher aftermarket price (created in part by phoney trades). Shortly after all the shares had been sold, the price would quickly collapse.
What happened next?
Stratton Oakmont was in trouble with the authorities almost from its founding in 1989, but it was not until 1996 that it was finally shut down. Even then it would take three more years for Belfort to be indicted for securities fraud and money laundering. Despite admitting to manipulating the stock of 34 companies, Belfort escaped with only a two-year jail sentence thanks to his decision to co-operate with the authorities (co-founder Danny Porush would get four years).
Belfort was also required to pay $110m in restitution. The Wolf of Wall Street, a book by Belfort based on his experiences, became a bestseller and was turned into a hit movie, but less than $12m has been recovered from the fraudster, mainly from the initial liquidation of his estate. The 1,513 people who were defrauded by Belfort have only received a fraction of the money that they lost.
He shifted the blame on the crowdfunding platform - which was absolutely untrue - that's just not how the mentioned crowdfunding platform works.
Anyone can check that with the platform - they are definitely reputable which cant be said about this company
Not really much point as nothing that has been said in response to questions has ever come to fruition. His first duty should be to act on behalf of shareholders LOL
...all seems very quiet