

Ask HN: Why isn't Cramer being prosecuted? Didn't he claim to break the law on TV? - andrewljohnson

Are there any legal or financial experts out there who can shed some light on this?<p>I sort of expect people who admit to crimes in interviews to at least be investigated, if not prosecuted.<p>It seems doubly worse that he is encouraging people to copy his crime as well.
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anamax
> I sort of expect people who admit to crimes in interviews to at least be
> investigated, if not prosecuted.

Why?

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noodle
he was heavily investigated and subpoena'd by the SEC.

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Allocator2008
To break the law, he would have to intentionally "talk down" a company, right
around an important event for that company, like an IPO or an acquisition or a
major product release. It is hard to prove intent. I could say "ACME sucks"
because I honestly believe ACME sucks, or I could say they suck because I want
to short their price. It is tricky business. Who is to say he broke the law if
in fact he talked down a company? Maybe he was just giving his honest opinion
and was not trying to trade in the stock himself. Intent is always a tricky
thing, especially when it comes to securities fraud issues. (Disclaimer: I am
not a lawyer, the above are just my gut thoughts!)

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andrewljohnson
I'm talking about the interview, where he specifically said (and I paraphrase)
"fomenting is against the law, but I did it anyways because the SEC is
clueless."

That was just one of a couple of crimes he admitted too, and I cite this one
because he specifically said "I committed a crime."

What more do you need?

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kyochan
Evidence. If he goes on trial he could plead the fifth and prosecutor will
need evidence to corroborate whether he actually did what he said.

