The conversation

Lessons learnedExperience excerpt · English

I remember at Christmas one of my uncle's was a stock broker and a big knocker at some financial …

… I remember at Christmas one of my uncle's was a stock broker and a big knocker at some financial company. He was asking what I did and where I worked. He started asking more questions and told me I needed to be very careful - what the startup was doing was either really illegal or they were operating in a very gray area. Neither of them will end well for anybody and if the SEC thinks I'm involved in any way of covering up what they were doing? Then I'm in deep shit. I quit about three weeks later. A year or so after that, the economy collapsed. I found out they were automating robo-signatures for real estate and mortgage companies. They were changing clients contracts from fixed APR's to 3 year ARM's and a bunch of other highly illegal shit. The company went under and despite several local news reports about it, nothing happened. Pretty sure they just got lost in the myriad of other companies going under, people losing everything and the economy collapsing. It was a good experience for me to understand and see red flags when something doesn't feel right.

Original discussionUS CFTC Sues Binance and CEO Changpeng Zhao543 source comments · at import
3

What was this responding to?

Parent context · original excerpt

HN

That whole thread is gold. Molly White is truly doing the Lord's work: > Rule 1: If you're going to do crimes, don't put them in writing. > Rule 2: If you're going to put them in writing, don't write them in "I CAN HAZ CHEEZEBURGER" style writing, it's embarrassing. https://twitter.com/web3isgreat/status/1640378422483472386

Full original

Community replies 0

No community replies yet. Add your perspective.

Replies from the source 3

Direct replies available in this import. Original-language excerpts.

ST

What a great anecdote. I'm sad to say this - but most capitalism operates like this more or less, and capitalism runs the world. There is not enough integrity.

Full original
BB

I kind of lolled at the part where you thought you where at risk of the SEC going after you. Just a reminder that Madoff ran a ponzi for more than !15 years! to the tune of 20 billion USD and the only ones to go after him where his sons who turned him in to the FBI. Note: the SEC was NOT involved in going after him (they did the opposite: they looked away). The SEC is a marketing agency that exists to provide a false image of "fair markets". It's not actually a regulatory agency.

Full original
PJ

> I found out they were automating robo-signatures for real estate and mortgage companies. There's a lot of unfocused "somebody must hang for this, but we don't know who" anger energy around what happened in 2008. Most of which wasn't criminal at the time or even after, merely poor business decisions. But robo-signing? This was overt fraud, perpetuated against ordinary members of the public, and everyone involved in it should have gone to jail.

Full original
Continue on Hacker News

Respect different perspectives. Share concrete experiences.

Sign in to post, reply, repost, and quote.