A Tennessee investment manager is in hot water with federal authorities who have indicted him for defrauding investors, a fraud that the manager hoped to reverse by shorting shares of Google.
It didn't quite work out for Jon Hankins the way he hoped it would. Instead of seeing dreams of an overvalued Google drop, they increased instead. Before he knew it, the investment turned into a $20 million dollar loss.
The Securities and Exchange Commission was not remotely amused by that series of unfortunate events. In June 2005, Hankins' Tenet Capital Partners Convertible Opportunities Fund was placed into receivership, fourteen months after it had launched.
The Knoxville News Sentinel said that his "large, naked short positions in Google" resulted in substantial losses.
Instead of reporting the loss to his clients, he began falsifying statements about the fund's financial records. The federal charge of wire fraud
Found an error or have a suggestion? Let us know and we'll review it.
 {
function initCopyableSections() {
document.querySelectorAll('.article-content .copyable-section').forEach(function(section) {
if (section.querySelector('.copyable-section__btn')) return;
var btn = document.createElement('button');
btn.type = 'button';
btn.className = 'copyable-section__btn';
btn.setAttribute('aria-label', 'Copy to clipboard');
var label = section.getAttribute('data-copy-label');
btn.textContent = label ? 'Copy ' + label : 'Copy';
section.appendChild(btn);
btn.addEventListener('click', function() {
var contentEl = section.querySelector('.copyable-section__content');
var text;
if (contentEl) {
text = contentEl.textContent.trim();
} else {
var clone = section.cloneNode(true);
var btnClone = clone.querySelector('.copyable-section__btn');
if (btnClone) btnClone.parentNode.removeChild(btnClone);
text = clone.textContent.trim();
}
if (!text) return;
navigator.clipboard.writeText(text).then(function() {
var t = btn.textContent;
btn.textContent = 'Copied!';
btn.classList.add('copied');
setTimeout(function() {
btn.textContent = t;
btn.classList.remove('copied');
}, 2000);
});
});
});
}
if (document.readyState === 'loading') {
document.addEventListener('DOMContentLoaded', initCopyableSections);
} else {
initCopyableSections();
}
})();
</script>
<!-- Tags -->
<!-- Correction Form -->
<div class=)
Suggest a Correction
Shorting Google May Equal Long Jail Term
0 views
Comments (0)
Please sign in to leave a comment.
No comments yet. Be the first to comment!