The Five Biggest Insider Trading Scandals
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- Опубліковано 30 чер 2024
- Today we look at the biggest insider trading scandals in recent history
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The top five insider trading scandals. When people hear the term “insider trading,” they think of the crime. But insider trading is just the trading of a public company's securities by people with access to nonpublic or insider information about the company. There are rules around how insiders are allowed trade, forms they must fill out and so on, and these differ around the world.
Insider trading becomes illegal when a person bases their trading decision on information that the public does not know. It is illegal to trade stock in a company based on insider information, and it is also illegal to pass on that information to another person so that they can trade. In such a situation the person passing on the information is breaking the law as is the person receiving it if they trade on the information.
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0:00 Introduction
2:14 Sponsor - ProFundCom
2:53 Ivan Boesky
5:54 Martha Stewart
9:16 Raj Rajaratnam Galleon Group
13:13 Steve Cohen SAC
18:12 James McDermott Jr
20:28 Sergei Wenergold - Borussia Dortmund
21:46 Conclusion
Today’s video is sponsored by ProFundCom, the experts in digital marketing for asset managers. Check out their website: pfc.ltd/?NzM2OA
The last one is Bondesque. But, it really reminds of #TheTakingOfPelham123.
You should make a video on how leveraged etf's work.
insider traiding ? like nancy pelosi buying stock right b4 a company gets a big government contrackt?
hands-down best quote about Steve Cowen.. buying the Mets just so he could find out what it was like to lose...
@TryllaTröllMaistre Fictitious Fables of Europa wdym?
Whoever told Patrick to say "fo shizzle" needs to be brought to justice.🚓
The 10 million dollar studio guy...
Crimes against humanity
@@Thatninetykid In cards form
Time for an investigation.
Dude, some respect.. you say "Mister" when addressing an elder, especially if you want to say his name
"Minimal experience...sorry, minimal investing experience" Pure gold, sorry, pure bitcoin
🤣😂
I like the small, subtle, deadpan jokes.
Me too.
Please do more of that
For shizle
'he had the good sense to marry a wealthy woman' - so subtle and so hilarious
She didn’t have “experience “ 🤣
"Neither me or my audience has any time for any boring fraud" 😭😭
When I was a child I discovered that I could "win" an unlimited number coupons for free Mars bars (and other Mars Corp. products) in a competition they where running, yet my fraud has remained undetected all this time. The perfect crime? 🤔
@@thomas316 Not anymore, book em boys
@@thomas316 Did you fill your room with those coupons?
@@seneca983 I haven't eaten a Mars bar, Malteser or Twix since. As the old warning goes "Be careful what you wish for, you just might get it."
@@dvdm4709 Is it the sweet childs fault or the fault of a capitalist corporation for designing a competition in which the number of entries where unlimited and there was no nominal cost to entering? 🤔
What a burn! "He bought a stake in the Mets just so he'd know what it's like to lose"
Forget insider trading, I want to know how Boesky married upwards?
Yeah he’s ugly asf
@@karimghandour5998 I'd say Seema Silberstein is on a similar level in terms of looks.
@@seneca983 hahahahhaha😂😂😂
The three best ways to get rich are Inheritance, Marriage and / or Divorce.
@@zatarawood3588 Yeah the richest woman alive is Jeff Bezos ex-wife
I still don’t know why they were so mad at Martha Stewart. $45K is meaningless on Wall Street. Her guilt is questionable also. She must have pissed off a really big fish!!
She got caught up in the investigation of the bigger fish, but she was too high profile to ignore. She was convicted of obstruction of justice, not insider trading, because she lied to investigators. If she hadn’t lied, she would have had a very good chance of avoiding prosecution entirely or prevailing in court.
But she was dumb to make the trade in the first place, because she’s worth a frikkin billion dollars.
Good work, Agent 47.
Hoping too see you again with a new assignment. 😄
@Shill of the Russian Federation Oh boy, you're a man of culture.
Agent 47 Expleens.
I never understood why Martha Stewart lied to the investigators. All she had to say was that her stockbroker had called and recommended selling the stock. A common, everyday call. Was she trying to protect the broker?
She may have realized she could get in trouble when the authorities called.
She also could have said and should have said, talk to my lawyer.
She was charged with obstruction of justice not inside trading. 4 months in jail. She probably didn’t wanted to reveal her informant! In my opinion she came out a different person, much happier and open.
@@jamesodell3064 Ah yes, the famous "Don't talk to the police" video.
Snoop taught her not to snitch or talk to the five-O, and surprisingly she turned out to be a real one ready to ride or die.
"For shizzle" (while dressed in a suit) and "Yes she had 3 jobs and was trading on the side"
I love the little drops of comedy.
“I don’t know what that means, a young person told me to say it” 🤣
My very first day working at an investment bank, everyone in my class had to sit through a half day course about how the FCA will arrest you, your mother, and your friend's 2nd cousin in Mozambique who traded on the info you passed along
oh god, I need to go to Mozambique... :)
Informative, entertaining and no background music. A class act. Strong Work, Mr. Boyle.
Yes!!! No stupid background music
I didn't know a fund manager would be funnier than many comedians on Netflix 😂
Irritatingly there seem to be some people who are smart, funny, humble, AND wealthy. ..at least he's not pretty as well...
@@DrTune 😂😂😂😂
thats not setting the bar very high lol
@@jonrita2344 exactly 😂
@@DrTune He may not be a Chad but he isn’t bad looking. Pretty average/above average I’d say
So thankful that i found this channel. This guy is absolutely fantastic!
Ikr! (Hey, there's an audio-only podcast, if that's of interest to you.)
BTW, your sponsors are unlike anyone else on this platform, lol.
Ha Ha, very true. I'm planning on only dealing with companies I like
I'm really surprised that he wasn't sponsored by Raid: Shadow Legends.
@@PBoyle Boyle edition MeUndies. Comes in rep tie colors only. Contrasting waistband. Pouch for backup collar stays.
He is not a real youtuber if he is not sponsored by Nord VPN lol
I lost it when you said foshizzle! I’d love to come work for you mate.
Don't forget the Trans-alta power company, turned off coal power plants during winter to raise the power prices and paid only a small fine. Then on the day they paid the fine, fired thousands of workers!
I come for the stories. But I stay for the dry humour 🤣. Very funny subtle jokes.
Agreed. 👍
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I’m just dying for a collaboration between Patrick and Jamie from Trade Spotting ... any chance Patrick?
For shizzle, I’m crying over here 😂. Keep up the great vids Patrick
When American politicians do this insider trading nobody does a damn thing about it.
That's part of the plan...
Actually there is a law on the books that allows politicians access to insider trading. Look for a report Steve Kroft did on 60 minutes about this.
So true! Remember, politicians are the ones that make the laws! They put Wall Street types into jail/allow them to be sued/get hit with massive fines- and they are the biggest fraudsters of all (except for Media Mafia- who are the biggest fraudsters!). Politicians tell millions of people on a daily basis that they will do this, they will do that, and they will do the other; and they never do! They do not hold themselves to the same standard that they hold others to (especially in finance and investment).
How dare you?
Nancy doesn´t have insider knowledge!
She has a time machine, there is no law against that.
@@gt-gu7rb That law was changed in 2012, iirc a year after the documentary you mention (if I am thinking of the same one) ... not that any politician has been prosecuted since then ...
In 2008 I was laid off along with many others at the company I worked for which was a subsidiary of a larger publishing company. After I was let go, I wanted to see if anyone had insider information on the lay offs and profited from them. Low and behold I discovered the CFO had increased his shares of the company stock just prior to the lay offs. I tried to notify the SEC but nobody responded. So much for the whistleblowers.
I know this was a while ago but i have a lot of questions. Why did he by stock, did the layoffs lead to the company value increasing? Was there a rally after he bought? Was the company publicly traded even though it was a subsidiary?
@@emmanuelgoldstein319 All good questions, along with did the CFO file in advance that he was buying shares? Any officer of a company can buy and sell shares, they just need to file it ahead of time. People don't want rich people messing with stock prices but they don't want to fund the SEC. And it's questionable how many donors to political campaigns want a strong SEC.
@@emmanuelgoldstein319also how did he acquire them? It'd make sense for a CFO to have a share plan or something so the timing might not have been his choice
Surely value of stock would drop. You short it
@@davidc4408 depends on the situation but we don't know what that is
I've seen a bunch of your videos by now, and I still cannot get over how funny your deadpan delivery of your jokes are ^_^
Just discovered this channel and can’t stop watching, I need to take a break as I can’t absorb anymore fascinating details for a while. Love the humour too. Class act. One question, is he still running his finance company, there are no news updates since 2018?
Patrick, anyone who thinks youre dull is mentally dull. Youre a legend of the people for the people. Thats a gift.
Here's a very silly idea for a video should you run out - Bottom Five Insider Trading Scandals: Risks that could never have been remotely worthwhile.
Attempting to blow up Dortmund's team bus to make your puts print, the stock appreciating then having to do 14 years sounds like it could feature.
Seconded
So cool to see sponsors in your channel, congrats!! Tks for the great content as always.
Clicked video - upvoted - started watching - Fo' Shizzle, well earned.
Really interesting topic! A great book on the Ivan Boesky saga and Wall Street in the 80s is Den of thieves.
Come for Patrick's incredibly detailed content, stay for him officially saying "Fo Shizzle."
Where's The DogeFather lol
Patrick's videos makes me wish I could like them twice, great stuff as always.
I love these historical videos please do more! Every time I watch these I unlearn things I thought I knew -- you are a beacon of light in a UA-cam sea of
Sea of…? 🤔
@@savage1267 "shite".
This man deserves more subscribers. So underrated.
He said "fo'shizzle" so I'm going to subscribe in the hopes of similar hip-hop style content.
Excellent as always! Cant wait for the Tether video!
You're both witty and smart, Patrick. I lived in Dublin for some time.
Greetings from Norway. Thank you and keep up the good work! Excellent!
I remember learning about tipper and tippee liability under the '34 Act in my finserv law class.
I don't think I ever had so much fun watching market related video!!! 😄 very interesting and informative content as well 👌 thank you
Nice job on this. The whole Martha Stewart conviction was a joke. Sending her to jail did nothing except get some prosecutors name in the news. There have been far worst insider traders that have done no time and suspected insider traders that no one ever went after.
I’m in favor of harsher jail sentences and fines for white collar crimes like insider trading. Buttt, Martha should have been fined and banned from running a company for like a year tops. She barely did anything wrong. Sure it was bad, but like whatever. Snoops a legend love that guy.
The jail term was for obstruction so not rly associated with the insider trading. That's for being an absurdly difficult individual to the court
@@doom2avatar it shouldnt be illegal to protect youself from a court. Especially when the original charges arent even followed through with
She was convicted of lying to investigators. She should have just told them the truth, her stockbroker had called and recommended selling the stock.
The US public doesn't care about white collar crime. They only care about street crime. White collar crime does far, far more economic damage and even kills more people every year, but because it is boring and complicated, they just do not care. That's why it is rarely, and only lightly, punished. Criminality, of the white collar sort at least, is entirely normal amongst the upper class. When they say 'crime doesn't pay', they should specify 'STREET crime doesn't pay', because white collar crime absolutely does.
Do you know any single wealthy women, Patrick? Asking for a friend
You should look at some of our Congressmen and how they made bank on "timely" stocks after testimonies in their committees.
Love your videos -the film and photo inserts are especially interesting! thanks
Dang dude your brilliant. I like how you speak slowly in terms lay people can understand however, I do have to go back and listen again. The information that’s in your head is simply mind blowing.
Great video, bravo
🇺🇸
The production quality, including audio, of this video are very good. You are getting quite good at this.
Martha Stewart got a bum rap. Any customer would have sold shares when the broker informed that the CEO of the company had done so.
She made the classic error of trying to hide a petty crime and in doing so committed a far more serious crime.
@@seneca983 Maybe she panicked and tried to save her good reputation. Most people in a similar situation would react in the same manner. But the punishment she got was harsher than she deserved.
Who ever got you to say fo shizzle needs a raise cause it was hilarious!
I nowhere near have enough to invest in Bitcoin even at the rate PayPal let's ppl pay. It's just not financially viable for me
Loved the topic of this video. Would love to hear more about instances of insider trading, maybe even in other markets.
Your posts are NEVER dull! My understanding is that today the law has been changed. Today, if Martha happened across that information in a telephone call and didn't deliberately seek out insider information it wouldn't be a crime. For instance if a woman is sitting in a restaurant and overhears something which makes the person decide to sell her stock, it's not a crime. Is that correct? I always thought the case against Martha was very unfair. This has nothing to do with me because I'm penniless and have no interest in cooking. :).
You’ve improved your editing/presentation greatly. Good job.
Patrick has one of the most entertaining videos out there. Thanks sir!
that picture of kim... was that necessary LOL
You should have played the clip of Guliani sweating with his hair color dripping!🤣
5:35 He did
Patrick, content is amazing as usual, but also great respect to your tailor. Impeccable suit and tie.
Loving all your videos! Great job! Keep up the good (and funny) work ;)
Court:
We forbid you to be around criminals.
Second, we sent you to prison.
Parole tends to be after prison.
Thx fir your videos. Very informative, well planned out and executed. Very entertaining, too!
Decent video. Like the Martha Stewart puns. Virtually endless material. Nice watch!
These videos are great. Patrick's witty humour cracks me up!! Lol
SAC made over 30 percent a year after very large fees
How has Point 72 done since inception in 2018 without, assumptive on my part, trading on inside information?
Another brilliant video! So few finance creators deliver truely valuable insights into the machinations of the markets whilst simultaneously making you laugh so hard you choke on your coffee - that first minute of the video is absolute gold!! 👍👍
Excellent video ! B. R. Shetty and his company NMC health another example that retail investors are always the suckers on the poker table … audit companies and regulators are useless!
Nobel Prize to the young person who told Pat to say "fo shizzle" 🤣
Many thanks as always for your witty and urbane commentary
My uncle was Ivan Boesky’s childhood friend in Detroit. Boesky’s family I think owned a deli. Both of them actually rose to the top of finance, my uncle coming from a very poor Irish family and became a top CFO in the oil industry and bond trading. My uncle however lives on Turtle Ave in Dallas, and never visited the cinderblock condominium.’
what?
Great video Patrick, thank you for the interesting content!
Gotta love your sense of humour !!! Great interesting vid !! thanks for posting
Hi Patrick! Thanks for the video.
What about a video on the Tether scam? Timing seems pretty good :)
The deadpan humor keeps me coming back. And the nice suits.
I don't know if you write your own material or have a writing team, but I am dying of laugher.
Once again, great video Patrick! The production quality has been through the roof lately.
On a side note: I wonder if the shakey corporate ethics Cohen developed early in his career planted the seed for the whole GameStop craze hahaha, he may have influenced Plotkins investment philosophy after all.
It was the "Fo shizzle" for me
Lol the Snoop dog part got me laughing
”Yes, she had three jobs, aand was trading on the side” 😂😂😂
that was the best one
LOL I love how you tell jokes; but look deada$$ serious while telling them. Foshizzle!
" A young person told me to say it" - true nerd talk
Thank you for this great video! I really enjoyed watching it.
Sir can you pls make a video on Bill Ackman's last year's CDS trade , pls explain the process of how he took that trade and how he made money on it.
Philipp Hildebrand, at the time president of the Swiss central bank, had to resign after it became public that his wife at the time traded the EURCHF ahead of the 1.20 Euro peg.
Some say that the wife's boyfriend was also trading it. They divorced shorty after.
Another awesome video! If they caught these guys imagine how many others are making billions off of insider trading.
I love your straightforward style, my man. Very interesting.
I'm sorry, Martha Stewart was a director on the board of the NYSE?! Goddamn TIL.
Enjoyed the video. Amazing people go to such lengths for information when they could just sit behind gossiping coworkers on the DLR to Canary Wharf. Apparently discretion is very old fashioned. 🤷🏻♂️
Ok, I heard you say "murder ARB” :) lol
I like your style of delivery. Simple and fluid.
Foshitzle my field lol. Patrick is the best... Why do I laugh when he drops a joke
Love his channel, Boyle is like a finance encyclopedia, but I really had to cringe hard at that one lol. I’m not young and hip anymore... but even when I like to think I was young and hip, in the early 2010s or so, for (or fo’) shizzle was like circa 2007 Ebonics slang 😆😆😅
@@SmartWentCrazy. well duh. the term itself is very old but it will forever be associated to Mr. Dogg.
@@SmartWentCrazy. Oh, it's a lot older than that lol.
I thought Patrick’s delivery was a bit odd at first, but I am hooked. Great channel and keep it up Patrick! Subscribed.
How to avoid getting caught while committing crimes:
1. Always in cash.
2. Never in writing.
Or do it very publically and openly and mock the SEC while you do it.
Seems to be working for most people these days.
Love this content! Patrick, I started to wonder if we are watching a real person until you finally blinked. But then, blinks could be faked. So I started timing them to see if they are random. But randomization can be in the algo. So we are left to ask ourselves whether we care if "Patrick" is real and if so, why?
As usual another quality video. Love the dry like Ryvita humor (shout out phoneshop). Thanks Patrick - easily one of if not the best financial education channels I follow.
Dryvita hahahaha. Great show.
You are more than just afund manager, Pat. You're also a great and subtle comedian
Hi Patrick i absolutely love you videos and the subtle humour, it's very engaging
@Patrick Bóyle get out this is a fake account.
I love your videos, sly humor and great info.
Bravo! Well done, Professor.
The best yet! Great episode!
Premiere was great!
I sprayed my coffee @ fo shizzle...good job sir
"fo shizzle" ahhaa your humor never ceases to crack me up!