what happens to guys like this? Blacklist for life I assume? Just 1 year out of school! Such a dumb move! Sad
He will probably go to prison for a short while, and he will never work in finance again. Perhaps NYU will rescind his degree as well. The overall stupidity of this guy for doing this is just unfathomable to me.
“TSAI is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison.”
yeah, this guy messed up his life big league. guy was in such a good spot too, I would have killed to have the opportunity he had after I graduated college.
Dude gets big-time inside information and decides to buy _ $23k _ worth of calls…what was he thinking?!?
Ethics aside, the probable payout the transaction was peanuts compared to what a guy like him would be earing during his career. I would understand if he would have bought $2.3M worth of calls through some shade off-shore account. But risk it all for peanuts? What an IDIOT!
At least he didn’t talk with his girlfriend about his insider trades using company email like that one M&A dude a few years back.
This summarizes my impression of NYU students so well.
he’s young. prolly didnt think he was doing anything bad. #boyswillbeboys!
^ 8 years old is young. He was just stupid.
Stupid, arrogant, didn’t think rules applied to him. Basically, common graduate mindset. Also, since he was President of NYU students, I’d think he’s also the king of douches.
Thought he was too smart for everyone else. I just feel bad for him. Both him and mr. anus would get destroyed in jail.
Maybe he was sexually frustrated and wanted to pull some big money to buy a sex slave.
i don’t think insider traders get sent to don’t-drop-the-soap prisons.
I don’t understand this case at all. The guy went to Stern. He got an IB position. Is he really so dumb not to cover his tracks a little more? Maybe collaborate with a 3rd party. And for $23K - what the fuck
My guess would be a few years in prison assuming he pleads guilty and behaves well in prison.
Reminds me of an episode from The Office - The Convict where they found out one guy went to prison for insider trader and he said prison was great. Then Micheal became ‘Prison Mike’.
well technically 23k of otm calls, can easily be a lot more. lets say stock price at 100. and call otm option was 1 at strike price of 110. and buyout of co was avg 40% premium, or 140. so you made 29 bucks per call option. well that’s 29*23000=667k.
we once asked how much would you trade your cfa charter before. so perhaps this man was just trading his undergrad degree for that amt!
also i just read the article, he netted 100k in profit. supposedly.
probation. What a joke!
Solid attitude. Possibly the next Nery in the making.