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College Basketball News, Rumor and Humor



Schools Named in Indictment​

Abilene Christian
Alabama State
Buffalo
Coppin State
DePaul
Eastern Michigan
Fordham
Kennesaw State
La Salle
New Orleans
Nicholls State
North Carolina A&T
Northwestern State
Robert Morris
Saint Louis
Southern Miss
Tulane
 
Buffnik said:


😂

And nobody thought wagers that big on minor games would raise a red flag?
Click to expand...

So about 15 years ago I had to call a $5-10mm loan. I took a minor technical default and called the entire balance because I walked out of a meeting with them and thought "they're shady af, we gotta get our money back now."

Fast forward a few months and we had our money (repayment at the point of default wasn't in question, and that's why I called it then on something minor), and fast forward another year or so beyond that, and I'm reading the SEC complaint against them on another deal.

What absolutely floored me was that they really could have gotten away with it.

They had concocted a scheme where they could generate a small (<2%) guaranteed return per transaction in a particular life insurance product.

The circumstances where you could get the guaranteed return presented on about 1/2 of all trading days, but most days it presented it was pretty small (<0.5%). That being said, about 20ish days a year, the opportunity would be >1%.

So they started trading this arbitrage opportunity; it was technically against the rules of the product they were trading under to make the transactions as frequently as they did, but they were getting a guaranteed 80-90% annual return on the strategy.

So, of course they got caught. And here's where it gets bonkers: they were literally and explicitly told that they could still make this trade on this product, but that they could only make the trade 10-20 times a year.

Which means that they could get a guaranteed 15-25% return on their money every single year in perpetuity by just waiting for days when the trade would produce >1% profit, and trading on those days until they hit total trades/ year limit, and then waiting till the next year to repeat.

Talk about finding a golden goose! If I can grow my money at ~20%/ year risk free, I'm done.

Did they do that? Of course not, they started opening shell accounts and trading under them so that no one account went over the 20 transactions limit. They opened them in distant relatives names, their secretaries' names, their housekeepers' names, etc, etc.

So they really got caught, had to pay all the profit back, plus a penalty, and were barred from working in their professional field notionally for 5 years, but practically for life as no one hires an investment pro that has literally been banned by the SEC for fraudulent activity.

All because a risk free 20% roi wasn't enough.

Greed. On financial crimes, it's always greed that gets them.
 
Buffnik said:
Love me some Cronin
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Dude's a clown. Won with inherited recruits, and does nothing to coach on the court. Just yells and this is what you get. Dumbass Jarmond signed him to an extension before the year so he'll be around next season too, but he'll flame out after 2027.
 
SewallBeach said:
Click to expand...


Me too.

sabatinochen.gif
 
Sports radio talk in ABQ was multiple segments talking about the attendance problem at UNM hoops because yesterday (Wednesday night game against a .500 Fresno State team) only drew a little over 11k fans.

I almost called in with a "hold my beer."
 
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