ARK funding - Web page 6

Harmanic wrote: ↑Mon Sep 02, 2024 10:48 am

ResearchMed wrote: ↑Mon Sep 02, 2024 10:37 am

Harmanic wrote: ↑Mon Sep 02, 2024 9:36 am
…Invoice Huang was convicted of fraud earlier this yr. It was not his first legal conviction, however massive banks invested with him anyway.

Are these publicly traded “massive banks”…?

Additionally, was this recognized about Huang when Cathie Wooden was getting her seed cash from him, or when she was soliciting buyers to purchase her funds?

RM

Sure, they’re the large banks. You possibly can examine it in numerous newspapers. Primarily Credit score Suisse, Nomura, and Goldman.

Sure, Huang was already a convict when Wooden obtained her seed cash from him.

Strictly talking, Invoice Huang had settled a civil grievance with the SEC and his agency (not he personally) had been discovered responsible of legal fraud. That is not the standard definition of “convict,” although certainly, as a part of his settlement he had been barred from managing others’ cash.

He nonetheless had an excessive amount of private wealth, a few of which he might have positioned with Wooden, and far of which he used through his household workplace to determine buying and selling accounts with the large banks, who have been blissful to take his cash and prolong him margin. You’ll presumably not really be stunned that founders take investments from, and banks commerce with, many individuals who’ve settled civil complaints and for that matter with individuals who have information of legal exercise.

I believe Invoice Huang’s practices have been indefensible ethically even when they’d not been discovered to be legal (it was a reasonably shut name as a authorized matter — see, for instance, Matt Levine’s protection of the trial), however I’m not positive what relevance they should the funding philosophy of Cathie Wooden, whom nobody has ever accused of any sort of dishonesty. She’s been candid to a fault, so far as I can inform, about what motivates her and her investments. I contemplate her to be another energetic supervisor together with many different star managers of the previous, who regarded sensible, to many others and doubtless to themselves, till they did not. There isn’t any fraud right here, due to this fact there isn’t any consideration of affinity fraud.

Disclosure — I personally am Christian and I’m personally acquainted with a number of the individuals talked about. I’ve by no means had any monetary stake in any of this foolishness, thank goodness.