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 12 months. It was not his first felony conviction, however large banks invested with him anyway.

Are these publicly traded “large 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 massive banks. You’ll be able to examine it in varied newspapers. Primarily Credit score Suisse, Nomura, and Goldman.

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

Strictly talking, Invoice Huang had settled a civil criticism with the SEC and his agency (not he personally) had been discovered responsible of felony 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 a substantial amount of private wealth, a few of which he could have positioned with Wooden, and far of which he used through his household workplace to determine buying and selling accounts with the massive banks, who had been pleased to take his cash and lengthen him margin. You’d presumably not really be shocked 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 felony exercise.

I feel Invoice Huang’s practices had been indefensible ethically even when they’d not been discovered to be felony (it was a reasonably shut name as a authorized matter — see, for instance, Matt Levine’s protection of the trial), however I’m not certain what relevance they should the funding philosophy of Cathie Wooden, whom nobody has ever accused of any type 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 yet one more energetic supervisor together with many different star managers of the previous, who appeared sensible, to many others and doubtless to themselves, till they did not. There isn’t a fraud right here, due to this fact there isn’t a consideration of affinity fraud.

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