This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“
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Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prisonHe made three mistakes in my opinion. The first mistake he must know that trading will not make someone rich quickly and the second mistake is that meme coin investment is not a wise trade, I want to emphasize that meme coin investment is included in the category of very risky and volatile investments. Meme coin prices are often subject to volatile hype, making it very difficult to predict accurately and consistently. although some people may succeed in making huge profits from investing meme coins, but the risk of losing money is also very big. and the third mistake is using borrowed money to invest in meme coins.
Back to the case you mentioned, it's true that the person used other people's money to invest in meme coins and embezzled this money, this is very unethical and against the law. Therefore it is only natural that he goes to jail.