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 prisonToo many people are using trading as an excuse for what they are actually doing, which is gambling.
Trading and gambling can be similar but only if you are not serious about your long term plans. A person who keeps trading back and forth, hoping to catch that 10% candle is going to waste 20% on fees before/if that moment even comes.
And a lot of these fake traders have absolutely no self control and no strategy. Which in itself in nothing short of a recipe for financial disaster.
I blame all the "Influencers" who fake being rich and having nice cars but at the same time demand "fees" for their "trading signals" or their "trading lessons". All they do is steal money from gullible people who think the memesters actually know what they are doing.