Consequences of backdating stock options
“No matter what was presented to him in terms of the harm he did, he always had a way to minimize it,” Soltes says.
“The smaller — or less-wealthy investors — who were wiped out because of him, he saw as people that were just simply foolish to put all their eggs in one basket and give him all the money.
An insider of a reporting issuer is defined in section 1(1) of the .
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“Madoff is different from really anyone else of the executive white-collar criminals that I spent time with in writing this book,” Soltes says in a recent interview with Fraud Magazine. These were prominent charities that he got to know over time,” Soltes says.
“Unlike the other executives, he knew many of his victims. “In most cases, and it’s one of the underlying themes of my book, is that most of the time when we have this high-level executive or managerial fraud, it’s easy for the white-collar criminals to proceed without really feeling they’re doing harm because they don’t actually see the victims on the other side. He never seems to appreciate the harm he has done to his victims, he says.
The results of the prison correspondence and visits plus Soltes’ research on white-collar criminology resulted in his 2016 book, “Why They Do it: Inside the Mind of the White-Collar Criminal” (Public Affairs).
Or he would say they didn’t meet the minimum wealth threshold, so it’s the fault of the feeders’ funds for allowing those people to give the money in the first place but not his fault.