@jackm
running my fund and talking with LPs, fund managers, etc i heard 1000 ways things blow up
one sticks in my mind for being extremely unfair
in the 2000s some execs at big trading firm in Chicago (RefCo) engage in fraud. one day the feds raid the offices and seize everything
they examine the evidence and one guy, an executive named Tone Grant, had written down something vague on a piece of paper. something like “phillip is aware. “ no date, no context. just a random scribble. unfortunately “phillip” is the CEO and perpetrator of fraud. the feds seized on this as the basis to charge this lawyer as a co-conspirator
Tone goes to trial AND LOSES. he is sentenced to 10 years. he gets cancer in prison and dies. unbelievably sad
from what i know, he wasn’t aware of the fraud. he had been on the outs since stepping down as president. he was a lawyer, not a finance guy
unfortunate takeaway is that you have to he careful about what you write down. everything can and will be used against you as they say
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