Try as I might (and I’m not really trying), I can’t seem to dredge up any sympathy for the folks who got conned by Madison Cawthorn and his friend’s Let’s Go Brandon (LGB) cryptocurrency scam.
Seems the “value” of the currency went way up shortly after Cawthorn endorsed it at the end of last year, after which he cashed out for a quarter of a million really dollars, after which the value went down to zero:
Cawthorn saw his investment in the coin increase by upward of a staggering 97% during the 10-day period he held the coin, according to LGB’s market data.??>“This looks like a pretty classic ‘pump and dump’ scheme,” said Jordan Libowitz, a spokesman for Citizens for Responsibility and Ethics in Washington.
…
LGB’s market value suffered a precipitous decline beginning just one day after Cawthorn offloaded upward of \(250,000 of the coin onto the market. The coin’s troubles compounded on Jan. 4 after NASCAR rejected the coin’s sponsorship deal with Brown. By the end of January, the market cap of the meme coin dropped all the way to \)0. ?Trumpers practically advertise themselves as targets for scam artists, inasmuch as they”ve been scammed by Trump, Fox, and the Republican Party for years.
Now, all this doesn’t mean that I wouldn’t want to see Madison prosecuted for this little bit of insider trading. Now, he might try a they deserved to get conned defense, which has some emotional if not legal merit, and it just might work if he got a jury full of people sick to death of Trump and his antics, but I wouldn’t count on that. Any such jury would also be more than happy to see Madison wheeled off to jail.
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