Day trader army loses all the money it made in meme-stock era

Re:Day trader army loses all the money it made in meme-stock... by fullstop on Tuesday May 10, 2022 @08:02AM (#31326046)

I went through some of the PPP records and found some seemingly fraudulent things, like a youth baseball club receiving an absurd amount of money.

Was it poor record keeping or was it fraud? Companies sprang up just in time to receive loans, including a bunch in California named things like "88 Cloud Computing". All of the names in this case had 88 in them, which is often code for neo-nazi crap (88->HH->Heil Hitler).

It helped those who needed it, sure, but the deliberate sabotage of record keeping and oversight seems intentional.

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Re:Day trader army loses all the money it made in meme-stock... by 55555 on Tuesday May 10, 2022 @08:30AM (#31326266)

Sequential 8s are also lucky in Chinese.

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Re:Day trader army loses all the money it made in meme-stock... by fullstop on Tuesday May 10, 2022 @08:32AM (#31326289)

The person who filed the paperwork for these companies had an Asian surname, so this is far more likely.

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Re:Day trader army loses all the money it made in meme-stock... by md_ on Tuesday May 10, 2022 @08:55AM (#31326506)

https://www.cbsnews.com/sanfrancisco/news/lebnitz-tran-san-j...

Those four companies - 88 Cloud Computing LLC, 88 Enterprise Services LLC, 88 Investment Empire LLC and 88 Venture Capital LLC - each received between $350,000 and $1 million in loans within the span of a week in June 2020. The four companies purportedly provide cloud computing and investment services and two of them listed 24 employees each; however the address of all four businesses is a home in an affluent South Bay suburb.

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Re:Day trader army loses all the money it made in meme-stock... by fullstop on Tuesday May 10, 2022 @09:00AM (#31326559)

It sure feels like the "business owner" fleeced the USA out of a few million dollars.

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Re:Day trader army loses all the money it made in meme-stock... by ac29 on Tuesday May 10, 2022 @12:35PM (#31329106)

That particular one was arrested and is facing hundreds of years of prison sentences (multiple counts of fraud, etc).

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