I get that - but my hunch is that if VC firms were able to invest the amount that they did, he probably had the ability to sell more of his stake in the company if he wanted to.

Granted, with what we know now, that does fit the definition of securities fraud.

if you’re lucky you can do small secondaries

but there’s no cashing out, quitting, and walking away to a beach somewhere after raising billions of dollars…it’s just not an option

They paid the WeWork founder $1.7B to step down.

https://en.wikipedia.org/wiki/Adam_Neumann

We’re all missing the big gotcha here - if he tried to sell out, the buyer would have done some DD and found the fraud as quick as Binance did. Best to keep quiet about your crimes.