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explain whether city will be charged under the rico act as a result of the department of justice investigation firstly i think i should explain what the recall act actually is it's the racketeer influenced and corrupt organizations act the rico act is a united states federal law that provides for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization while its original use in the 1970s was to prosecute the mafia as well as others who are actively engaged in organized crime its later application has been much more widespread it says under rico a person who's committed at least two acts of racketeering activity drawn from a list of 35 different crimes within a 10-year period can be charged with racketeering if such acts are related to one of four specific ways to an enterprise those found guilty of racketeering can be fined up to 25 000 and sentenced to 20 years in prison in addition the racketeer must forfeit all ill-gotten gains and interest in any business gained through a pattern of racketeering activity and therefore not only will these hedge funds and hedge fund managers be fined 25 000 but they also have to forfeit all ill-gotten gains which obviously could be in the billions if not trillions of dollars by now so how exactly does the rico act which was designed to imprison the mafia actually relate to citadel reuters published an article saying u.s prosecutors are exploring racketeering charges in their short seller probe it says u.s prosecutors are exploring whether they can use a federal law originally enacted to take down the mafia in a sprawling probe of hedge funds and research firms that bet against stocks the justice department last year issued subpoenas to dozens of firms including such well-known names as citroen research and muddy waters and also melvin capital on top of that as well and now citadel is also affiliated in the probe as i covered in my video the other day the justice department is now going after top executives at citadel and even individual funds within citadel while prosecutors haven't made any decisions yet potential charges under the recall act was an option on the table in the past prosecutors have built ricoh cases alongside other allegations such as market manipulation one of the most high-profile cases brought under the rico act included that of michael milken who is indicted in the 1980s for racketeering and securities ford but reached a plea deal a racketeering case could allow prosecutors to ensnare a broad swathe of investors involved in an alleged criminal enterprise even if they participated indirectly and this is exactly why the department of justice is going after smaller firms like melbourne capital and citroen research because then when they've got all the information and evidence they can tie in citadel as part of the recall act they can effectively include citadel as part of that criminal enterprise and charge them all under the one same crime however it does also say such a case would also face more challenges than a narrow one aimed at a smaller group of people that's in part because prosecutors have to establish a pattern of activity however i don't think it'd be very hard to evidence a pattern of activity in the naked short selling and the short ladder attacks against amc that happens on a daily basis among the activities the justice department is investigating whether funds conspired to perpetrate a so-called short and distort scheme now obviously short and distort schemes are where one fund takes a short position and then releases some outlandish schlander that isn't necessarily true at all in order to crush the stock's price now i wonder if there's a few high-profile news anchors at the mainstream media that have been slandering their amc stock guys many of you may not have a lot of confidence in the stock market at the moment there's tons and tons of market manipulation and market fraud that seems to be going entirely unpunished and that's why i personally have also been investing in cryptocurrency especially during this big dip with blockfi not only can you invest in crypto but you can also get up to 250 dollars in free bitcoin just for signing up with blockfy more than 500 000 people and 350 institutions globally use blockfy to manage over 10 billion dollars in assets it's also a free platform that has no minimum balance requirements and blockfy also has a rewards credit card with an introductory rate of 3.5 percent cashback on your purchases also paid in crypto there's also no annual fees and no foreign transaction fees but the card is currently only available in the us and not in the uk or in europe at the moment so guys be sure to sign up to blockfy using the link in the description below to get up to 250 dollars of free bitcoin now i think the most important thing as slick shooter says is i'm not sure if you understand how bad racketeering charges actually are they don't even suggest racketeering charges if they aren't a hundred percent confident they can pin the evidence on the funds obviously the rico act is a very large lawsuit there's a very very large punishment and it takes a long time to gather all of the information needed and therefore they wouldn't suggest prosecuting under the rico act if they weren't 100 sure that they could guarantee a conviction charges under the rico act aren't just thrown around like a speeding ticket they are some serious serious business and as the real darkpool says think organized crime this is larger than just ken griffin or larger than just citadel but could effectively span to all of the short hedge funds that have been trying to short and distort amc over the last year obviously it's not just citadel that's creating and holding the synthetic shares there's a total of around 50 funds that are currently shorting amc and it's likely that multiple of them have been creating and holding these synthetics and therefore the required is the perfect way to ensnare all of these illegal short-selling manipulators all together in one singular lawsuit and as i mentioned earlier it's really interesting to see that charles gasparino and jim cramer who work for the mainstream media have currently been on a mass tweet deletion spree taurus said she hasn't personally confirmed if it's true but it wouldn't shock her with the ricoh charges possibly coming but kintara has managed to get some actual proof by going to charles gaspino's twitter page going to media and you can see that pretty much every single one of his recent tweets have all been deleted there's also a comment on tarou's tweet saying i'm an inside source of fox news saying that charles gasparino lawyered up two days ago he heard this news prior to learning about the ricoh charges now obviously this is a massive amount of trust me bro logic but considering the department of justice are going to use these ricoh charges i think charles gasparino and jim cramer need to lawyer up if they haven't already considering all of the untrue slander they've been releasing about amc over the last year i think these two could potentially be some of the first people that end up going to jail but i guess to answer the question do i actually think citadel and ken griffin could be charged under the rico act i think obviously the department of justice have got their investigation cut out for them as they need to find suitable evidence to pin on citadel and ken griffin i think this is why the department of justice had first started by going after some of the smaller funds like melbourne capital muddy waters and citroen research to ensure they can gather actual information and actual evidence obviously when they can find evidence of synthetic shorts all they have to do is find the other side of the transaction because these smaller hedge funds like melbourne capital can't create synthetics on their own obviously it's only the market makers that can actually create the synthetic shares so as soon as they find evidence of synthetics in melvin's books all they have to do is find out which market maker created them for melvin and at that point obviously it will lead them straight to citadel and then they'll also look through citadel's books and hopefully find all of the synthetics there now i have seen some comments on my videos that say tom citadel aren't going to be stupid enough to leave illegal synthetic shares on their books things that are illegal tend to be hidden and not left in plain sight now obviously this is half true things that are illegal tend to be hidden and not very easily found especially by large hedge funds like citadel they aren't going to make rookie errors left right and center but then at the same time a synthetic share is created when they fail to deliver is just never delivered it continues to fail and therefore becomes a synthetic share that is created in order for the hedge fund to borrow and shore but there will be some evidence of a hedge fund contacting citadel saying they want the short amc and then citadel won't be able to locate the shares and they will still allow the hedge fund to shore and have failed to deliver will be created that failed to deliver will be on the books and then obviously because that ftd was never actually delivered and the shares were never actually located it'll effectively stay there on the books now obviously citadel have somewhat hidden these failed delivers and effectively rolled them using the options chain using those married in divorce puts but obviously there's still going to be evidence of those married and divorced put trades on citadel's books for all to see and therefore it doesn't necessarily take a genius to realize that hedge fund wanted to shore amc citadel allowed them to short amc without first locating the shares and then did nothing to actually locate them and also then rolled those further delivers in the options chain it'll be very easy to see that for an entire year or for multiple years considering amc has likely been naked shorted for a lot longer than just one year that citadel never actually had any intention on delivering those failed delivers it's an honest mistake if a hedge fund wants to short amc and a market maker allows them to short amc without first locating the shares but then locates the shares a few days later but in citadel's circumstance they've clearly made no attempt to ever locate any of these shares over a year-long period or even a multiple year-long period and that's where the illegal synthetic shorting comes in obviously if the felted delivers aren't actually delivered in a few days they end up turning into a synthetic short and that's exactly what's been happening likely for years now and therefore there will still be evidence on those failed delivers that took place last year the year before and the year before that in plain sight for all to see and this is exactly why cory has provided a mountain of evidence directly to the department of justice the sec and the fbi in order to aid them in their investigation corey has put together this giant thread of information which obviously many people have also commented adding their own information and their own screenshots of jim cramer and charles gasparino so ether you think citadel will be charged under the rico act channel and ding the upload a new video cheers
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