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Man arrested for making $90 million betting on Tesla Stock: Why

via:快科技     time:2022/1/9 20:01:07     readed:64

As Tesla's stock soared, Musk became the richest man in the world. An American man was arrested after he made tens of millions of dollars betting on Tesla stock.

According to foreign media reports, a 51-year-old man from Oregon, the United States, for illegally defrauding the government of $3.4 million in relief funds during the epidemic, and used the money to invest in Tesla shares, real estate, etc.

During last year's pandemic, Andrew Middot; Aaron & middot; Andrew Aaron Lloyd, a man who swindled government loans through the Small Business Administration's financial relief program.

From April 2020, Lloyds falsely used information about its relatives and business partners to apply for government loans without their consent.A total of nine loan applications were submitted, six of which were approved and awarded more than $3.4 million in loans.

In addition, Lloyd applied for multiple economic injury disaster loans (EIDL), but only one was approved, for $160,000.

After taking out several large loans, Lloyd transferred more than $1.8 million in loans into his brokerage account. It also bought more than 25 properties in Oregon and California.

It wasn't until January 2021 that law enforcement officials discovered the problem,And seized Lloyds' brokerage account, which included 15,740 Tesla shares.

In March 2021, another Lloyds account was seized, containing more than $660,000 in securities and cash.Together, the securities and cash are worth more than $18 million.

The report also noted that Lloyds originally bought Tesla stock for about $114 per share, and now tesla's stock is worth about $1,027 per share. By this calculation,The 15,740 confiscated Tesla shares have netted more than $14 million so far.

Lloyd pleaded guilty and was sentenced to four years in prison and five years of supervised release. It also forfeited 25 properties and 15,740 Tesla shares, and paid more than $4 million in restitution.


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