Matthew A. Ford of Ford O’Brien Landy LLP, counsel for Constantinescu, told the court that the 21-count indictment, which accuses the men of profiting $114 million between January 2020 and April 2022, isn’t specific enough for defense counsel to identify exactly which statements each defendant made that were allegedly false.
“It was a quick trade,” he said. “There was no long-term strategy.”
But Ford told the court that his client’s posts were simply price predictions and that securities law doesn’t forbid people from making predictions online.
“There is nothing in securities law that requires someone to hold a stock indefinitely as the price is going down,” he said.
When he denied the motion for bill of particulars, Judge Hanen said most of the arguments Ford made Wednesday were more suited for a summary judgment motion or a motion to dismiss.
“What Mr. Ford was arguing was that when all this is said and done, this ain’t a crime,” the judge said.