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Note: dude lives in Cupertino.. guess he found a way to pay for that $1M pad... This is NOT an isolated case. I hope he burns in HELL for the next 20 years.
Former Marvell Technology Employee Ng Charged in Nationwide Insider Probe By Bob Van Voris - Aug 10, 2011 9:01 PM PT
U.S. prosecutors charged former Marvell Technology Group Ltd. (MRVL) accountant Stanley Ng with conspiracy as part of a nationwide probe of insider trading involving so-called expert networking firms.
Ng, 42, provided material non-public information to Winifred Jiau, a former consultant with expert-networking firm Primary Global Research LLC, according to a criminal complaint filed Aug. 5 and made public yesterday in federal court in New York.
Ng was arrested at his home and appeared yesterday before U.S. Magistrate Judge Bernard Zimmerman in San Jose, California, according to a statement by U.S. Attorney Preet Bharara in New York. Ng was released on a $50,000 bond secured by his home in Cupertino, California, and is scheduled to appear Aug. 26 in court in Manhattan. He faces as long as five years in prison if convicted.
Jiau, 43, was convicted in June of one count each of conspiracy and securities fraud for passing earnings and other information about Nvidia Corp. (NVDA) and Marvell to hedge fund managers Noah Freeman, a former SAC Capital Advisors LP portfolio manager, and Samir Barai, founder of New York-based Barai Capital Management LP.
Barai and Freedman have pleaded guilty and are cooperating with prosecutors
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So all of you cash buyers, and those that can afford high down payments in pricy areas, if you don't mind my asking, where are you getting the money? Sometimes it seems like everyone but me in the Bay Area has hundreds of thousands in cash to plunk down on houses. Am I really the only one that doesn't?
So, if you don't mind, enlighten me. Where did you get your money, especially those that can throw, say, $300K-500K (or more) on a house.
Is it...
1. You just worked hard and saved. All blood, sweat, and tears!
2. Worked hard, got a bit lucky with stock options, made out like a bandit.
3. Inheritance
4. Lottery
5. Bought homes at start of (or before) bubble, then wisely cashed out at peak.
So which is it? The only things I might ever have a chance at are (1) and (2), but if that's not enough, then perhaps I shouldn't even bother trying, at least in the Bay Area.
Thanks!