Comment Re: Fraud = lies, not loss (Score 1) 49
First, It is up to the defense to pursue an argument. He is claiming no loss = no harm. He did NOT claim Caveat Emptor.
Second, Caveat Emptor only applies if no false statements were made. When you buy a car 'as is', and it does not start. That is your fault for not checking it. Similarly when you buy a mutual fund and do not bother to check that there is a 10% fee, you still have to pay the fee.
He sold a mutual fund, so the money has to go into the fund except for fees. He cannot take the money out of the fund and buy ANYTHING with that, that is fraud.
There is no law that lets a person lie in business. You cannot sell rat meat as steak, cannot sell a sled as a truck, and cannot take money from a mutual fund to contribute to a political campaign or buy real estate.
However, a bunch of billionaires think they can do anything with money they control, which is not true. That would be a crime.