The 2000 IPO process was pretty much a pump and dump for both the VCs and IBs. There were legal consequences for bad investment advice and misuse of shareholder money.
According to wikipedia, Citi and Merrill were both fined for this. I don't know who was held legally accountable for misusing shareholder money but there was the worldcom fraud which ended in jail sentences.
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The 2000 IPO process was pretty much a pump and dump for both the VCs and IBs. There were legal consequences for bad investment advice and misuse of shareholder money.
According to wikipedia, Citi and Merrill were both fined for this. I don't know who was held legally accountable for misusing shareholder money but there was the worldcom fraud which ended in jail sentences.