That Dan Kamensky fucked up spectacularly and disastrously is at this point fairly well-attested. His bank thought his demand that they not drive up the price of an asset he hoped to buy from a bankrupt company on whose creditors committee he served was bad enough to turn him in. The U.S. bankruptcy and the judge overseeing the case were certainly not amused; neither were the Justice Department or Securities and Exchange Commission. Even Kamensky himself has acknowledged how deeply he stepped in it, calling his instruction to Jefferies to “STAND DOWN” a “grave mistake” likely to send him to prison, and certainly serious enough to shut down his Marble Ridge Capital hedge fund.