--- title: "Billions: Real-Life Applications of Scenarios Depicted on the Show" description: "Billions: Real-Life Applications of Scenarios Depicted on the Show" image: https://resources.jackolg.com/hs-fs/file-3929933998-jpeg/blog-files/billions-blog-ep-1-2.jpeg --- [![Jacko Law Group, PC - Securities Law](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/brand.png)](http://www.jackolg.com/) Call Today for a Consultation San Diego 619-298-2880 San Francisco 415-766-3599 Los Angeles 213-631-2549 Menu [Contact](http://www.jackolg.com/Contact.shtml) - [Home](http://www.jackolg.com/) - [Firm Overview](http://www.jackolg.com/Firm-Overview/) - [Professionals](http://www.jackolg.com/Professionals/) - [Events](http://www.jackolg.com/Events.shtml) - [News](http://www.jackolg.com/News-Room/) - [Blog](http://www.jackolg.com/blog/) - [Videos](http://www.jackolg.com/Videos.shtml) - [Contact](http://www.jackolg.com/Contact.shtml) # Understand. Define. Achieve. Uniquely situated to offer comprehensive services to registered investment advisers, securities broker-dealers, hedge funds, financial professionals and organizations of all sizes. View Our Practice Areas - [SEC/FINRA Regulatory Counsel](http://www.jackolg.com/Regulatory-Examinations-and-Inquiries-SEC-and-FINRA/) - [Private Equity & Hedge Fund Counsel](http://www.jackolg.com/Private-Equity-Counsel/) - [Investment Adviser Services](http://www.jackolg.com/Legal-Considerations-for-Breaking-Away/Investment-Adviser-Counsel.shtml) - [Breakaways And Transitions](http://www.jackolg.com/Legal-Considerations-for-Breaking-Away/) - [General Corporate Counsel](http://www.jackolg.com/Corporate-Counsel/) - [Broker- Dealer Counsel](http://www.jackolg.com/Broker-Dealer-Counsel/) #### News - [Legal Tips](http://www.jackolg.com/News-Room/) - [Publications](http://www.jackolg.com/News-Room/Publications.shtml) - [Blog](http://www.jackolg.com/blog/) # Jacko Law Group Blog # Billions: Real-Life Applications of Scenarios Depicted on the Show ![billions-blog Ep 1 2](https://resources.jackolg.com/hs-fs/file-3929933998-jpeg/blog-files/billions-blog-ep-1-2.jpeg?width=1236&height=633&name=billions-blog-ep-1-2.jpeg) SHOWTIME’s new series *Billions* kicks off introducing us to hedge-fund titan Bobby “Axe” Axelrod and the head of Axe Capital who faces-off against his nemesis, U.S. Attorney Chuck Rhoades. While the show definitely has a flare for the dramatic, some of the scenarios depicted are an accurate reflection of the current securities industry. In this blog series, we will explore the legal regulatory issues as they appear in the show and address how relevant they may be to you and your firm. *Light spoilers ahead* **Episode 1** **Human Influence** We see US Attorney Chuck Rhoades go to a leniency meeting for an old family friend. The friend has Chuck’s father in the room as well hoping that will help the family friend get an easier sentence. Chuck does not take the bait and becomes infuriated that they would try to pull that on him. It was a conflict of interest; the old family friend did something wrong and he was going to have to accept his consequences. This was a great example of how over the past decade regulators have had to become increasingly stoic and hard-lined about pursing enforcement actions to maintain consistency. **Insider Trading** In another scene, Bobby Axelrod is watching his kids play basketball when he is approached by two employees to settle a debate on whether they should stay long or sell short. One of the employees ends up revealing he received an insider tip (we are later shown money being exchanged for insider information). While this was an extreme example, your firm should be proactive in education and training to ensure employees are aware of the firm’s no tolerance policy and have a plan of how to address this type of issue if it should arise. **Episode 2** **Mock SEC Raid** In this episode, Axe stages a mock SEC raid on his firm. The SEC shows up unannounced and starts grill ALL of the employees at Axe Capital. While some of the language and theatrics may have been an exaggeration, the SEC showing up unannounced is not. While most firms don’t opt to stage a mock raid because they are disruptive to business, mock exams are definitely a best practice to prepare you for the real thing. **Human Influence** Later in the episode, US Attorney Rhoades is with his kids and runs into a man who was convicted for mail fraud and is going to jail. Rhoades shows a bit of human emotion by trying to pay for the man’s donuts and later tells his wife that he wishes he could be human. This is the second demonstration of Rhoades’ lack of personal influence. Unfortunately, the current temperature of the securities industry does not allow for compassionate leniency. Due to milestone events, including the Madoff scandal, regulators have been cracking down on infractions without remorse. JLG is here to help. If you have questions regarding Mock Exams or need help drafting or reviewing your policies and procedures, contact us at 619.298.2880 or [info@jackolg.com](mailto:info@jackolg.com). ### Legal Tip Archive - [September 2011 (5)](https://resources.jackolg.com/archive/2011/09) - [April 2014 (5)](https://resources.jackolg.com/archive/2014/04) - [August 2014 (5)](https://resources.jackolg.com/archive/2014/08) - [September 2015 (5)](https://resources.jackolg.com/archive/2015/09) - [August 2011 (4)](https://resources.jackolg.com/archive/2011/08) - [October 2011 (4)](https://resources.jackolg.com/archive/2011/10) - [June 2012 (4)](https://resources.jackolg.com/archive/2012/06) - [July 2012 (4)](https://resources.jackolg.com/archive/2012/07) - [August 2012 (4)](https://resources.jackolg.com/archive/2012/08) - [October 2012 (4)](https://resources.jackolg.com/archive/2012/10) - [November 2012 (4)](https://resources.jackolg.com/archive/2012/11) - [January 2013 (4)](https://resources.jackolg.com/archive/2013/01) - [March 2013 (4)](https://resources.jackolg.com/archive/2013/03) - [April 2013 (4)](https://resources.jackolg.com/archive/2013/04) - [May 2013 (4)](https://resources.jackolg.com/archive/2013/05) - [June 2013 (4)](https://resources.jackolg.com/archive/2013/06) - [September 2013 (4)](https://resources.jackolg.com/archive/2013/09) - [October 2013 (4)](https://resources.jackolg.com/archive/2013/10) - [January 2014 (4)](https://resources.jackolg.com/archive/2014/01) - [February 2014 (4)](https://resources.jackolg.com/archive/2014/02) - [March 2014 (4)](https://resources.jackolg.com/archive/2014/03) - [May 2014 (4)](https://resources.jackolg.com/archive/2014/05) - [June 2014 (4)](https://resources.jackolg.com/archive/2014/06) - [July 2014 (4)](https://resources.jackolg.com/archive/2014/07) - [December 2014 (4)](https://resources.jackolg.com/archive/2014/12) - [January 2016 (4)](https://resources.jackolg.com/archive/2016/01) - [November 2011 (3)](https://resources.jackolg.com/archive/2011/11) - [December 2011 (3)](https://resources.jackolg.com/archive/2011/12) - [January 2012 (3)](https://resources.jackolg.com/archive/2012/01) - [February 2012 (3)](https://resources.jackolg.com/archive/2012/02) - [April 2012 (3)](https://resources.jackolg.com/archive/2012/04) - [May 2012 (3)](https://resources.jackolg.com/archive/2012/05) - [September 2012 (3)](https://resources.jackolg.com/archive/2012/09) - [December 2012 (3)](https://resources.jackolg.com/archive/2012/12) - [July 2013 (3)](https://resources.jackolg.com/archive/2013/07) - [August 2013 (3)](https://resources.jackolg.com/archive/2013/08) - [November 2013 (3)](https://resources.jackolg.com/archive/2013/11) - [December 2013 (3)](https://resources.jackolg.com/archive/2013/12) - [January 2015 (3)](https://resources.jackolg.com/archive/2015/01) - [February 2015 (3)](https://resources.jackolg.com/archive/2015/02) - [March 2015 (3)](https://resources.jackolg.com/archive/2015/03) - [July 2015 (3)](https://resources.jackolg.com/archive/2015/07) - [August 2015 (3)](https://resources.jackolg.com/archive/2015/08) - [November 2015 (3)](https://resources.jackolg.com/archive/2015/11) - [February 2016 (3)](https://resources.jackolg.com/archive/2016/02) - [March 2012 (2)](https://resources.jackolg.com/archive/2012/03) - [February 2013 (2)](https://resources.jackolg.com/archive/2013/02) - [October 2014 (2)](https://resources.jackolg.com/archive/2014/10) - [November 2014 (2)](https://resources.jackolg.com/archive/2014/11) - [April 2015 (2)](https://resources.jackolg.com/archive/2015/04) - [May 2015 (2)](https://resources.jackolg.com/archive/2015/05) - [June 2015 (2)](https://resources.jackolg.com/archive/2015/06) - [October 2015 (2)](https://resources.jackolg.com/archive/2015/10) - [December 2015 (2)](https://resources.jackolg.com/archive/2015/12) - [July 2011 (1)](https://resources.jackolg.com/archive/2011/07) - [September 2014 (1)](https://resources.jackolg.com/archive/2014/09) see all #### News - [Legal Tips](http://www.jackolg.com/News-Room/) - [Publications](http://www.jackolg.com/News-Room/Publications.shtml) - [Blog](http://www.jackolg.com/blog/) [Email Us For A Response](http://www.jackolg.com/Contact.shtml) #### How Can We Help? Email us to request more information or to schedule an appointment. **Bold** labels are required. #### Follow Us ON - [![Facebook](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/facebook.jpg)![Facebook](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/facebook-o.jpg)](https://www.facebook.com/pages/Jacko-Law-Group-PC/293111140703429)Facebook - [![Google Plus](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/google-plus.jpg)![Google Plus](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/google-plus-o.jpg)](https://plus.google.com/103406198138900359700/posts)Google Plus - [![LinkedIn](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/linkedin.jpg)![LinkedIn](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/linkedin-o.jpg)](https://www.linkedin.com/company/469106?trk=vsrp_companies_res_name&trkInfo=VSRPsearchId%3A1915712591417541495513%2CVSRPtargetId%3A469106%2CVSRPcmpt%3Aprimary)LinkedIn - [![Twitter](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/twitter.jpg)![Twitter](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/twitter-o.jpg)](https://twitter.com/JackoLawGroup)Twitter **San Diego Office** 1350 Columbia Street Suite 300 San Diego, CA 92101 [Map & Directions](https://maps.google.com/?q=Jacko+Law+Group,+PC+1350+Columbia+Street+Suite+300+San+Diego+CA+92101) Toll Free: 866-497-2298 Phone: 213-631-2549 Phone: 619-298-2880 Fax: 619-298-2882 **San Francisco Office** Four Embarcadero Center Suite 1400 San Francisco, CA 94111 [Map & Directions](https://www.google.co.in/maps/place/4+Embarcadero+Center,+San+Francisco,+CA+94111,+USA/@37.7950648,-122.3986392,17z/data=!3m1!4b1!4m2!3m1!1s0x808580613083aa1d:0x7e2bd59759260996) Phone: 415-766-3599 **Los Angeles Office** 535 N. Brand Boulevard Suite 279 Glendale, CA 91203 [Map & Directions](https://www.google.co.in/maps/place/535+N+Brand+Blvd+%23279,+Glendale,+CA+91203,+USA/@34.154319,-118.2576643,17z/data=!3m1!4b1!4m2!3m1!1s0x80c2c05300cb02e7:0xa610477ee4f38e64) Phone: 213-631-2549 © 2018 by [Jacko Law Group, PC](http://pview.findlaw.com/cmd/view?wld_id=4003514&pid=1). All rights reserved. [Disclaimer](http://www.jackolg.com/Disclaimer.shtml) | [Site Map](http://www.jackolg.com/Site-Map.shtml) [Privacy Policy](http://www.jackolg.com/Privacy-Policy.shtml) | [Business Development Solutions](https://www.lawyermarketing.com/?utm_source=FirmSite&utm_medium=footer%2Bcopyright&utm_term=law%2Bfirm%2Bmarketing&utm_campaign=FirmSite%2BInbound) by [FindLaw](http://www.findlaw.com/), part of Thomson Reuters.