FTX crypto exchange founder Sam Bankman-Fried has been indicted on eight criminal charges, including wire fraud and conspiracy by misusing customer funds, according to an indictment from the US Southern District of New York. #CNN #News
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Again, just like with Madoff, the U.S. gov't turned a blind eye toward Bankman-Fried while he stole millions of dollars from his customers. What kind of mind would knowingly, with premeditation, plan such a heinous act against thousands of innocent people. The arrogance is way, way off the chart. I wonder…is he related to Bernie?
This comment is dedicated to everyone who stayed away from the cryptocurrency scam ❤️👍
I am clearly a FINANCIAL GENIUS, way way smarter than ScamBankmanFraud. I never lost $1B. I never lost ANY money from scams or mismanagement. I've saved my money for my entire life: 50+ years. And all I did was SIT ON MY ASS and buy precious metals and keep them in MY hands.
wow he fried him self 😂
He's still trying to go with the "Sorry I made a mistake, I'm such a goofball" defense. He probably got away with it with his parents.
Did SBF check under the couch? I often lose the remote control there.
Too bad he didn't use some of that money for a haircut.
1:24 WTF is always with this abstract "wire fraud" and "money laundering"? Don't courts/politicians/lawyers ever charge someone with plain old fashioned "stealing" anymore?
I am Elizabeth Holmes and I approve
Imagine the headlines if he had donated to Republicans. The party he donated to would be mentioned all over it. But since it was to Democrats the MSM buries it.
He knew it would catch up with him, he hid money.
Bernie Madoff did the same – bought a summer house with a double-decker boat and a New York apartment that was massive and filled with custom-made wardrobes for shoes and suits, and 50 watches that cost in the range of 2K on which matching watch bands to ties and suits as well as the shoes were Italian made … his wife also owned lots of jewelry and decorated the New York penthouse with original art as well as remodeled most of it to manage Bernie's wardrobe collection with built-in closets and even a cabinet for watches with glass doors so he could look thru to pick out the watch to wear to match his wardrobe and shoes … they both were compulsive shoppers … Bernie was a narcissist (like some other compulsive bulls***er we all know) and when he confessed to his two sons of his crime (he took everyone who gave him money to invest and put it straight into his own checking account and then when investors wanted to cash out or take funds from their accounts, he paid them with other investors deposits which he had put into his own checking account … so essentially he was not investing any money for over 20 years but paying Paul from Peter's money and spending the rest from his checking account. Sam Bankman-Fiend was doing this essentially with his hedge fund accounts and likely he will see 150 years in jail as Bernie stole billions of dollars and spent it all paying off those who took withdrawals from their accounts with other people's investments to their own accounts which Bernie put into his checking account. He was born poor and likely as he saw how many people he made filthy rich, he felt entitled by virtue to that single act as the investor of their money and went off the deep end which he must have realized he could never pay them off as the hole he dug when people who wanted significant withdrawal to buy the significant property or to invest in something expensive, he had to battle to come up with the funds. He had a bookkeeper who was also convicted of making false bank statements to reflect the fraud deposits and withdrawals as well, and this bookkeeper was likely like Trump's Weisselberg who kept the real books and the fake books so that if he was arrested, he could give the prosecutors the real books so they could know what money Weisselberg owed the IRS do he would not get cheated when they made him pay tax penalties on the amount he stole … with the real books, he knew what he owed the IRS plus the penalty … I don't think Weisselberg worried about jail though … likely Trump's influence on telling him not to worry so he didn't … he was a little bookkeeper for Fred Trump and not of the caliber of a CEO at a Fortune 500 firm so it was easy to manipulate him into doing whatever Trump wanted and take the fall, which apparently he has … the point is though the Judge has set his sentencing in the near future so his lawyers will likely be speaking to the prosecutors and the Judge before that sentencing and be told he did not deliver what the plea deal held for him to escape 15 years of prison so the Judge may tell him if he does not agree to a meeting with them to answer the questions he was supposed to ask which directly implicated Trump, he would be serving years in prison, rather than 5 months. He was told his crime was punishable by 15 years in prison on the statutes so it is possible Weisselberg is in a real fix and will agree to answer the questions again either in a deposition or in writing and then fully implicate Trump. They know that he was being paid by Trump and that he was still working but from home to avoid appearances as a person who is indicted prevents the company from doing business with others if they know an indicted CEO is still working at the company. Also, it is a crime for an indicted CEO to continue to work for his company as well … Trump just wanted to grease that opportunity so Weisselberg would not testify against him, but now he could testify if given more time in prison through a plea deal addendum and the jury would be likely returned, if that is necessary for such case if a jury must be present to make decisions as to new sentencing parameters, or one would think. As far as Sam Fried … he will likely be given 100 years if his crime was that he lost all that money willfully as Bernie Madoff did and just dropped out from making people rich richer and wanted to feel as they do with all that unlimited money at his beck and call. He is pulling the "I did not mean to do this" which is something a 9-year-old boy says and is not something anyone over that age would respond with, so it is likely he will change that tactic when facing tough questions from prosecutors and his own defense attorneys who will likely try to hire someone skilled in the retrieval of money lost from fraud actors like Madoff's appointed court specialist who was able to get back a great deal of the fortunes lost by Madoff's victims … they had to take possession of everything Bernie and his wife owned, down to her expensive lingerie which she ended up living with her sister and husband in Florida selling door-to-door cosmetics and driving a small 15,000 dollar car but she was allowed to get 2 Million by the Bankruptcy court judge until she was sued by a single investor who only manged to get some of it but she lost both sons, one from suicide and one from cancer so she had no one and she had stopped calling and seeing Bernie in prison after her 1st born son Mark killed himself, leaving a beautiful loving wife and 2 very young children. Mark was never charged with the scheme and neither was his brother but Mark could not manage the media outside his apartment in New York and the fact that they would not believe him led him to depression and within a year to suicide. His father in law who found him after he hung himself with a dog leash in the kitchen of his apartment outside the door of his baby son's room who was sleeping … and when he came in to see if he was OK as his wife was with her daughter was in Disneyland with their 1st child, a daughter and Mark was not answering her calls so she got worried and sent her dad over to the apartment to see if he was OK … and when he found him, he told Bernie in the letter some really horrible things about how he found Mark but he never sent the letter … what he did was give it to the news station and they read it on the air and he knew the prison would televise the news every day and Bernie would be then able to read it, as he believed the prison would never give him the letter from the father-in-law directly as it would likely cause a problem … be it suicide or criminal behavior in the prison by Bernie after reading a such horrible letter which was basically blaming him for his son's suicide. It is aired on YouTube if any are interested as the father is a guest on a special show and the host has him read the entire letter. There are interviews as well of Mark's wife who is very very sweet and devastated that she lost him this way and has to raise 2 children without their father. She is really a sweet girl and knew nothing until Mark and his brother were told by their father of the Ponzi scheme and that he had no more money to cover his fraud or cover the money he spent or paid other investors with stolen money. 2 people killed themselves after Madoff went to jail … one was an investment manager who had put his clients' investments in Madoff's hands and had to tell his clients they did not have any money in their accounts as Madoff stole it and spent it … he had just married and was a very successful businessman but he could not sell his penthouse which was 2 floors and he was deeply in debt to his clients for money he lost which he attempted to get back for them through the special process that was ongoing but the stress was just too much and he leaped from his penthouse balcony to his death in New York. His wife is interviewed on YouTube and she said he just walked outside to the balcony saying nothing to her, later she went to him and he was gone, having leaped from it that was around the corner from her sight while inside the apartment. Fried will have to face now all these investors and none will accept that silly little boy crap he is trying to use as an excuse … it is likely a shrink will have to psychoanalyze him and decide if he had a nervous breakdown as he was isolated for years working on this job and even slept next to his office. When you hear him talk, he sounds like he has suffered a total breakdown and is likely to get worse. He speaks as if he is in 6th grade and he lost the classroom's money saved for a trip to the zoo which he was in charge of collecting. It is that bad.
The con cntinues, he knew what was goin on,, did he think the millions he spent on property came from the good fairy.. He had a world class ponzi scheme going
Who would have guessed that investing in cryptocurrency might not work out?
I’m evidence that when something knocks you down, you react and not be sober.
Bank-man fried wiped out over 60% of my net-worth.
I didn’t expect to be a victim of this, because I don’t hold anything else asides tethered dollar.
I’ve been making great earnings with my financial advisor, Lawrence Joseph(one of PNC Investment Advisor)
With him I have been so financially confident and already have recovered over 70% of what Sam stole!
About time
This guy was in At The Drive In, right?
He was greedy, but so were the stupid investors. I feel sorry for nobody – everyone deserved to lose the lot. The crypto industry is built on top of a pile of dog crap and adds no value to society.
it's easy to tell the difference between an in over your head stupid kid and pure evil. sam is and was pure evil. he catered and crafted his public image – he's an MIT grad. he knew exactly what he was doing.
I love it when he sings “Your body’s a Wonderland”.