Sam Bankman-Fried Indicted

[swamp]

Sam Bankman Fried, the CEO of FTX, a crypto currency exchange has been indicted and will be extradited from the Bahamas.    He took investor money and used it on other investments.    

Has anyone been following this? 

[NomoreDramaQ1015]

I haven't been following but I saw an article about it yesterday.

It got me thinking about a 20 something year old coworker who "Okay Boomer" -ed me because my retirement is in a traditional 401 (k) and he had put all his retirement savings to date in cryptocurrency.   I was clearly outdated choosing cryptocurrency was what would build me wealth, not the stock market.

Given his age he'll recover just fine but I would have liked to be able to rub that in his face.

[Tennesseer]

Dec 13, 2022 12:24:47 GMT -5 swamp said:

Sam Bankman Fried, the CEO of FTX, a crypto currency exchange has been indicted and will be extradited from the Bahamas.    He took investor money and used it on other investments.    

Has anyone been following this? 

I think Bankman Fried was subpoenaed to testify in front of the U.S. Se
nate or House today. So what was he doing in the Bahamas? Hmmmmm.

[swamp]

He lived in the Bahamas.  He's given an apology tour that where he has pretty much sunk himself trying to explain why he did what he did.  It was just bad accounting and lack of internal controls that he didn't know he was supposed to have, despite the fact was a multi billion dollar company. 

He planned on appearing in front of Congress until that little problem of an indictment showed up. 

[ArchietheDragon]

Dec 13, 2022 13:41:19 GMT -5 swamp said:

He lived in the Bahamas.  He's given an apology tour that where he has pretty much sunk himself trying to explain why he did what he did.  It was just bad accounting and lack of internal controls that he didn't know he was supposed to have, despite the fact was a multi billion dollar company. 

He planned on appearing in front of Congress until that little problem of an indictment showed up. 

But they used quick books.   I don't understand where that could have gone wrong. 

[swamp]

Hey, don't be dissing my quickbooks.   

[Ryan]

This guys apology tour was a total joke, he was saying he was so busy running FTX that he wasn't paying attention to Almeda, but turns out that they have always had an open credit line to borrow investor funds from FTX.  They even had a group chat within FTX called "wire fraud".    SBF was on CNBC saying that FTX US was solvent and funds were secure, the new CEO (who presided over Enron BK ) said "very small group of grossly inexperienced and unsophisticated individuals" who were running the company "failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people's money or assets."

[jerseygirl]

Not inexperienced and unsophisticated but fraudsters

SBF ‘donated’ to ‘ effective altruism’ but the educational and medical research charities have lost the funds that had been given to them. Also gave very large amounts to democrats (2nd after Soros) and small amount to republicans - will they give this back (if even turned into $) ?? In the Bernie Madoff scam some $ was recovered

www.devex.com/news/what-will-ftx-s-collapse-mean-for-global-health-and-development-104480/amp

www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12?amp

SBF also took out huge loans and bought properties in Bahamas
Nasty little bugger

[NastyWoman]

Dec 13, 2022 13:08:14 GMT -5 NomoreDramaQ1015 said:

I haven't been following but I saw an article about it yesterday.

It got me thinking about a 20 something year old coworker who "Okay Boomer" -ed me because my retirement is in a traditional 401 (k) and he had put all his retirement savings to date in cryptocurrency.   I was clearly outdated choosing cryptocurrency was what would build me wealth, not the stock market.

Given his age he'll recover just fine but I would have liked to be able to rub that in his face.

YOU were boomer-ed? Girl you are too young even to be x-ed 

[Cookies Galore]

Ha. Haha. Hahaha. Hahahahahaha hahahahahahaha.

[NomoreDramaQ1015]

Dec 14, 2022 14:20:58 GMT -5 NastyWoman said:

Dec 13, 2022 13:08:14 GMT -5 NomoreDramaQ1015 said:

I haven't been following but I saw an article about it yesterday.

It got me thinking about a 20 something year old coworker who "Okay Boomer" -ed me because my retirement is in a traditional 401 (k) and he had put all his retirement savings to date in cryptocurrency.   I was clearly outdated choosing cryptocurrency was what would build me wealth, not the stock market.

Given his age he'll recover just fine but I would have liked to be able to rub that in his face.

YOU were boomer-ed? Girl you are too young even to be x-ed 

Apparently to a 20 year old anyone older than him is a boomer. 

I'm actually at the tail end of Gen X and beginning of the Millenials.  I relate more to Gen X though.

[Bonny]

Crypto currency. Unregulated and not tied to any government currency. 

What could possibly go wrong?

[thyme4change]

Dec 13, 2022 16:15:26 GMT -5 jerseygirl said:

Not inexperienced and unsophisticated but fraudsters

SBF ‘donated’ to ‘ effective altruism’ but the educational and medical research charities have lost the funds that had been given to them. Also gave very large amounts to democrats (2nd after Soros) and small amount to republicans - will they give this back (if even turned into $) ?? In the Bernie Madoff scam some $ was recovered

www.devex.com/news/what-will-ftx-s-collapse-mean-for-global-health-and-development-104480/amp

www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12?amp

SBF also took out huge loans and bought properties in Bahamas
Nasty little bugger

Was The Bernie Madoff recovery from political campaigns?

I don’t think anything was recovered from political parties from Enron (or the banking industry, or the car industry).

[TheOtherMe]

Saw an interview yesterday where this guy said he donated equal amounts to the two political parties.  He used dark money to the Repugs so it wasn't traceable.

[jerseygirl]

Dec 14, 2022 16:10:43 GMT -5 thyme4change said:

Dec 13, 2022 16:15:26 GMT -5 jerseygirl said:

Not inexperienced and unsophisticated but fraudsters

SBF ‘donated’ to ‘ effective altruism’ but the educational and medical research charities have lost the funds that had been given to them. Also gave very large amounts to democrats (2nd after Soros) and small amount to republicans - will they give this back (if even turned into $) ?? In the Bernie Madoff scam some $ was recovered

www.devex.com/news/what-will-ftx-s-collapse-mean-for-global-health-and-development-104480/amp

www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12?amp

SBF also took out huge loans and bought properties in Bahamas
Nasty little bugger

Was The Bernie Madoff recovery from political campaigns?

I don’t think anything was recovered from political parties from Enron (or the banking industry, or the car industry).

No Bernie Madoff recoveries not political

[haapai]

Yes, I've been following it.  The problem is that it just gets less and less interesting every day.  When the sub-headlines declare "fraud from the beginning" and you aren't invested in the fraudulent product, it's hard to maintain an interest. 

It's a huge collapse, but much less interesting than Enron or Madoff's nonsense.  Those other two involved some interesting shenanigans that were maintained for decades.  This one seems to have been BS from the very beginning and didn't last long. 

[Tennesseer]

FTX co-founder and ex-chief of hedge fund Alameda Research each pleaded guilty to multiple charges, are cooperating with feds

CNN
—
Two senior executives associated with collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records. Additionally, the pair face civil fraud charges from the Securities and Exchange Commission that were announced Wednesday night.

Gary Wang, the co-founder of FTX, and Caroline Ellison, who served as CEO of the hedge fund Alameda Research, pleaded guilty to multiple counts of conspiracy and fraud for their roles in the fraud scheme that led to the collapse of the crypto-trading platform.

Damian Williams, the US attorney for the Southern District of New York, announced the charges in a video message Wednesday night. In a brief statement, he reiterated that the investigation is still ongoing, noting specifically that these new charges in the case are not the last.

Rest of article FTX co-founder and ex-chief of hedge fund Alameda Research each pleaded guilty to multiple charges, are cooperating with feds