The FTX scam, Sam Bankman-Fried, the Clintons and the Democrats

Don't know enough about the subject and it IS probably a crime, but there is certainly a chance it is not.

Banks for example take customer money and invest it all the time. It's well regulated, so banks usually don't fail and when they do there is an insurance mechanism.

If the scandal is that he took customer money for himself, that's theft and a crime. If he took customer money and made bad investments, that's bit more murky.

 

Lelz wat? Dude ran a billion dollar casino bank rolled by a massive ponzi.

And you're literally over here saying it 'might not be a crime' but it's 'murky'.

I mean the guy is being accused of buying the most powerful man in the world to stay out of jail. It's comical but he ****ed up.

 

Dude is worse than madoff

 

Frankly I don't know what he did, all I know is that all the money is gone.

And if I had to bet, I would bet there was likely fraud being committed here.

But as I said, there is certainly instances where losing a bunch of other peoples money on bad investments is not a crime.

You are referencing the political side of it, and it is certainly not a crime to buy politicians, so I not sure how that relates to what I posted.

 

FTX donated to pro crypto Democrats during midterms rather than the regulate it to death Elizabeth Warren types.
Blockchain is a revolutionary technology but cryptocurrencies and NFTs are scams.

 

Dude. The guy had no accounting. Even basic organized hood rats have some sort of accounting.
Go watch Catch Me If You Can. He basically ran a MLM ponzi scheme on the fly of epic proportions.

 

It's all a ponzi scheme because you can buy into one crypto with other crypto and the valuations are artificial. So people like Tom Brady puts in hundreds of millions of real dollars while Sam here can use NFTs.

 

Certainly looks that way.

BTW - My former profession is financial audits, I have personally encountered numerous instances of no accounting, where nothing illegal is going on. Its really not as unusual as you might think.

 

Oh you...lol

 

Did you know the only scam that dude pulled off was getting people to believe he actually did all that stuff? Nothing in the book/ movie is true all fiction -- he's IRL Kaiser Soze.

 

What is your issue lol?

I am a CPA, I have been in the profession for 15 years.

I have been deposed and actually been in courtrooms on financial matters.

I currently run an accounting department for a large publicly traded company in medical devices.

I am not even taking a position here other than "I don't know" and " Its seem complicated"

 

What did I say that you disagree with?

edit - to be more civil.

 

No I did not know that.

If SBF is accused of most of the things he did, would that be impressive?