Who is Sam Bankman-Fried and Why Are The Fed's After Him?

Reply #89

GiveFive — Thu, 29 Dec 2022 17:31:37 GMT

Stats - you strike me as an educated man.... I'm wondering if you have any knowledge of the technological under-pinnings of the crypto world?

During my 32 year career with IBM I worked in various IBM IT departments (mostly in large scale raised floor datacenters) so I understand geek speak. I've been reading all about Blockchain software technology, and even though I'm semi-literate when it comes to computers Blockchain still can baffle me.

Because of that and it close association with a... [ More ]

Reply #88

Stat$talker — Thu, 29 Dec 2022 15:26:04 GMT

Stuff you don't wanna know.. cauze if YOU did?,.. It would git cha... bumped auwphf...

Reply #87

ddude003 — Thu, 29 Dec 2022 15:09:29 GMT

Money laundering... US Taxpayer $$$ Ukraine FTX US Political Parasites...

Whats on Hunter's Laptop... Whats on Nancy's Laptop... Whats on Weiner's Laptop... Whats on Hillary's Server... Whats on the Rich Laptop and Jump Drive...

Reply #86

Artist77 — Thu, 29 Dec 2022 15:02:41 GMT

It is standard practice to only have to put up 10% or less for the total bail amount.

And unless an in house attorney is wearing 2 hats, an attorney and officer position, the chance for indictment decreases if they are just in house Counsel. You would need direct evidence they knew of the fraud unless they were involved in cooking the books.

Reply #85

GiveFive — Thu, 29 Dec 2022 14:50:25 GMT

BTW SBF's parents house is said to be worth 4 million dollars. That doesn't cover his $250 million dollar bail. He was released by a judge in New York on a recognizance bond which is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried s team would not be required to meet the full collateral requirements on the bail. His parents put up their home as collateral and signed the agreement along with two other individuals with considerable assets, whose iden... [ More ]

Reply #84

GiveFive — Thu, 29 Dec 2022 14:40:32 GMT

There's so much about this SBF thing that makes me wonder. FTX employed in-house lawyers. An in house lawyer is employed by the company as opposed to a law firm that's retained by the company, but its lawyers are not employees of the company. FTX had both in house lawyers and also retained and was advised by a Wall Street law firm.

An in house lawyers job is managerial in nature. FTX's two in-house lawyers were the smart guys running the show at FTX, not SBF and his band of idiots who were m... [ More ]

Reply #83

Stack47 — Sat, 24 Dec 2022 06:13:56 GMT

Apparently his parent's house is worth more than $250 millions. Salute

Reply #82

GiveFive — Fri, 23 Dec 2022 13:42:35 GMT

Bail was posted by his parents. He was given permission to travel from NYC to California so he could live in his parents house.............. G5

Reply #81

DELotteryPlyr — Fri, 23 Dec 2022 11:13:01 GMT

I am watching CNBC right now and Becky a person who is reporting on this had a long conversation about him skipping out. They gave alot of ways he could do it and said everyone they know is asking WHY the US Gov gave him bail?? Even the Bahamas revoked it. I think there is a 75% chance he skips. They said the 'bail' he has up has no teeth to it, since there is 8 billion missing. IF he only has access to 10%, that 800 mill, that would MORE than cover the bail loss.

Reply #80

Stack47 — Fri, 23 Dec 2022 01:06:56 GMT

Whomever put up the $250 million bond will make sure he doesn't disappear.

Reply #79

eddessaknight — Fri, 23 Dec 2022 00:24:41 GMT

A Reckoning:

Shan't be dealing in that kind of money$$$ and not owing up to Uncle

Reply #78

DELotteryPlyr — Thu, 22 Dec 2022 21:29:57 GMT

Yea saw the perp walk. Wonder if this is the last time we see him? I assume he/family friends have the means for him to 'disappear'

Oh, and on another note - the girlfriend's parents are also ECONOMISTS at MIT ! !!!!!

Maybe these colleges need to evaluate their professors a little better .

Reply #77

Stack47 — Thu, 22 Dec 2022 21:08:01 GMT

Sam is out of jail but wearing an ankle monitor. His parents put up the $250 million bail using their house as collateral.

Reply #76

GiveFive — Thu, 22 Dec 2022 18:55:25 GMT

That's very bad news for Sam. Not only did they beat Sam to a deal with the Feds, but in order to get that deal, they had to agree to cooperate. That means they agreed to tell The Feds everything they know to help the prosecutors gain Sam's conviction.

This answers my earlier question of Where's The Pharaoh's? They were laying low while their lawyer was busy negotiating a deal for them with the prosecutor.

G5

Reply #75

justadream — Thu, 22 Dec 2022 17:43:10 GMT

People like Sam actually believe their own lies. Before this is over he will be crying the victim and everyone else did it to him.

Reply #74

DELotteryPlyr — Thu, 22 Dec 2022 10:10:22 GMT

Girlfriend (x?) and another high level employee just pleaded guilty to fraud

They beat Sam to the 'deal' with the feds

Reply #73

GiveFive — Wed, 21 Dec 2022 14:42:08 GMT

Ray also testified when asked about FTX's financial records There was an utter lack of control and no internal controls whatsoever

Those internal controls Ray was referring to are FTX's financial records. ..... G5

Reply #72

GiveFive — Wed, 21 Dec 2022 14:33:33 GMT

Good point 'Player with regard to the large investors.

In the legitimate world of investing there is something known as an accredited investor . To be vetted as an accredited investor, you must meet a criteria as defined by The US SEcurities and Exchange Commission. Although I'm not sure of the complete set of requirements, an accredited investor must have at least one million dollars in investable assets (excluding their primary residence), a gross income of $200,000 and meet other requirem... [ More ]

Reply #71

DELotteryPlyr — Wed, 21 Dec 2022 09:00:41 GMT

I have talked to a couple of accountants that I know and each was floored by the fact that NO ONE asked to see there books/audits/returns before investing (the larger investors - 1 mill or more)

And again I keep going back to the CNBC interview in the summer when I first saw him. When the cripto world was starting to fall apart but his had not YET. They asked him how that is possible and he said there were some 'bad actors' and his company was not one of them. He went on to mention 'We are... [ More ]

Reply #70

eddessaknight — Wed, 21 Dec 2022 01:59:29 GMT

Contraversial FTX Founder finally OKs extradition to face U.S prosecutor criminal chargesfrom former hideway residence - get away in Bhamas Islands

Time Lime line for actual return to U.S. is unclear as trial stalls in Beautiful Bhama....for a ciminal jail cell

Reply #69

Stack47 — Mon, 19 Dec 2022 22:01:55 GMT

Ethereum is another company that's trading cryptocurrency, launching on Thursday. And wow., their trading is incredibly volatile by plunging more than 50% in the last 24 hours!

Not comparing the FTX problems with ETH, but simply showing how crytocurrency is creating lots of millionaires, a few billionaires, and with many more people losing lots of money.

Reply #68

GiveFive — Mon, 19 Dec 2022 14:23:05 GMT

Here's a good laugh for anyone following the SBF saga - The financial controls used at FTX, a 30 billion dollar enterprise, was Intuit's Quickbooks software. Quickbooks is used by small to medium sized businesses for record keeping.

John J. Ray the new CEO of the failed cryptocurrency exchange FTX is appearing before a House committee last Tuesday, detailed for lawmakers the lack of oversight and financial controls that he discovered since taking over the company a month ago.

Ray called... [ More ]

Reply #67

eddessaknight — Mon, 19 Dec 2022 00:46:07 GMT

Yea, Artist, an excellent electronic billboard example; It's been tested and proven that many visual subliminal messages can be effective mind manipulators -:(

With my reference to the Classic Greek Golden Fleece allegory about those who are addicted seek fast corner cutting ways to gain the legendary but elusive golden fleece but usually are fleeced themselves....

Time changes but principles and scheemers who prey on innocents are timeless

You can't cheat an honest man.

~W.C... [ More ]

Reply #66

Artist77 — Mon, 19 Dec 2022 00:22:49 GMT

I think any digital currency is subject to a variety of fraud type issues. I considered mining some bitcoin a while back but a lot of computer power was needed and I am online a lot for work. Looked into block chain a while ago. I think once this mess is long sorted out, investing 1-200 might be an option. Crypto is still new and the law and regs have not had a lot of time to catch up with it.

I do plan to try nft art creation soon. Same principle as crypto sort of...

Reply #65

eddessaknight — Sun, 18 Dec 2022 23:18:36 GMT

The Domocrats have unabashedly decided to set aside donations from ex FTX CEO SamuelBankman-fried-

Two Unethical Billionaires

How sad that the left despises a man who productively built real things for the market place , yet worship a leftist fraud who bilked a million investors to chase the golden fleece.

Reply #64

DELotteryPlyr — Sun, 18 Dec 2022 16:09:50 GMT

Now you need to go into the details of how bitcoin is 'mined' and how WASTE-FULL it is. Funny how the same people who are telling us we need to drive electric cars and not eat meat -ect, are supporting 'mining' bitcoin (by using and trading it

Reply #63

rcbbuckeye — Sun, 18 Dec 2022 15:48:29 GMT

Don't understand crypto, and don't want to. Won't put 1 cent in it.

Reply #62

GiveFive — Sun, 18 Dec 2022 14:46:07 GMT

So you think you want to trade a little crypto.

OK what do you know about it? Most people don't know anything about it, but they do it anyway. So don't be afraid, you just go ahead and blindly put thousands of dollars at risk not knowing what you're doing and how dangerous cryto trading is. (Nevermind the number one rule of investing which is - If you don't understand what it is you're investing in, don not invest in it)

I was watching an NFL game last week and I saw an sign in the stad... [ More ]

Reply #61

GiveFive — Sun, 18 Dec 2022 14:03:10 GMT

I've never understood what's so alluring about owning crypto. It's new and it's completely digital so maybe that's what it is. People SBF's age go for it big time, but I'm not surprised that it attracted a greedy thief. Big money has always been able to do that regardless of what type of investment vehicle is involved.

They say it's The Blockchain software that supposedly keeps everything secure. Blockchain is basically a ledger that was intentionally designed to delete all visibility to an... [ More ]

Reply #60

Stack47 — Sun, 18 Dec 2022 01:42:40 GMT

However I do think it's going to be the catalyst for new regulations being placed on the crypto world by The US Securities and Exchange Commission.

Other than trading cryptocurrency like commodities, never saw the usefulness or that they would become a multi-billion dollar industry.

According to Ameritrade, Instead of being printed, they re computed through a vast network of independent computers that work together to keep cryptocurrencies and transactions secure. Wonder how many E... [ More ]

Reply #59

DELotteryPlyr — Sat, 17 Dec 2022 23:28:44 GMT

Update to my post - just did a little poking around in internet about the parents. Looks like I was wrong, mom did not work for any of the companies. Dad on the other hand -

leading scholar in the field of tax law,

WOW! Dad's gonna get ROASTED if he gets called in court about the tax stuff.

Reply #58

DELotteryPlyr — Sat, 17 Dec 2022 22:52:04 GMT

GREAT coverage of this subject matter G5! I have been hearing alot of the same things you have posted. I did hear this and didnt see anyone mention yet (or missed it)

I was listening to the hearings live as they happened while driving. The new CEO of the new company said SBF was using Quickbooks instead of and accounting firm

Which took the head of the hearing, Maxine Waters, by complete surprise. She did a double take saying Quickbooks like 3 times as it sunk in. If I remember right i... [ More ]

Reply #57

sully16 — Fri, 16 Dec 2022 16:05:05 GMT

Throwback to Jeffrey Epstein. Thinking maybe someone will make sure he keeps his mouth shut.

Reply #56

GiveFive — Fri, 16 Dec 2022 15:38:51 GMT

I guess it just depends upon what news source you read/listen to as to how much money he donated to whom. I saw one Republican Congresswoman interviewed on The FOX Business Channel say - It appears as if FTX was a gigantic embezzlement machine funneling money to The Democratic Party. But who really knows who got how much of the money SBF donated?

As for me personally, I don't care so much about SBF donating money to anybody. I'm far more interested in the criminal aspects of the case. I've... [ More ]

Reply #55

GiveFive — Fri, 16 Dec 2022 15:07:04 GMT

Did a news agency report that he had committed suicide? If so, I had not heard that. G5

Reply #54

sully16 — Fri, 16 Dec 2022 10:37:39 GMT

Sam Bankman-Fried : He did not kill himself.

Reply #53

Stack47 — Thu, 15 Dec 2022 22:06:38 GMT

It only became political when someone without knowing the facts said about SBF's political donations, I honestly don t know, but I am willing to bet that it is lopsided .

Several news outlet's including CBS News is reporting Bankman-Fried said in an interview in late November that his donations to Republicans were roughly equal to those he made to Democrats, but that all my Republican donations were dark. He also said he made all of these donations during the primary contests. And yesterday... [ More ]

Reply #52

Stat$talker — Thu, 15 Dec 2022 14:35:45 GMT

Yeeah, I hear ya....nobody heaa likez a more vigorous debate than Meee, but I'm afraid the 2 worst candidate'z pathz has crossed on THIZ one..

Keentuky Bourbon Cowboy vs KHaLiPhOrNyA Cricketz

Reply #51

GiveFive — Thu, 15 Dec 2022 12:47:47 GMT

Ya know Stats, I should have known when I started this thread that it would probably evolve into a political discussion/arguement.

But I dont care. I'm enjoying the snappy patter. G5

Reply #50

Stat$talker — Thu, 15 Dec 2022 09:08:47 GMT

Uuh Ooh...There'z nuthin worse than a Fried food fight on a Lottery website ...than a Bit by Bit Fried Political fight on a Lottery website ...

Move ovah CNN

Ya wanna BET

Reply #49

Stack47 — Thu, 15 Dec 2022 04:42:05 GMT

What was the breakdown between Democrat and Republican Donations? I honestly don t know, but I am willing to bet that it is lopsided.

And I references the Atlantic article so you would know. Making imaginary bets is one thing; can you prove his political donations were lopsided? And seriously, who in their right mind bets on something they just said I honestly don't know ?

Read this on Time , All my Republican donations were dark, SBF said, referring to political donations that are not... [ More ]

Reply #48

Artist77 — Wed, 14 Dec 2022 22:44:50 GMT

I have learned in life and during my career that honest and secure people tend to say I don't know far more often than people who spout answers to everything. It tends to be the mark of a more secure, well rounded and adaptable person.

And yes, you clearly referred to feds vs the fed which is driving us into a recession.

Reply #47

AllenB — Wed, 14 Dec 2022 21:39:19 GMT

I guess it is a pronoun thing not to put one in your sentences. So I have to guess.

Did you exclude I or you from your first sentence? What difference does it make? It was your source.

Pretty sure your pronoun in your second sentence was You (meaning me). Well like I said it is going to be fun to watch. Most interesting to me will be how they address those campaign contributions and what SBF was trying to get for them. It's possible that he was just trying to be a big shot and there was... [ More ]

Reply #46

Stack47 — Wed, 14 Dec 2022 21:04:24 GMT

I honestly don t know

That's why use terms like I read that or heard that when I'm not sure about the accuracy of a source. According to Atlantic reporter David A. Graham, Bankman-Fried has said in interviews that he personally actually gave nearly as much to GOP candidates and causes as to Democratic ones .

They don t want this stuff getting out

Should have quit after don't know because the The Senate Banking, Housing and Urban Affairs Committee held public hearings today on the c... [ More ]

Reply #45

Ziopic$ — Wed, 14 Dec 2022 16:27:02 GMT

You can be a genius and still do dumb things. A genius without common sense.

Yogi was smarter than the average bear , but still got caught with his fingers in the picnic basket.

Reply #44

GiveFive — Wed, 14 Dec 2022 12:16:59 GMT

Great question. Very possible that some jackpot winner somewhere invested in FTX.

The list of celebrities that invested has now grown to include Shaquille O'Neal. Not surprised by that. I've seen Shaq being interviewed by CNBC Anchors sitting at their set where they broadcast live from the floor of The New York Stock Exchange. He's well known to be a savvy investor with his money.

How many Major League Baseball players might have invested? MLB umpires wore black shirts all last season... [ More ]

Reply #43

GiveFive — Wed, 14 Dec 2022 12:07:29 GMT

Yesterday while watching TV news coverage I saw a breakdown of the donations to both political parties. I wish I could recall the exact numbers that were flashed up on my TV screen but I cant. I do remember that it was heavily lopsided towards the Democratic Party. I think the number for the Democrats was a three digit number while the number for The Republicans was a single digit number.

I also saw a picture of SBF with a group pf people that had both arms draped across each others shoulde... [ More ]

Reply #42

AllenB — Wed, 14 Dec 2022 03:47:18 GMT

OK, I said it was going to be fun to watch. The Democrats are in Control. They don t want this stuff getting out. Neither do Republicans, but they don t have much to do but hide and watch.

What was the breakdown between Democrat and Republican Donations? I honestly don t know, but I am willing to bet that it is lopsided.

Bankman-Fried, 30, hosted conferences in the Bahamas that boasted visits from former politicians like Tony Blair and Bill Clinton, The Associated Press reported, as he... [ More ]

Reply #41

Stack47 — Wed, 14 Dec 2022 02:43:18 GMT

Don't like to see anyone conned and it looks like many lost millions investing in Bankman-Fried's cryptocurrency. But as the old proverb says a fool and his money are soon parted .

Wonder if any of the jackpot winners got advice from their financial advisor's to invest in FTX

Reply #40

Stack47 — Wed, 14 Dec 2022 02:25:56 GMT

Remember that SBF is a huge Democratic donor.

Weird because I just read where Bankman-Fried and unnamed co-conspirators made tens of millions of dollars in illegal campaign contributions TO BOTH Democratic and Republican candidates and campaign committees.

We are all witnessing how these Feds appear to be controlled by the Democrats, so the Top Brass will probably try to hold the Dogs back as long as they can .

Do you have a credible source or just making it look like Bankman-Frie... [ More ]

Reply #39

AllenB — Tue, 13 Dec 2022 21:15:47 GMT

Feds is not the same term that most of us grew up with. Back then we all assumed that they (the Feds) meant well but were just incompetent by nature. Now you have to worry about the first part but the second is still the same. Non the less, if the Feds are prosecuting you, they are brutal. The Agents will do anything to get a win.

Remember that SBF is a huge Democratic donor. We are all witnessing how these Feds appear to be controlled by the Democrats, so the Top Brass will probably try to

Reply #38

GiveFive — Tue, 13 Dec 2022 19:52:20 GMT

Just for a little perspective on the SBF case/mess - It's bigger than Enron and worse than Bernie Madoff ....

Some other comments I've heard are Just the tip of the iceberg ... more indictments to follow .... One legal expert said that He's charged with wire fraud and that's the easiest crime for a federal prosecutor to prove .... Sam The Sham is toast.

Cryto Curency is an unregulated asset class. It's not like stocks and bonds which are asset classes that are regulated by The US Securit... [ More ]

Reply #37

Stat$talker — Tue, 13 Dec 2022 18:22:31 GMT

Let'z keepit Lottery related..

SB-F won the U.S. Lottery...The Fedz sayz, he can only claim it in the U.S not the Bahamaz...Naah?

Hiz @$$ sets @ Ft Knox,over a Billion Dollar$

Play Smart

Reply #36

GiveFive — Tue, 13 Dec 2022 18:01:44 GMT

If you're wondering why The Justice Department held off on filing criminal charges for SBF here's one very good reason -

Having SBF arrested in the Bahamas required more care than an arrest on U.S. soil. The United States has an extradition treaty with the Bahamas. Under that treaty, an individual can be arrested in the Bahamas and returned to the United States for an offense if it is punishable under the laws in both Contracting States by deprivation of liberty for a period of more than one... [ More ]

Reply #35

GiveFive — Tue, 13 Dec 2022 13:55:47 GMT

Yesterday SBF was criminally charged in NYC by a US Attorney for The Southern District of New York. He was arrested by Bahamian Police last night without incident. Extradition proceedings to The United States are expected to begin soon.

Here's a partial cut and paste from a press release issued by The US Securities and Exchange Commission

The complaint alleges that, in reality, Bankman-Fried orchestrated a years-long fraud to conceal from FTX s investors (1) the undisclosed diversion of... [ More ]

Reply #34

GiveFive — Sun, 11 Dec 2022 12:47:42 GMT

Kudo's to Kevin O'Leary for being a self-made billionaire but I feel the negative vibes he gives off whenever I watch Shark Tank.

Yes, he's very smart, but for whatever reason I feel like if I knew him personally (and he knew me) that I probably wouldn't care for him. I know nice guys finish last in business and you can always count on just about any very wealthy person to be a cut throat SOB when it comes to money and business, but I like to actually like people because of their personalit... [ More ]

Reply #33

Think — Sat, 10 Dec 2022 22:30:38 GMT

I don't know why but I have always been leery of Kevin O'leary

Reply #32

GiveFive — Sat, 10 Dec 2022 13:50:22 GMT

Add another high profile name to the list of people that lost money in the FTX fiasco. Kevin O'Leary... he was the FTX spokesperson paid 15 million that he put into an FTX wallet. According to O'Leary that account now has a zero in it. Don Imus would have called Kevin O'Leary a bald headed stooge and he'd have been right! G5

Reply #31

GiveFive — Sat, 10 Dec 2022 13:05:41 GMT

SBF's ex-girlfriend, Caroline Ellison, was The CEO of a hedge fund named Alameda Research which SBF started in 2017. As best as I can understand it, here's what's the big deal is with regard to what was going on.

Althugh it's very difficult to get an concise/clear explanation of exactly what the very risky investments were that Alameda Research was making with the funds stolen from FTX customer accounts, the best one I've seen is that Alameda used the money stolen from FTX customers to make... [ More ]

Reply #30

GiveFive — Sat, 10 Dec 2022 12:12:27 GMT

It's the essence of a con game.

Why is it called a con ? Because the guy who is a con artist is also known as a confidence man . The whole idea of any scam is for the criminal to gain the victims confidence so as to be able to steal their money.

But SBF is not a Con Man. He's a thief. He took his clients money out of their accounts without their knowledge and invested it in some highly risky investments that failed. (by the way the money for those risky investments was not used to purc... [ More ]

Reply #29

GiveFive — Sat, 10 Dec 2022 11:43:34 GMT

I totally agree. And I'd add that the word 'probably' is in the sentence. It might be the case that someone is offering you an unbelievably good deal, but the skeptic in me leans towards it's much more likely that it's not.

What's so wrong with being cautious and trying to protect yourself against fraud? As far as I'm concerned, the people that threw caution to the wind got just what they asked for when they dealt with SBF. G5

Reply #28

OhSoClose — Sat, 10 Dec 2022 11:00:42 GMT

G5 was right that the saying is not original to my grandfather; that's just the first place I heard it and I've heard it a thousand times since. It just means that if the thing offered to you appears to have a value far exceeding the cost being asked, then the thing very likely is not worth what you've been led to believe. It's the essence of a con game.

Reply #27

Think — Fri, 09 Dec 2022 23:40:23 GMT

SBF the guy who put the Cry in crypto

Reply #26

Think — Fri, 09 Dec 2022 23:38:51 GMT

When I was eight years old, my grandfather told me something I've never forgotten: If something sounds too good to be true, it probably is.

Why would it be true just because it sounds too good to be true?

That just doesn't make any sense

Reply #25

GiveFive — Fri, 09 Dec 2022 22:08:44 GMT

Watching FOX Business Channel this afternoon...

A big banner across the bottom of my TV screen said SBF set to testify to Congress and also Growing Calls for Crypto Regulation .

Larry Kudlow interviewed US Senator Tommy Tuberville of Alabama. He said - 90% of the people that invest in Crypto cannot explain it to you . He's absolutely correct. The most the Average Joe knows is they think they'll get rich off it.

Ask yourself these questions - Do I really understand what Crypto is? Co... [ More ]

Reply #24

OhSoClose — Fri, 09 Dec 2022 17:49:46 GMT

Something in human nature draws us to celebrity. We love to see them succeed and we REALLY love to see them fall. Kind of an envy/pity rollercoaster. I think with FTX, they likely got all those celebrities hawking it by offering them big chunks of FTX, so likely they all got screwed when it collapsed.

I recall seeing one of those celebrity commercials awhile back and thought at the time, it felt like crypto was being normalized. So much for that.

I did read one post on reddit a couple da... [ More ]

Reply #23

GiveFive — Fri, 09 Dec 2022 13:27:24 GMT

I shouldn't be surprised by all the big names involved with the SBF mess. Bernie Madoff had lots of high profile investors as did Elizabeth Holmes and her Theranos scam. G5

Reply #22

GiveFive — Fri, 09 Dec 2022 12:53:39 GMT

The thing I find absolutely nuts is a lot of celebrity names are involved with this FTX mess. Tom Brady being just one name. How much money does Tom need anyway??? Never understood why people with more money than they can possibly spend want more money. Don't get me wrong, I'd love to have three or four million in the bank. I recognize that having a lot of money equates to freedom. The freedom to do what you want with whom you want whenever you want, but if you have and enjoy that kind of lifest... [ More ]

Reply #21

OhSoClose — Fri, 09 Dec 2022 10:40:13 GMT

Good point mentioning Theranos in association with SBF because I do see parallels here. In both cases, a key player claimed to have captured magic in a bottle and despite all of the evidence that what was being claimed simply would not work, investor money kept pouring in. People desperately want to get in early on the Next Big Thing, so I fully expect this sort of thing to keep happening because there's so much pressure from people shoving cash at others in hopes they will be made rich. And dre... [ More ]

Reply #20

GiveFive — Thu, 08 Dec 2022 13:57:00 GMT

While I'd love to watch SBF go on trial my guess is that there wont be a trial. I'm thinking he'll agree to a plea deal. But who knows? Seems like all the super high profile criminals (like Elizabeth Holmes) think their money can buy them a team of lawyers that can get them off. He recently hired an attorney that was part of Ghislaine Maxwell's defense team. But it's a different question of how is he going to pay for a high priced lawyer when he claims he doesn't have any money???

Who'd ever... [ More ]

Reply #19

OhSoClose — Wed, 07 Dec 2022 13:54:52 GMT

I completely agree. Clueless moron who dumped all your investments does not seem to be the best defense. Can't wait to see him under oath.

Reply #18

GiveFive — Wed, 07 Dec 2022 13:04:16 GMT

Even if he really is a nice guy that got in over his head, there are still some people that lost millions of dollars who did not know he took their money and invested it in very risky investments that didn't work. I'm sure they don't think he's a nice guy that got in over his head.

They'll want his head....probably on a stick. I know I would if I was one of them. G5

Reply #17

Stat$talker — Tue, 06 Dec 2022 18:05:17 GMT

Really came across like him saying hey I'm a nice guy, I just got in over my head.

Like I said.. Pre-emptive PR ...

Advice from his Lawyers , but most likely from his Dad..!! a real pillar in da Whoo'z yo Daddy Legal Community..thus the Hyphenated Name..SB-F.

-Stat$talker

Reply #16

GiveFive — Tue, 06 Dec 2022 18:03:11 GMT

While watching the CNBC interview I got the very same impression.... It was kind of like he said I'm responsible for it, I'm very sorry, I didn't do it on purpose, and maybe I'll be able to get some investors their money back.

He can say all of those things, but questions still remain - Is he truly sorry, and did he really not do it on purpose? Even if they're true, the law is the law and it has to be applied equally. Maybe he knows he's toast and is thinking there's no way out other than t... [ More ]

Reply #15

OhSoClose — Tue, 06 Dec 2022 17:39:40 GMT

I saw some clips of him talking to George Stephanopoulos over the weekend. To my untrained ear, it sounded like he flat out admitted to breaching his fiduciary duty to oversee the investments. His defense boiled down to 'I was spread too thin and there was too much going on for me to keep track.' Really came across like him saying hey I'm a nice guy, I just got in over my head. Can't imagine a jury buying that as a defense, but we've seen stranger verdicts than that lately...... [ More ]

Reply #14

GiveFive — Tue, 06 Dec 2022 16:20:45 GMT

I've been thinking about SBF talking to the media.

There are three possibilities I can think of why he'd do it.

One, he doesn't have an attorney which is absolutely crazy if that's the case. Hard for me to believe he isn't lawyered up by now. (His father is a Yale Law School educated professor of law at Stanford University)

Two, His lawyer told him it's OK to go ahead and talk to the media. Yeah right! All lawyers tell their clients to go ahead blab their guts out to the press. If yo... [ More ]

Reply #13

GiveFive — Tue, 06 Dec 2022 16:10:47 GMT

Good points Stats...

Could be SBF is trying to get a head start on influencing a jury.

You're correct SBF has not been charged with any crime....not yet anyway. That said, The Fed's are looking at the whole mess, and my guess is they are proceeding slowly so as to be in a position to present a solid case to a US Attorney that the prosecutor believes there is enough evidence to present the case to a Federal Grand Jury for an indictment, and ultimately gain a conviction in a courtroom in... [ More ]

Reply #12

Stat$talker — Tue, 06 Dec 2022 15:45:53 GMT

You have to wonder why his lawyers are allowing him to speak to the media.

As I understand the current status of this incident..SBF hasn't been Criminally charged as yet..His Lawyers know that for him to show signs of apprehension to discuss what happened, could be used against him , if and when in the future, he would be Officially charged..siteting that such early on apprehension proves that he knew what he did was wrong or at least unethical in the Industry!

Subtle PR work, or poten... [ More ]

Reply #11

GiveFive — Tue, 06 Dec 2022 14:38:22 GMT

Last week early one morning, I saw SBF being interviewed by CNBC's Andrew Ross Sorkin. The first thing that came to my mind was Why in the world is his lawyer allowing him to be interviewed on TV????

Later that same day on The FOX Business Channel, they showed segments of Sorkin's interview with SBF. After that, Charlie Gasparino started discussing The FTX/SBF fiasco with Martha MacCallum. The very first words out of Gasparino's mouth were You have to wonder why his lawyers are allowing him... [ More ]

Reply #10

eddessaknight — Mon, 05 Dec 2022 01:35:32 GMT

Many thanks for sharing those highly relevant contributions. Think

Re:Judeo/Christian Western Civilization

Further more, I put before you for following consideration:

When you see that trading is done, not by consent, but by compulsion.

When you see that in order to produce, you need to obtain permission from men who produce nothing.

When you see money flowing to those who deal, not in goods, but in favors.

When you see that men get richer by graft and pul... [ More ]

Reply #9

Think — Sun, 04 Dec 2022 23:52:30 GMT

Not a lawyer but am wondering, from the interviews I have seen from him, if Mr. Fried hasn't clearly implicated himself in criminal negligence at the very least.

Reply #8

eddessaknight — Sun, 04 Dec 2022 20:57:25 GMT

Very sensible advice, Raven,

Adapted From timeless classical Greek:

Those who $eek the Golden Fleece, are the ones who get FLEECED themselve

Reply #7

darthfury78 — Sun, 04 Dec 2022 18:06:18 GMT

Sam started a Crypto-currency Exchange called FTX reminds me of the dotcom bubble of the late 1990's to early 2000's. I remember those days when the promise that B2B e-commerce would change the world forever. Instead, anyone who invested their life savings into those companies lost over 90% for their money never to recover from the experience. History repeats itself yet again....

Reply #6

Raven62 — Fri, 02 Dec 2022 18:42:58 GMT

Can you get scammed with cryptocurrency?

In fact, crypto romance scammers conned victims out of $139 million last year (2021) , according to a 2022 report by the Federal Trade Commission (FTC).

5 Crypto Scams To Watch Out For

Reply #5

Stat$talker — Fri, 02 Dec 2022 18:09:36 GMT

Soundz like the same RaTz that ran wit Jason Kurland...

And remindz me of anuther industry that needz Federal Regulating...

Reply #4

OhSoClose — Fri, 02 Dec 2022 18:06:41 GMT

I just located The FTX Official youtube channel. All of those commercials they ran are still up there. Just watched the one with Steph Curry saying with FTX I don't need to be an expert to trade crypto safely. Wow, those commercials haven't aged well.

Reply #3

sam9009 — Fri, 02 Dec 2022 15:47:25 GMT

I think SBF is a puppet and the mastermind is Dan Friedberg

Reply #2

GiveFive — Fri, 02 Dec 2022 15:35:16 GMT

Thanks....

There is another aspect or 'twist' to the SBF story that I didn't put in my post above.

When The Fed's investigate either a suspected financial crime or a crime that was actually committed, FBI forensic accountants are deployed to follow the money trail by examining any/all financial records. That technique is as old as the hills, but this time it won't be so easy for The Feds. It's going to way more complicated.

The crypto currency world is very new and the whole thing is... [ More ]

Reply #1

OhSoClose — Fri, 02 Dec 2022 14:51:47 GMT

Excellent summary, G5. Ponzi scheme, indeed. It reminded me of somebody who started a lottery pool club and said give me your money because I know I can win big and double or triple your money quickly. And the organizer does have a couple hits early on, which he brags about loudly and gets more investors pouring in. But then the wins stop coming and as a response, he starts making more and bigger bets to get that money back, but the losses keep coming over and over until the investors' money is... [ More ]

Who is Sam Bankman-Fried and Why Are The Fed's After Him?

GiveFive — Fri, 02 Dec 2022 14:11:52 GMT

There might be a few LP members that have heard the name 'Sam Bankman-Fried' in the news but haven't been following the story. Although Sam's story has nothing to do with the lottery, it's a doozie of a story, so I thought I'd put something out here about what he did, but explain it in plain English as it's a very complex financial story involving crypto-currency's such as Bitcoin.

Sam is a thirty something type of guy with a huge head of hair...a real mop top . He was also a billionaire, bu... [ More ]