SEC Charges Sam Bankman-Fried With Defrauding Investors in FTX (sec.gov) 98
The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX, the crypto trading platform of which he was the CEO and co-founder. Investigations as to other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing. From a statement: According to the SEC's complaint, since at least May 2019, FTX, based in The Bahamas, raised more than $1.8 billion from equity investors, including approximately $1.1 billion from approximately 90 U.S.-based investors. In his representations to investors, Bankman-Fried promoted FTX as a safe, responsible crypto asset trading platform, specifically touting FTX's sophisticated, automated risk measures to protect customer assets.
The complaint alleges that, in reality, Bankman-Fried orchestrated a years-long fraud to conceal from FTX's investors (1) the undisclosed diversion of FTX customers' funds to Alameda Research, his privately-held crypto hedge fund; (2) the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited "line of credit" funded by the platform's customers and exempting Alameda from certain key FTX risk mitigation measures; and (3) undisclosed risk stemming from FTX's exposure to Alameda's significant holdings of overvalued, illiquid assets such as FTX-affiliated tokens. The complaint further alleges that Bankman-Fried used commingled FTX customers' funds at Alameda to make undisclosed venture investments, lavish real estate purchases, and large political donations.
"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," said SEC Chair Gary Gensler. "The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws. Compliance protects both those who invest on and those who invest in crypto platforms with time-tested safeguards, such as properly protecting customer funds and separating conflicting lines of business. It also shines a light into trading platform conduct for both investors through disclosure and regulators through examination authority. To those platforms that don't comply with our securities laws, the SEC's Enforcement Division is ready to take action."
The complaint alleges that, in reality, Bankman-Fried orchestrated a years-long fraud to conceal from FTX's investors (1) the undisclosed diversion of FTX customers' funds to Alameda Research, his privately-held crypto hedge fund; (2) the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited "line of credit" funded by the platform's customers and exempting Alameda from certain key FTX risk mitigation measures; and (3) undisclosed risk stemming from FTX's exposure to Alameda's significant holdings of overvalued, illiquid assets such as FTX-affiliated tokens. The complaint further alleges that Bankman-Fried used commingled FTX customers' funds at Alameda to make undisclosed venture investments, lavish real estate purchases, and large political donations.
"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," said SEC Chair Gary Gensler. "The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws. Compliance protects both those who invest on and those who invest in crypto platforms with time-tested safeguards, such as properly protecting customer funds and separating conflicting lines of business. It also shines a light into trading platform conduct for both investors through disclosure and regulators through examination authority. To those platforms that don't comply with our securities laws, the SEC's Enforcement Division is ready to take action."
Dumbshit ripped off rich people (Score:5, Insightful)
The dumbshit ripped off rich people, so he's going to jail. Rob a widows and orphans fund and you might get a nasty letter and a fine amounting to 10% of the money you made, if the FTC is in a bad mood that day.
Re:Dumbshit ripped off rich people (Score:4, Interesting)
The people who run our economy in our lives are not smart. They're just very very lucky and they take care of each other.
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It's the same problem Elizabeth Holmes and Bernie Madoff had. Their scam got so big rich people wanted in. In Holmes's case she embarrassed the CEO of Walgreens who completely fell for the scam and invested so much money and it that they're having to close stores.
When you scam to the tune of almost 2 billion dollars, there won't be many poor people in that mix.
Just another crypto scam, nothing to see here, just the usual grifters and marks.
Re:Dumbshit ripped off rich people (Score:4, Insightful)
The problem is if the scam gets too successful you attract actual members of the ruling class who want to get in on this exciting New deal.
The real problem for the scammer is those elite investors are actually idiots. The problem isn't the money the problem is every time these billionaires spend hundreds of millions and or billions of dollars on obvious scams it pulls the curtain back and reveals them for the imbeciles they are.
If that keeps happening people will start questioning the narrative that says they earned the billions and billions of dollars they have. And prosperity Gospel can only take you so far. You need people to think Elon Musk is a real life Tony Stark in order to justify him having 200 billion dollars. If people knew he was a college dropout that was literally given a fake degree because he was an illegal alien and his investors wanted him to stay in the country they'd be pretty pissed...
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He's now the poster child for the right because he bought Twitter and let the annoying orange back on?
What really pisses me off about him is that he blatantly showed that being rich and having a clue are completely separate and one has fuck all to do with the other. That really pissed me off.
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Well, Musk is clearly a blithering idiot. And all his money cannot save him from that, it is permanent and incurable.
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And Twitter used to be a big plaything for the far right. It only ended when some just went a wee bit far. Trump would never have been president if not for Twitter and Facebook amplifying and repeating his musings.
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Musk can be both an idiot and awesome for trolling the liberals via the Twitter buy. It's hilarious. A bunch of stuff that doesn't matter and yet it's causing all this ruckus.
Without actually being republican (no thanks), it's still quite fun to watch people troll the more progressive liberals.
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If it was just a troll move by someone who has more money than common sense to piss off the professionally offended who clutch their pearls every time someon passes a fart wrong (really, they are by no means different than the religious nuts, just with a different kind of "oh you can't say that" list), more power to him.
The thing is, though, that it genuinely looks like he did this as some sort of investment. And that is, sorry to say it, insane. If I had any money in anything this man does, I'd see that I
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Funny how you didn't refute a single word of what was said. At least you're admitting the man's a baldfaced liar.
As for make your own, that is exactly what's being done, or has been done, and Musk is throwing his usual temper tantrum that people are leaving as well as companies no longer advertising on Twitter.
His latest shenanigans will only continue to drive people away and when Twitter is some backwater has been he'll have only himself to blame. Except he won't. It will be everyone else's fault. Just l
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You can scam middle class and upper middle class people all day long. It's only when you go after the really rich that you have a problem. And there's a ton of money to be had scamming older Gen X and baby boomers who have a bit of savings but not really enough to retire on.
I get it - a lot of people want to eat the rich - But the personal experience I noted of a scammer who is in jail right now after scamming a lot of middle class people kind of shows that while you might hate wealthy people, if you have the evidence, they are prosecuted.
The real problem for the scammer is those elite investors are actually idiots. The problem isn't the money the problem is every time these billionaires spend hundreds of millions and or billions of dollars on obvious scams it pulls the curtain back and reveals them for the imbeciles they are.
You are correct there. It's a matter of greed overwhelming rational thought. Having some money through luck or effort doesn't make a person capable of critical thinking when the greed impulse hits.
There are a lot of people in here, who lik
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Thre are some churches who actually preach the opposite. If you are poor it's because you're a bad person, and if you're fabulously wealthy it's because God loves you. Prosperity Theology; it's a thing I kid you not. It's also how you justify having a private jet to your parishioners.
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Thre are some churches who actually preach the opposite. If you are poor it's because you're a bad person, and if you're fabulously wealthy it's because God loves you. Prosperity Theology; it's a thing I kid you not. It's also how you justify having a private jet to your parishioners.
Prosperity theology. Dante needed to invent an 8th layer of hell
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Not that I don't agree with the gist of your message, I do indeed, but what makes you think rsilvergun or actually anyone else here on Slashdot is poor? I consider myself rich, being well off compared to 95 to 99% of people worldwide, whereas compared to people around me, it's probably hit and miss, but then I live in Switzerland... ( I think statistically every 8th person in Switzerland is a millionaire.)
It's a guess, based on what he writes. Otherwise I don't know for certain.
Usually people who are wealthy - but not sociopathically greedy - folks will have a certain amount of sympathy for the poor.
But it isn't deniable that there are a fair number of people who stereotype others Wealthy bad because they succeed off backs of the poor people or conversely Poor people are poor because they are stupid and deserve to be poor
In fact, some times wealthy people were lucky, sometimes became wealthy through
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When you scam to the tune of almost 2 billion dollars, there won't be many poor people in that mix.
Seriously? Have you ever heard of MLM? The ground level of multi level marketing companies and their customers are almost entirely working and middle class people.
. Charles Ponzi scammed REGULAR people through his Securities Exchange company, taking mail order checks for investments. Plenty of lower and middle class people "invested" in the original Ponzi scheme.
Enron had a variety of rich and middle class shareholders, and the people most affected were all the middle class rank and file employees wh
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When you scam to the tune of almost 2 billion dollars, there won't be many poor people in that mix.
Seriously? Have you ever heard of MLM?
Seriously yourself. How many people living in poverty were investing in this crypto scheme?
Middle class is not poor, my friend.
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I have had Uber drivers talk to me about their crypto investments..these people can't afford their own car, and are renting from Uber..but invest what little they can in crypto.
I've had barbers tell me about their crypto investments, who live in a room in a house with 5 roommates and can barely make ends meet.
. So while there were obviously many middle class and ri
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A TON actually -- did you not see the big crypto push around the super bowl using celebrities to get regular people to "invest" in crypto?
I have had Uber drivers talk to me about their crypto investments..these people can't afford their own car, and are renting from Uber..but invest what little they can in crypto.
I've had barbers tell me about their crypto investments, who live in a room in a house with 5 roommates and can barely make ends meet.
. So while there were obviously many middle class and rich people investing, the sheer numbers of poor people putting in small sums of money (e.g. $100, $200) adds up when you get tens/hundreds of thousands of "investors"
Can you show me the citations that people living below the poverty level are investing in crypto? If you can put 100 or 200 dollars into crypto, you have that money to spare.
I did find a bit of statistics https://www.bankrate.com/inves... [bankrate.com]
I found a lot of blue sky crypto will take people out of poverty information. yeah - Anyhow, the stas page I linked does not appear to think that the poor are lining up to invest in crypto.
Since you tell me there is a huge (sheer) number of people living below pov
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According to a study by the USA Federal Reserve, most cryptocurrency users who actually make transactions are unbanked or low income: https://www.jamesmadison.org/f... [jamesmadison.org]
Bloomberg reports:
The declines could also spell significant losses for lower-income investors, with 42% of crypto holders reporting a household income below $50,000, according to Morning Consult data.
in this article: https://www.bloomberg.com/news... [bloomberg.com]
I don't think the federal poverty level is a great measure of who is actually poor -- someone making poverty lev
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I think a content-mill article, unsourced, from Bankrate doesn't tell you an accurate story, nor does it actually look for "poor" or low income investors.
According to a study by the USA Federal Reserve, most cryptocurrency users who actually make transactions are unbanked or low income: https://www.jamesmadison.org/f... [jamesmadison.org]
Bloomberg reports:
The declines could also spell significant losses for lower-income investors, with 42% of crypto holders reporting a household income below $50,000, according to Morning Consult data.
in this article: https://www.bloomberg.com/news... [bloomberg.com]
I don't think the federal poverty level is a great measure of who is actually poor -- someone making poverty level in Oklahoma looks a lot different than someone in coastal California. I think of the poor and working class constituting a similar block in American society, which the $50k income threshold does a good job of illustrating. So, when I say "poor people" I use a definition more like Francis Fox Piven's (https://en.wikipedia.org/wiki/Poor_People's_Movements), rather than "below federal IRS poverty level."
If we define poor people as anyone making less than 250 K per annum - as a former president candidate used as the beginning of the middle class, I would say you are 100 percent correct - a lot of "poor people" invested in crypto. In my neck of the woods, the poor people tend to invest in the lottery, a couple bucks at a time.
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If we define poor people as anyone making less than 250 K per annum - as a former president candidate used as the beginning of the middle class, I would say you are 100 percent correct - a lot of "poor people" invested in crypto. In my neck of the woods, the poor people tend to invest in the lottery, a couple bucks at a time.
But we're not, Bloomberg above was defining "low-income" as less than $50k per annum -- so the same lottery buying folks constitute 42% of crypto holders.
. When said former presidential candidate made that $250k statement, it wasn't to define the poor or low income, it was to define the end of , not the "beginning" of the middle class. I think $50k-$250k is actually a logical boundary for the "middle class" of america, split into lower/mid/upper. Believe it or not, today the boundary of the upper midd
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It doesn't mean they have money to spare. It means they are poor precisely because they are so bad with money in the first place. Crypto is just another get rich quick scam and unfortunately a lot of people get suckered into it if they are not properly told exactly what is going on.
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It doesn't mean they have money to spare. It means they are poor precisely because they are so bad with money in the first place. Crypto is just another get rich quick scam and unfortunately a lot of people get suckered into it if they are not properly told exactly what is going on.
I've always wondered what it is that makes people so bad with money. It really is a combination of simple math, plus an understanding of human nature. Anyone offering me returns far outside of the norm is probably trying to scam me. In some people, that probably activates their greed circuitry, which causes them to suspend disbelief.
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Just take a look at the complete bullshit our billionaires do.
Being rich once meant that you had some clue about something at least some time in the past. Today, it's really very obviously just pure luck.
tl;dr: Don't work hard. Play the lottery. About the same chance to strike it big, but with way less effort.
Re: Dumbshit ripped off rich people (Score:2)
In Holmes's case she embarrassed the CEO of Walgreens who completely fell for the scam and invested so much money and it that they're having to close stores.
Riiiiight.
The failed attempt to convert local drug stores into supermarkets offering food, toys, housewares, etc has nothing to do with it...
https://slate.com/business/202... [slate.com]
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Bernie Madoff always targeted rich people. The fact that it was an "exclusive club" was part of the attraction. Only towards the end, when he started to run out of new money, did he open up to the middle class.
I don't know so much about Elizabeth Holmes / Theranos. But as far as I'm aware, it was always the big investment funds and wealthy individuals that got involved.
Deep fried (Score:2)
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Capitalism with too little regulation at work. As this ideology is worshipped in the US, I have to say that "investors" at least there did it to themselves in some sense.
Not pulling a Do Kwon? (Score:5, Insightful)
With 10 digits of money "missing" you figure he'd have been ready to at least fall off the map, if not hop on a tiltrotor and fly to a newly built volcano lair.
Re:Not pulling a Do Kwon? (Score:5, Interesting)
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as I write before, he probably is a true believer. You know, those people that do incredible damage while believing they are doing good. Not the worst the human race has to offer, but still impressively bad.
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For that kind of money, I think some of the groups he ripped off would go Marsellus Wallace on his ass, though.
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Yeah, that is what is odd about Bankman-Fried ... why didn't he just flee?
Or, fake his own death, like Gerald Cotten. He is a Canadian who allegedly died in India after his crypto exchange Ponzi scheme buckled ...
This is an early report on Quadriga founder Gerald Cotten, and that he was a fraudster running a Ponzi scheme [www.cbc.ca].
Here is a great documentary:
SBF did not commit suicide (Score:2, Informative)
If he has the goods on anyone in power he's as good as dead. They want his money laundering ledger never to see the light of day
Just ask Jeff Epstein and John McAfee
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Oh please, anyone he implicates will just deny it or blame a fall guy.
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So? You're gonna miss him?
Who the fuck cares?
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FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas.
I would imagine that makes it more difficult to track done TAX evaders or bring any kind of legal action against FTX.
Re:I thought the whole point of the Bahamas... (Score:4, Interesting)
The feds have the authority to try to get you, wherever you are, if you commit a crime across state lines against Americans. The only times they will not get you is if they physically cannot because you are in an unfriendly country. But they'll always put a request to the foreign country's government asking for you to be extradited. The Bahamas might be a tax haven, but it is primarily a tourist destination, and they maintain good foreign relations. They are not going to protect any criminals especially if he's not even a Bahamian citizen.
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The other trick is to just ban American account holders. Binance did it.
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It is, if you don't mess directly with American account holders. If he had at least nominally barred Americans from doing business on FTX, prosecuting him would have been much more difficult for the Justice Dept.
Re: I thought the whole point of the Bahamas... (Score:2)
You don't need an extradition treaty to have someone arrested in a foreign country, it just makes the process easier /more predictable. The Bahamas could simply decide to arrest him.
The Bahamas could just decide to arrest/extradite him.
As I understand it Bahamas has $300M of FTX money in crypto in "cold storage".
A copy of the SEC complaint (Score:5, Informative)
Makes for interesting reading.
https://www.andrewwatters.com/... [andrewwatters.com]
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By the way, here is the just-unsealed criminal indictment.
https://www.andrewwatters.com/... [andrewwatters.com]
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thanks for the link - a complex scheme and to some, it will look like an unintentional snarl which accidentally failed.
The pattern of deceptive communication suggests a coach and a student that thought they knew more than they really did
Or a useful idiot to serve as an example to justify proof of stake and CBDC
Does FTX fall under US Jurisdiction? (Score:2)
I have a problem with how my country extends it's laws outside it's borders.
I have no problem with the actual claim of fraud. But the question is the jurisdiction. If your doing business with a financial institution in another country then you have no cause to believe your countries laws apply. When it comes to financial oversight you as an investor have to do your own homework. If you make bad investments outside your country you have no reason to expect your country to punish the person you invested with.
Re:Does FTX fall under US Jurisdiction? (Score:5, Informative)
> If your doing business with a financial institution in another country then you have no cause to believe your countries laws apply.
If you do business in country X, you are obliged to obey the laws of country X even if you are officially based in country Y.
The SEC has jurisdiction because FTX defrauded American investors. If they didn't want to comply with American laws they should not have done business in America.
Stop trying to blame the victims.
=Smidge=
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> Being naive does not absolve you of blame.
I generally agree. However, how much financial due diligence can one be expected to perform when literally every piece of information available to them is a lie? Is it reasonable to hire private investigators to tail the CEOs and industrial spies to leak internal documents of a company before you decide to invest in them?
I suppose the only winning move truly is not to play, but you can still be a victim if you choose to participate.
=Smidge=
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>
Stop trying to blame the victims.
They aren't victims. No one forced them to invest in a Ponzi scheme. They entered into an unregulated Monopoly money scheme, trading dollars for vapor.
Should this particular conman be punished? Sure. He did the con.
But we should all have a hearty laugh at the idiots who allowed greed to curb stomp their sense.
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> But we should all have a hearty laugh at the idiots who allowed greed to curb stomp their sense.
Don't misunderstand; I have basically no sympathy for the people who lost their shirts over this. Maybe a little for the people who had their pensions/savings ruined because their fund managers fucked up, but in that case it's the fund managers who should (but won't be) on the hook for that...
But victim blaming just takes the focus off of those truly responsible.
=Smidge=
Re:Does FTX fall under US Jurisdiction? (Score:5, Informative)
https://help.ftx.us/hc/en-us/a... [help.ftx.us]
The US and Bahamas have an extradition treaty. The US thinks a crime occurred here.
The first step of the proceeding will be for a court in the Bahamas to decide whether or not the allegations warrant extradition to the US. The court might decide that he shouldn't be extradited because no crimes occurred the US. Or the court might decide that there is enough evidence of crimes occurring within the US that he should be extradited.
To answer your question, we know that the US believes FTX does fall under US jurisdiction. The Bahamas has not decided yet. They might come to opposite conclusions and maybe we will never know!
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Basically, if you defraud rich Americans and your scam falls apart, you'd best be catching the next plane to North Cyprus and not lounging on the beach in Nassau.
So let me get this straight (Score:5, Interesting)
Re: So let me get this straight (Score:1, Troll)
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That monster!
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He generously funded political initiatives on both sides.
Not true. [opensecrets.org] He donated $155,000 across two conservative PACs, versus $35,872,000 to leftist causes. And most of the money spent by one of those "conservative" PACs was against Republicans [opensecrets.org].
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He donated $155,000 across two conservative PACs, versus $35,872,000 to leftist causes.
Thank you for playing Whatabout-False-Equivalence, we have some nice parting gifts for you:
Sam Bankman-Fried [opensecrets.org] donated $39,884,256 in 2022:
To Democrats: $36,846,356
To Republicans: $240,200
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He donated $155,000 across two conservative PACs, versus $35,872,000 to leftist causes.
I know to the people in the USA, the Democrats seem like 'leftists' but... they aren't really. Your entire political spectrum is so heavily slanted to the right, so that even the center-right seem like leftists.
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Oh my goodness these are sooooo leftists causes...darn Karl Marx..pro israel and wildlife !
Democratic Majority for Israel
Or
National Wildlife Federation fund.
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Donating to the GOP is a bit like wanking. You wouldn't want people to know that you do it.
Re: So let me get this straight (Score:2)
One of the charges against him is contributing to politicians illegally (under a false name) to hide contributions that exceeded federal limits.
Also, the accusation is that FTX donated tens of millions to liberal causes, not SBF personally. SBF may have personally donated somewhat evenly to democrats and republicans, but that doesn't mean FTX did the same thing.
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He also generously funded DNC initiatives.
I understand your point but the quote is what I was replying to. (Emphasis mine) "He" not "FTX"
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He apparently hid these donations by contributing to dark money groups that can spend unlimited money to influence elections and are not requi
Re:So let me get this straight (Score:5, Interesting)
So let me get this straight, this guy built a multi billion dollar pyramid scheme, and instead of using the money on hookers and blow, like a normal criminal, he lost it all gambling? Because that is what this looks like from my limited understanding of crypto.
Gambling is one of the big activities of cons, and tends to lead to the failure of the grift.
My personal experience is a co-workers son in law was a con man, and took a lot of money from other co-workers. The standard ponzi here, the first couple got outrageous returns on their investment - like 50 percent in a month. The rest lost it all. Many emptied their savings and retirements to this guy, all the well I was begging them to not do it.
His grift ended when he lost everything in Atlantic City, then bounced the check for his rental Mercedes.
But the whole cryptogrift is a form of gambling.
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I think some of this is due to the pyramid not working like the guy at the top expected. He's now behind in all the returns that he promised. So how to make money fast to pay them off before it all unravels? Gambling! Often the mob can find the people who owe them big money at the casinos. That's one way that seems to happen a lot, another method is just dig a hole even deeper and add another tier at the bottom of the pyramid. Bernie Madoff seemed to at one point believe he was actually going to beat t
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Your understanding is indeed very limited. Hint: no crypto scheme or people running them have ever been indicted for running a pyramid scheme despite specific and very strict laws against them.
Just because someone is handling money fraudulently doesn't make it a pyramid scheme. Just because money is reinvested elsewhere doesn't make it a pyramid scheme. Just because something rises in value when more people join doesn't make something a pyramid scheme.
And in this case he's not in trouble for running a pyram
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My impression is that the "gambling" was an attempt to cover his losses. This is surprisingly common for people involved in this kind of thing. They start with legal but risky investments, sometimes earning a bunch of money and sometimes losing a bunch. If they lose enough that they're going to get caught, they will try to cover their losses by making even riskier (and higher reward) investments. For a lot of the people who try this, failure is inevitable at this point, because even if they do cover the
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Not sure about the gambling, but he was the biggest DNC donor this last campaign, "invested" in banks in Ukraine, and much/most of it went to Alameda Research. Much of the money he (FTX) had in the first place came from Ukraine 'investments' shortly after the US kleptocracy gave Ukraine large amounts of money.
FTX also spent a lot of money on various "social justice" and "global warming" charity/non-profit organizations.
Basically, it's all fraud, theft, and money laundering. Not gambling.
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SBF was not the biggest donor to the DNC this cycle; he was a distant second. George Soros donated more than three times as much money as SBF, and every dollar of Soros's money went to leftist groups (versus token donations by SBF to conservative groups).
Re: So let me get this straight (Score:2)
OK, so it's:
1) Soros
2) Scruffy Hoodie Guy (SBF)
Who's #3? What is the gap between #2 and #3? I suspect it's pretty big, and it is likely "Unions(all)"
It's not a pyramid scheme (Score:2)
It's more like a Ponzi scheme.
A very stupid cat (Score:2)
So, they messed around for seems like forever, letting him 'almost get away' before charging him.
It's like a cat playing with it's food.*
1) this would be a cat with a very low 'eating the mouse' ratio due to Tom (of Tom and Jerry) level overconfidence and stupidity.
2a) Yes, the slow-to-act was out of nothing more than the 'if you can afford a big lawyer' line - below it and you can't leave town
2b) Not to be confused with the 'you can afford a lawyer' line - below that and you're likely to be held indefinite
Re: A very stupid cat (Score:2)
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He was taken into custody the day before he was to give voluntary public testimony to congress -preventing him from doing so.
A complete coincidence, I am sure.
Investors? (Score:2)
Investors, seriously? What about customers? They burnt thousands of millions of customers money, and the first ones they think about are investors?
Govenment Looked the Other Way When Profitable (Score:2)
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Butbutbutbut... free market, and free enterprise, and the free play of forces, and the government should stay out of everything! Small government! No government is good government! Stop trying to regulate everything!
Hey, wait a sec, that's my money that's gone! And just because I am a greedy bastard who can't see anything if a bunch of greenback are waved in front of me? I mean, just because I am a gullible moron who doesn't know how to invest? I mean, just because... hell, fuck it!
How could our government
Bad strategy⦠Or is it? (Score:1)
Re: Bad strategy⦠Or is it? (Score:2)
Charges were filed on Friday, they waited till Monday to arrest him, and I heard he announced he was 'too busy' to testify. I suspect the decision to arrest came as soon as he announced he wouldn't testify Tuesday...
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