How Sam Bankman-Fried swindled $8 billion
in customer money, according to federal prosecutors
CNBC,
by
Rohan Goswami
&
MacKenzie Sigalos
Original Article
Posted By: Dreadnought,
12/18/2022 2:21:24 PM
Before his surprise Monday night arrest, Sam Bankman-Fried had apologized for everything he could think of, to everyone who would listen. In a leaked draft of his aborted House testimony, he wrote that he was truly, for his entire adult life, "sad." He "f----- up," he tweeted, and wrote, and said.
He told Bahamas regulators he was "deeply sorry for ending up in this position." But when Bankman-Fried was escorted out of his penthouse apartment in Nassau in handcuffs, it still wasn't clear what he was apologizing for, having stridently denied committing fraud to CNBC's Andrew Ross Sorkin, ABC News' George Stephanopoulos, and across Twitter for weeks.
Reply 1 - Posted by:
Dreadnought 12/18/2022 2:21:53 PM (No. 1359607)
The New York Times is reporting that the prosecutors are questioning both political parties on SBF's donations.
12 people like this.
Reply 2 - Posted by:
Dodge Boy 12/18/2022 2:55:11 PM (No. 1359628)
Yes, #1, I, too, am very interested in whose campaigns among both parties SBF was funding and how the money was laundered. Lest these details are buried along with Jeff Epstein's various customers to Orgy Island.
23 people like this.
Reply 3 - Posted by:
NorthernDog 12/18/2022 3:09:16 PM (No. 1359633)
The article downplays his use of ''effective altruism'' to attract investors and ward off analysts who liked the idea of Woke Investing. Anyone who seriously investigated how the firm operated would have spotted the scam long before it went bankrupt.
21 people like this.
Reply 4 - Posted by:
itsonlyme 12/18/2022 3:13:37 PM (No. 1359635)
There's a reason why Mitch "MultiUseless" McConnell and other are being quiet.......
December 15, 2022
"In addition, two individuals that worked with Bankman-Fried, co-CEO of FTX Digital Markeys Ryan Salame and FTX director of engineering Nishad Singh, also made millions of dollars in political donations. Neither has yet been indicted on the same federal charges Bankman-Fried has, and a court filing Wednesday suggests Salame may have provided tips about Bankman-Fried's actions.
Salame spent $24.5 million in donations, primarily to Republican candidates through the party's "WinRed" platform. He gave $2.5 million to the Senate Leadership Fund and $2 million to the Congressional Leadership Fund. He also gave $89,200 to the National Republican Congressional Committee and $109,500 to the National Senatorial Campaign Committee."
14 people like this.
Reply 5 - Posted by:
Subsuburban 12/18/2022 3:45:30 PM (No. 1359644)
Quite a good technical analysis of how Bankster-Fraud mismanaged the money he managed, but it's missing one salient point, viz., how he was protected by his large (and by large, I mean LARGE!) donations to various and sundry (by which I mean ALL) political power players. Yeah, the same ones who are standing around, looking at their shoes and whistling.
22 people like this.
Reply 6 - Posted by:
bad-hair 12/18/2022 5:38:43 PM (No. 1359684)
So he's sorry. How about life in a Vegan Prison. He might drop a few pounds.
8 people like this.
Reply 7 - Posted by:
Stencil 12/18/2022 5:45:04 PM (No. 1359688)
CNBC themselves were instrumental.
6 people like this.
Reply 8 - Posted by:
bighambone 12/18/2022 5:46:12 PM (No. 1359690)
You can safely bet that a lot of that money that was swindled is sitting in foreign bank accounts!
12 people like this.
He may have indeed swindled his customers, but how much of that money is currently in bank accounts of the Swamp?
7 people like this.
Reply 10 - Posted by:
JHHolliday 12/18/2022 7:30:39 PM (No. 1359723)
Most donations went to the Dems but he was, of course, a leftist. He did scatter a little to the Repubs trying to buy some influence from that side of the aisle. There is some talk about returning the money to “charity” meaning some left wing cause. Whatever can be recovered should go to the bankruptcy court to claw back whatever little is left to pay back investors. It will be a pittance compared to what they have lost.
That said, I am by no means an expert investor but I could tell from the start that the bitcoin craze would not end well. A couple more points up on CDs and I am out of the market. Biden is destroying our economy and I need a little safety for my declining years.
16 people like this.
Reply 11 - Posted by:
Jesuslover54 12/18/2022 7:48:38 PM (No. 1359730)
He acts like he will skate. He may be wrong. And don't forget the parents, they are not innocent babes.
8 people like this.
Reply 12 - Posted by:
stablemoney 12/18/2022 7:48:42 PM (No. 1359731)
It wasn't hard. Investors put the money in, and SBF took the money out.
7 people like this.
Reply 13 - Posted by:
janjan 12/18/2022 8:06:10 PM (No. 1359743)
Sorry but anyone who would hand over millions of dollars to a dork in cutoff jeans and a dirty t-shirt is an idiot. Where was the due diligence? Did these investors even know that he lived in a condo in the Bahamas with fellow weirdo’s and used Quickbooks? They’re all stupid.
16 people like this.
Reply 14 - Posted by:
JHHolliday 12/18/2022 8:07:59 PM (No. 1359744)
My apology for the 2nd post, Lucianne, but this guy was touted by the media as the next Dem power player. Does anyone remember Michael Avenetti? Actually pushed by the media as a possible Dem presidential candidate. Now serving time for robbing a disabled client. The Democrat Party and their sycophantic media are nothing but criminals. Vote fraudsters on a massive scale. I am afraid the tipping point has been reached and we will never again see an honest election.
13 people like this.
Reply 15 - Posted by:
Strike3 12/19/2022 8:43:29 AM (No. 1359989)
The big question for all who got swindled, "If you're so dang rich, why ain't you smart?" or something like that. The very concept of crypto anything is to hide what's underneath. Fraud-Fried had one thing right, politicians of either side would not question where their donations came from. They accept money from the Mafia, the KKK, Middle Eastern terrorists, the cartels, anybody.
8 people like this.
Reply 16 - Posted by:
coldoc 12/19/2022 9:43:38 AM (No. 1360043)
A prison jumper will be sartorial splendor compared to his normal attire.
7 people like this.
Reply 17 - Posted by:
Luandir 12/19/2022 11:03:36 AM (No. 1360127)
Raised in a radical-lib academic bubble, he feels entitled to anything he can get his hands on. Buy a few friends, support the popular woke causes, but it won't fill the emptiness inside.
2 people like this.
Reply 18 - Posted by:
Zigrid 12/19/2022 11:14:39 AM (No. 1360138)
Doesn't it bother anyone else this young punk knew all there was to know about financing the democrats and hiding money off shore...he's very young to have gotten into the system so easily...something is not right...who was feeding him information...and covering his trail...it smacks of others involved...as to his arrest...the democrats had to shut him down...and quickly...before he could say the wrong thing...his diarrhea of the mouth could be costly for them....
5 people like this.
Reply 19 - Posted by:
Faithfully 12/19/2022 5:25:00 PM (No. 1360385)
#18 Why are punks like him responsible for his people being expelled from every nation? History repeats. So sad.
1 person likes this.
Below, you will find ...
Most Recent Articles posted by "Dreadnought"
and
Most Active Articles (last 48 hours)