“Fried embezzled around $8 billion that belonged to FTX customers, and used it to cover up losses at his hedge fund Alameda Research. He also used the money to make risky investments, buy a couple of private jets, pay stars like Tom Brady to promote FTX, and purchase naming rights for the stadium that hosts the Miami Heat…”
————-————————
Wait! You forgot to mention that he used his customers’ money to become the second largest donor to the Democrat Party.
I always remember that in Dante's Inferno, the second to last circle of hell (next to worst) is reserved for people who do physical crimes like murder, armed robbery, etc. The last, and worst, circle of hell is for what we would call white collar crimes- crimes of the brain, not brawn. That is the exact opposite of what usually happens now in most circumstances. We abhor murderers but have some odd respect for swindlers. Or at least we find some excuse for swindlers in the law's complexities and admire their ability to navigate the complex legal code. And they are often rich.
The reason for Dante's ranking was explained to me that white collar, or brain crime, was a direct affront to God. The thing that separates us from animals was the gift from God of reasoning and intelligence and to use that in a crime was an insult to that gift.
I hope he rots in jail and his preening, pompous parents do the same as a warning to others. We have allowed people to confuse a superficiality of legality with being moral for too long.
Just like Bernie Madoff, SBF is a thief. He needs to go to jail for a very long time. And his parents, who participated and should have known better, should be behind bars with their wayward son. This is the type of crime that causes ordinary people to stay away from legitimate financial advisors who can actually help people achieve their goals. But SBF and Co are the ones who dominate the headlines and cause people to fear the honest 99% of the financial advisors.
When and to whom do all the scumbag politicians who gladly took his money return it and to whom? And why do I get the distinct sense that the majority of scumbags come from the left side of the aisle…and I’m talking far and near left. Scumbags should all go to prison!
I know you think he's 'a dead man walking', but I've become so jaded in our system of justice that I feel he'll somehow get off.
Frankly, the greatest crime of this century isn't what he did. It's what the DOJ, and corrupt judges have done to bring their partisanship and hackery to our court system. THEY have destroyed my faith (and 50% of my countrymen's faith) in the court system, because they've been blatantly dishonest in administering it.
It's a bit hard to believe that anyone could dupe so many investors out of so much money without oversight inside or outside his companies. Unfortunately, as in the case of Bernie Madoff, it's true, and I doubt any of the jurors will be fooled by his lies and excuses. SBF is 31 years old and I doubt he'll live long enough to serve out the sentence he deserves.
He was simply an intermediary. Investors thought they were riding Bitcoin higher, not aware enough to ask about corporate accounting and safe fiduciary practices.
Many investors think all brokers, dealers, advisors are the same and therefore choose the one who offers the lowest cost.
In SBF's case, he was one of a handful who dealt in Bitcoin. He probably met with only a few of actual investors and thereby couldn't dupe people he never met.
He just happened to be the right guy in the right place in the right time who may have been book-smart, but in terms of running a legitimate securities business in charge of so much money, to say he was in over his head is an all-time enormous understatement.
His sole purpose was to make money, and usually with these types of people their intent is not to defraud. They just don't know when or how to get out of the hole they dig themselves.
Agree with all written, but...will SBF get sent to a "country club" prison or a prison that houses non white collar criminals? As long as the Madoff's and SBF's enjoy special privileges imprisonment, the fear of doing evil will never truly influence them. The writer doing the SBF autobiography said it, that SBF would rather be in prison with an internet connection than be free without one. That's not a deterrent. These guys would be much more likely to fly right if they knew they'd be facing scarier jail time in my opinion.
Not much to say here except that the whole foundation of crypto has been nonsense from the start. I wrote a paper on it way back proving that everything about it was wrong. So of course grifters congregated around it.
“Fried embezzled around $8 billion that belonged to FTX customers, and used it to cover up losses at his hedge fund Alameda Research. He also used the money to make risky investments, buy a couple of private jets, pay stars like Tom Brady to promote FTX, and purchase naming rights for the stadium that hosts the Miami Heat…”
————-————————
Wait! You forgot to mention that he used his customers’ money to become the second largest donor to the Democrat Party.
I always remember that in Dante's Inferno, the second to last circle of hell (next to worst) is reserved for people who do physical crimes like murder, armed robbery, etc. The last, and worst, circle of hell is for what we would call white collar crimes- crimes of the brain, not brawn. That is the exact opposite of what usually happens now in most circumstances. We abhor murderers but have some odd respect for swindlers. Or at least we find some excuse for swindlers in the law's complexities and admire their ability to navigate the complex legal code. And they are often rich.
The reason for Dante's ranking was explained to me that white collar, or brain crime, was a direct affront to God. The thing that separates us from animals was the gift from God of reasoning and intelligence and to use that in a crime was an insult to that gift.
I hope he rots in jail and his preening, pompous parents do the same as a warning to others. We have allowed people to confuse a superficiality of legality with being moral for too long.
Is anyone surprised that the Democrats were bankrolled by this fraud?
Lying and defrauding America defines the modern Democrat Party.
Did the DNC donations buy immunity for both SBF parents?
Just like Bernie Madoff, SBF is a thief. He needs to go to jail for a very long time. And his parents, who participated and should have known better, should be behind bars with their wayward son. This is the type of crime that causes ordinary people to stay away from legitimate financial advisors who can actually help people achieve their goals. But SBF and Co are the ones who dominate the headlines and cause people to fear the honest 99% of the financial advisors.
When and to whom do all the scumbag politicians who gladly took his money return it and to whom? And why do I get the distinct sense that the majority of scumbags come from the left side of the aisle…and I’m talking far and near left. Scumbags should all go to prison!
Hubris can be an expensive habit...SBF will soon hear what a jury of his peers has to say on that score.
I know you think he's 'a dead man walking', but I've become so jaded in our system of justice that I feel he'll somehow get off.
Frankly, the greatest crime of this century isn't what he did. It's what the DOJ, and corrupt judges have done to bring their partisanship and hackery to our court system. THEY have destroyed my faith (and 50% of my countrymen's faith) in the court system, because they've been blatantly dishonest in administering it.
Dead man walking, rightfully so!
It's a bit hard to believe that anyone could dupe so many investors out of so much money without oversight inside or outside his companies. Unfortunately, as in the case of Bernie Madoff, it's true, and I doubt any of the jurors will be fooled by his lies and excuses. SBF is 31 years old and I doubt he'll live long enough to serve out the sentence he deserves.
He was simply an intermediary. Investors thought they were riding Bitcoin higher, not aware enough to ask about corporate accounting and safe fiduciary practices.
Many investors think all brokers, dealers, advisors are the same and therefore choose the one who offers the lowest cost.
In SBF's case, he was one of a handful who dealt in Bitcoin. He probably met with only a few of actual investors and thereby couldn't dupe people he never met.
He just happened to be the right guy in the right place in the right time who may have been book-smart, but in terms of running a legitimate securities business in charge of so much money, to say he was in over his head is an all-time enormous understatement.
His sole purpose was to make money, and usually with these types of people their intent is not to defraud. They just don't know when or how to get out of the hole they dig themselves.
You could be right. Let's see what the jury does.
Agree with all written, but...will SBF get sent to a "country club" prison or a prison that houses non white collar criminals? As long as the Madoff's and SBF's enjoy special privileges imprisonment, the fear of doing evil will never truly influence them. The writer doing the SBF autobiography said it, that SBF would rather be in prison with an internet connection than be free without one. That's not a deterrent. These guys would be much more likely to fly right if they knew they'd be facing scarier jail time in my opinion.
This is what happens to the ignorant in pursuit of "more"
It's just a good thing that being a d**k and a d-b*g aren't illegal, or he would be looking at more than 110 years in prison.
The prosecution isn't going to ask you a question they don't know the answer to. This idiot deserves what he gets.
Not much to say here except that the whole foundation of crypto has been nonsense from the start. I wrote a paper on it way back proving that everything about it was wrong. So of course grifters congregated around it.
The False Premises and Promises of Bitcoin.
https://arxiv.org/pdf/1312.2048.pdf
For some reason I keep typing Bitcon...
nope. (LOL). he wont spend even a year in jail