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so where is the real bankman fried ??????
One memo exchanged between Gabriel Bankman-Fried and an officer of the FTX Foundation describes a plan to purchase the sovereign nation of Nauru in order to construct a “bunker / shelter” that would be used for “some event where 50%-99.99% of people die [to]ensure that most EAs [effective altruists] survive” and to develop “sensible regulation around human genetic enhancement, and build a lab there.” The memo further noted that “probably there are other things it’s useful to do with a sovereign country, too.”
B. Venture Investments and Acquisitions
Bankman-Fried also squandered FTX Group resources on a variety of speculative
venture-capital investments and corporate acquisitions, with little to no due diligence.
For example, as alleged in detail in Alameda Research Ltd. v. Kives, No. 23-
50411 (Bankr. D. Del. June 22, 2023) [D.I. 1679], an adversary proceeding filed in the Chapter
11 Cases, Bankman-Fried caused the FTX Group to invest $700 million in K5 Global Holdings
Case 22-11068-JTD Doc 1886 Filed 07/20/23 Page 20 of 84
{1368.002-W0071756.} 21
LLC and its affiliates, which were managed by former Hollywood talent agent Michael Kives
and his colleague Bryan Baum, neither of whom had an established track record in asset
management. Kives and Baum each pocketed $125 million of that “investment,” with the
remainder going to a grab-bag of venture investments having no synergy with the FTX Group’s
business—ranging from Musk’s SpaceX and The Boring Company, to a celebrity-backed tequila
business, to a software company run by Baum’s brother. No due diligence was conducted into,
and no financial advisor was retained in connection with, these “investments,” which were made
at materially inflated valuations to the detriment of the FTX Group.
Bankman-Fried Misappropriated Debtor Assets to Give $10 Million to His
Father.
On January 24, 2022, Bankman-Fried caused an FTX US exchange account in the
name of “info@alameda-research.com ” containing Debtor assets to transfer $10 million to an
FTX US exchange account in his name.
One minute later, Bankman-Fried transferred $10 million from his personal
account on the FTX US exchange to his father’s personal account on the FTX US exchange (the
“Bankman Gift Transfer”). Shortly thereafter, Bankman-Fried’s father made six transfers
totaling $6,775,000 to his personal accounts at Morgan Stanley and TD Ameritrade, leaving
$3,225,000 in his FTX US account. As of the Petition Date, the balance in the father’s FTX US
account was down to $2,200,000, having sustained losses on cryptocurrency trades.
In an email exchange, Bankman-Fried and his father discussed structuring the
$10 million gift as a loan from Alameda to Bankman-Fried. The Debtors have been unable,
however, to identify any promissory note, loan agreement, or other indication that the funds were
not simply taken from Alameda by Bankman-Fried to enrich his family.
On information and belief, Bankman-Fried’s father has been using this “gift” to
finance Bankman-Fried’s criminal defense.
https://twitter.com/WSBChairman/status/1686142731792293888
Sam and his brat useful idiot co-conspirators got to live an absurd cotton candy liberal fantasy lifestyle for a while. If any of them are alive in five years, I'd be surprised.
Bankman-Fried, 31, is accused of stealing billions of dollars in FTX customer deposits, spending tens of millions on his businesses, speculative venture investments, sketchy charitable donations, and making illegal campaign contributions aimed at influencing cryptocurrency regulation in Washington and electing democrats.
As I’ve noted before, Sam never created anything before launching his failed multi-billion-dollar crypto company. The whole thing stinks. It has a very Jeffrey Epstein-esque stench to it. Not the human trafficking part, the propped-up-by-intelligence-agencies part.
Anyway, the judge denied Sam access to computers, but said she would order necessary medications and allow a diet closer to his vegan preferences.
So don’t feel too sorry for Sam. He’s doing fine. He’ll choke down whatever veggies they give him, don’t worry. He’s tough. Sort of. Well, not really.
“If you can’t do the time, don’t do the …” something. I can’t remember.
Months before the collapse of FTX, some of its U.S.-based employees discovered the so-called backdoor that Alameda Research allegedly used to withdraw billions of dollars of customer funds from the cryptocurrency exchange, people familiar with the matter said.
The employees who made the discovery reported it to the boss of their division, who discussed it with one of FTX founder Sam Bankman-Fried’s lieutenants, some of the people said. But the problem never got fixed. In the summer of 2022, the leader of the team that raised concerns about Alameda’s special privileges was fired.
Really think they are going to let this touch the elites? Let's see how this CIA rigged circus trial proceeds.
Sam Bankman-Fried Trial: Alameda CEO Caroline Ellison States Disgraced Crypto Bro Directed Her to Commit Fraud, ‘Donated $10M to Biden Campaign to Gain Influence’
Guilty on all 7 charges.
Still gonna walk?
Also, with a yap like Sam's, they don't want him anywhere where he can spill the beans, so maybe he will eventually be terminated after his debriefings are completed.
RWSGFY says
Guilty on all 7 charges.
Still gonna walk?
Yep: "A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The FTX founder faces a maximum sentence of 115 years in prison."
I would be surprised if Bankman Fried does not serve at least 10 years in prison before given parole.
.
ad says
RWSGFY says
Guilty on all 7 charges.
Still gonna walk?
Yep: "A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The FTX founder faces a maximum sentence of 115 years in prison."
I would be surprised if Bankman Fried does not serve at least 10 years in prison before given parole.
.
Where's AF and his colorful tirades about prolapsed anuses when we need him?
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