NY - Samuel Bankman-Fried (FTX), Alleged Fraud, Money Laundering, 2019-2022 *Arrest*

[Gemmie]

I am not familiar! I would expect that he would have to go back to jail if the required signers are not willing to sign, but that’s MOO.

He should have remained in jail until the required signers signed up but they didn't ask me for my opinion! Another interesting probability... since they released them before signing... what if he DID run off? Are they off the hook for their millions they would have signed up?

 

[Countem]

Sam Bankman-Fried pleads not guilty in FTX fraud case; October trial set

A judge set an Oct. 2 trial date.

www.reuters.com

Trial date has been set for October 2, 2023 and is expected to last four weeks.

SBF is facing up to 115 years in prison if convicted on all counts.

The judge imposed a new bail condition, saying SBF cannot access FTX or Alameda assets.

The judge also also granted SBF's request not to publicize the names of two additional co-signers for the bond.

 

[Countem]

Exclusive: FTX's former top lawyer aided U.S. authorities in Bankman-Fried case

FTX's former top lawyer Daniel Friedberg has cooperated with U.S. prosecutors as they investigate the crypto firm's collapse, a source familiar with the matter said, adding pressure on founder Sam Bankman-Fried who was arrested on criminal fraud charges last month.

www.reuters.com

FTX's former top lawyer DF, a player that I thought may stay hidden due to his checkered past with Ultimate Bet (MOO), is reported to have cooperated with U.S. prosecutors and investigators. He has allegedly admitted to the prosecutors and investigators that he was aware of Alameda’s alleged improper use of FTX customer funds. He is not under investigation and is not expected to be charged, though he will likely be a witness in SBF’s trial.

 

[Howl]

The judge imposed a new bail condition, saying SBF cannot access FTX or Alameda assets.

I guess blocking internet access was a bridge too far.

 

[watergirl62]

Sam Bankman-Fried Seeks to Keep Grasp on $450M in Robinhood Shares

The FTX founder and former CEO says he needs the money to pay his legal fees, despite rival claims by the company and by crypto lender BlockFi.

finance.yahoo.com

 

[Countem]

Sam Bankman-Fried Seeks to Keep Grasp on $450M in Robinhood Shares

The FTX founder and former CEO says he needs the money to pay his legal fees, despite rival claims by the company and by crypto lender BlockFi.

finance.yahoo.com

From the article:

“Mr. Bankman-Fried requires some of these funds to pay for his criminal defense.”

Sorry not sorry, MOO.

Also from the article:

[T]he debate may prove academic, after a representative of the U.S. Department of Justice told the court Wednesday that it was seizing the shares as part of proceedings against Bankman-Fried.

 

[Gemmie]

reported by the Financial Times: When FTX moved its headquarters from Hong Kong to the Bahamas last year, the staff soon realized that Amazon didn’t deliver to the island. So they struck a private deal with an air carrier to fly their orders from Miami, according to former employees

FTX, the crypto exchange platform that went bust in November, spent about $40 million in just over nine months last year on hotels, entertainment and flights, according to court documents reviewed by Insider. Nearly $7 million of that was just food.

 

[IQuestion]

Anther insider to spill the beans!

Former FTX US boss Brett Harrison vows to spill dirt on crypto disaster

Brett Harrison abruptly resigned as president of FTX US last September.

nypost.com

Also, I do not believe a bank robber can use the stolen money, invest it in stocks, and then sell the stocks to pay for their defense??? Isn't that like someone stealing your identity, getting caught, and then offers to make restitution writing checks on stolen identity accounts. Oh brother!
How is it that he claimed he had less than 100K in assets (proposed bankruptcy?) and now remembers he bought 56 million shares of Robinhood stock (worth 486 million dollars) 6 months earlier?
FTX CEO Sam Bankman-Fried Buys 7.6% Stake in Robinhood
***I feel badly for so many hard working young people trying to invest the few dollars they had in a "hyped scam"

 

[Countem]

RSBM

How is it that he claimed he had less than 100K in assets (proposed bankruptcy?) and now remembers he bought 56 million shares of Robinhood stock (worth 486 million dollars) 6 months earlier?

Technically, he said that he only had $100,000 in his “bank account,” which conveniently excludes investment and real estate holdings. He is definitely careful with his words.

"Am I allowed to say a negative number?" he told the outlet, when asked about his personal finances. "I mean, I have no idea. I don't know. I had $100,000 in my bank account last I checked," he said.

Report: Former billionaire Sam Bankman-Fried says he's down to $100,000 in bank account

Sam Bankman-Fried said "basically everything" he had was tied up in the now-failed company, making his financial situation "complicated."

www.usatoday.com

 

[Countem]

A law firm involved in FTX's bankruptcy is under fire from 4 senators after an ex-customer noted that it earned $20 million from the crypto giant

SBF's company paid Sullivan & Cromwell millions in fees and retainers before bankruptcy, so senators are concerned it can't properly investigate FTX.

www.businessinsider.com

An FTX customer […] called on the court to disqualify Sullivan & Cromwell as the debtors' counsel, or otherwise "provide robust disclosures." According to his motion, which Insider has seen, FTX paid the law firm $20.5 million in fees and retainers before it filed for bankruptcy on November 11 last year.

 

[Countem]

FTX's venture backers included Patriots owner Robert Kraft and billionaire Paul Tudor Jones, new filings show

FTX's roster of big-name backers included Paul Tudor Jones and Robert Kraft as well as Tom Brady and Gisele Bündchen.

www.cnbc.com

This article has decent break-outs of the top shareholders in FTX, if that interests anyone.

 

[Gemmie]

I know the media (or at least it's MOO) likes to print bad pics of people they don't like, and nice ones of people they do like... but why this pic? I see it a lot. Are they trying to say that SBF is sticking his tongue out at everyone? lol It's kinda odd.



Ed Jones | Afp | Getty Images

 

[Countem]

Sam Bankman-Fried is now writing his own newsletter while under house arrest at his parents' $4 million property: 'I didn't steal funds'

Insider's Phil Rosen breaks down what the FTX founder is up to now with his new Substack and his estimates of Alameda's balance sheet.

www.businessinsider.com

You can’t make this stuff up. Is he aware that what he posts is fair game in the courtroom?

Below is a link to SBF’s Substack.

FTX Pre-Mortem Overview

Summary In mid November, FTX International became effectively insolvent. The FTX saga, at the end of the day, is somewhere between that of Voyager and Celsius. Three things combined together to cause the implosion: a) Over the course of 2021, Alameda’s balance sheet grew to roughly $100b of Net...

sambf.substack.com

Here is his verified Twitter confirming the Substack’s authenticity.

https://twitter.com/x/status/1613522399269650434

 

[Elley Mae]

Sam Bankman-Fried's secret 'backdoor' discovered, FTX lawyer says

Sam Bankman-Fried's secret 'backdoor' discovered, FTX lawyer says

"All this has left a shortfall in value to repay customers and creditors," Andrew Dietderich told the court, with $5 billion recovered so far.

www.businessinsider.com

Sam Bankman-Fried instructed his FTX cofounder Gary Wang to create a "secret" backdoor to enable his trading firm Alameda to borrow $65 billion of clients' money from the exchange without their permission, the Delaware bankruptcy court was told Wednesday.

Wang was told to create a "backdoor, a secret way for Alameda to borrow from customers on the exchange without permission," said FTX lawyer Andrew Dietderich.

"Mr. Wang created this back door by inserting a single number into millions of lines of code for the exchange, creating a line of credit from FTX to Alameda, to which customers did not consent," he added. "And we know the size of that line of credit. It was $65 billion."

 

[Gemmie]

Sam Bankman-Fried's secret 'backdoor' discovered, FTX lawyer says

Sam Bankman-Fried's secret 'backdoor' discovered, FTX lawyer says

"All this has left a shortfall in value to repay customers and creditors," Andrew Dietderich told the court, with $5 billion recovered so far.

www.businessinsider.com

Sam Bankman-Fried instructed his FTX cofounder Gary Wang to create a "secret" backdoor to enable his trading firm Alameda to borrow $65 billion of clients' money from the exchange without their permission, the Delaware bankruptcy court was told Wednesday.

Wang was told to create a "backdoor, a secret way for Alameda to borrow from customers on the exchange without permission," said FTX lawyer Andrew Dietderich.

"Mr. Wang created this back door by inserting a single number into millions of lines of code for the exchange, creating a line of credit from FTX to Alameda, to which customers did not consent," he added. "And we know the size of that line of credit. It was $65 billion."

I'm not following the logic of SBF's lawyer on this. Maybe because I'm not as smart as a lawyer? lol

It appears to me, at least, that the reason the lawyer said Wang was told to create a secret backdoor so Alameda could syphon off billions... was to point the "He did it!!" finger at Wang. But isn't telling someone to do something like that worse than the person who followed those orders? lol *scratches my head in puzzlement*

 

[Countem]

I'm not following the logic of SBF's lawyer on this. Maybe because I'm not as smart as a lawyer? lol

It appears to me, at least, that the reason the lawyer said Wang was told to create a secret backdoor so Alameda could syphon off billions... was to point the "He did it!!" finger at Wang. But isn't telling someone to do something like that worse than the person who followed those orders? lol *scratches my head in puzzlement*

FTX’s lawyers are not SBF’s lawyers, that’s why. FTX has its own legal counsel (and SBF is no longer an employee of FTX). If you scroll to the bottom of the article, you will see that SBF’s lawyers have not responded.

 

[Gemmie]

FTX’s lawyers are not SBF’s lawyers, that’s why. FTX has its own legal counsel (and SBF is no longer an employee of FTX). If you scroll to the bottom of the article, you will see that SBF’s lawyers have not responded.

Oh, I KNEW there had to be a good reason! Thank you for screwing my head on tight. lol

 

[IQuestion]

FTX’s lawyers are not SBF’s lawyers, that’s why. FTX has its own legal counsel (and SBF is no longer an employee of FTX). If you scroll to the bottom of the article, you will see that SBF’s lawyers have not responded.

COUNTEM Double thank you! SBF was so eager to get back to the USA...can't help but notice only 10% of the depositors are USA based. Am I correct in thinking the US is less punitive than other international courts? I watched his interviews on youtube with Andrew Ross Sorkin and SBF just talked incoherent babble and lots of strange eye shifting. I kept thinking, "Nah, he has got to have more substance." But he didn't!! Who would ever deposit their hard earned money with a guy who wears a wrinkled T-shirt, shorts and eschews barbers and talks in circles? From Squawk on The Street:

FTX's Sam Bankman-Fried is a 'pathological liar' and a 'con man,' says Jim Cramer​

 

[Countem]

COUNTEM Double thank you! SBF was so eager to get back to the USA...can't help but notice only 10% of the depositors are USA based. Am I correct in thinking the US is less punitive than other international courts? I watched his interviews on youtube with Andrew Ross Sorkin and SBF just talked incoherent babble and lots of strange eye shifting. I kept thinking, "Nah, he has got to have more substance." But he didn't!! Who would ever deposit their hard earned money with a guy who wears a wrinkled T-shirt, shorts and eschews barbers and talks in circles? From Squawk on The Street:

FTX's Sam Bankman-Fried is a 'pathological liar' and a 'con man,' says Jim Cramer​

I am not sure whether the U.S. is more or less punitive than other courts, but if he knew that he could bargain to stay at his parents’ home in California, eating a pleasant vegan diet, until trial rather than sit in a prison in a foreign country with lackluster “reviews” and limited vegan options for an unknown amount of time, I can see why he would have been eager to be extradited, MOO.

 

[Gemmie]

I just had a thought so stopped cooking dinner to Google for this.

The microphones built into some ankle monitors can hear in and even record your conversations.

Ankle monitors come with built-in microphones that can be used to listen in and record conversations.

I wonder if SBF's does cuz you KNOW he can't stop running his mouth. And I'd think he'd talk WAY more freely in the "safety of his parent's house" than he would in an interview, even though he blabbers too much in interviews. Interesting...

How To Successfully Wear An Electronic Ankle Bracelet – Sweetandspark

www.sweetandspark.com