SBF ran a sophisticated Ponzi that captured large swaths of American society.
In short, nobody even vaguely familiar with the space that SBF occupied should be surprised at all about what happened.
Wasn't shocked the first time at MtGox, either ;)
Jeffrey Epstein. Bernie Madoff-like-a-criminal. Jon (MF Global) Corzine. And now...Scam Bankrupt Fraud. Al Gore. And the biggest scamstress of all: Felonia Milhous von Pantsuit Clinton and the Clinton Crime Family Global Initiative. One (of the many) things they have in common is their selective targeting of the Proggy Elites, who usually fall down over their own sandals in contributing to the scams perpetrated by these rogues, all while believing they are smarter than the rest of us.
Okay...not everyone that fell for their schemes is some belly-button-lint-eater political progressive, but the ones that complained the loudest about falling for their scams certainly were.
sure, i agree.
but you kids and your bitcoin mania. i know i ain't noways as smart as some of you who love crypto, so i don't have the arguments with which to refute you. and i know all of you go on about fiat currency and what a scam it is. sorry. crypto is a scam too.
but to this article--you know, we know and neuro-nutsy sam knows too he's the one they could easily spare for some empty token of punishment.
SBF bankrolled a Congressional candidate who ran in my district (Oregon 6th, $10M donation) We had an up close view of this weird charlatan of a candidate. Thankfully Carrick Flynn & his EA agenda lost, here in suburbia. Here’s a May ‘22 story from VOX (who also received tons of SBF $) interviewing Carrick.
Securities fraud is as old as securities (Venice, 1550). After the niagara of garbage that was sold in the Roaring Twenties, Congress passed a series of securities laws which established standards for securities sold to the public. Today, those laws are as effective as the marijuana laws. Both vendors and buyers happily walk around them using loopholes known to all. Crypto is the latest such unregulated snake-oil paradise. Everyone knows that he is buying hype and hopes that he can sell the hype before it goes to zero. Fun to watch and hard to feel any emotion about aside from schadenfreude. But I do object to the fact that there is a Bitcoin machine in my supermarket that allows people without much money to gamble it on this risky non-investment. That should be illegal.
He will join the likes of Michael Milken who bankrupted many innocent elderly victims, own a mansion on Nantucket and be a shoe in for a coveted membership at Sanctity. Like Milken, he will go on to sponsor philanthropic adventures to offset his continuous stream of taxable income from his bought friends and politicians who benefited immensely from his fraud.
Why both of his parents have not been charged yet???
Elective Autism (EA)
Any honest customer should have been warned by the LOCATION. Sammy was operating from the BAHAMAS. The people who still chose to bet their money after seeing the one word BAHAMAS were not innocent suckers. They were Sammy's fellow criminals who wanted to put their money in an unregulated place.
There's a great meme out there, somewhere of an image of Jeffrey Epstein telling SBF, "Don't worry. There are cameras in jail so nothing can happen."
I believe that two of the engineers responsible for building the FTX platform deliberately left security exploits in the source code in order to facilitate a lot of the illegal money transfers. I hope they are being prosecuted.
What is most striking is how this reveals classist law and classist application of law.
When it's a lot of money, when the thief is one of the lawmaking and/or owning social class - well, then it's very difficult to get an investigation going, and even more difficult to get to trial to say nothing of conviction and in any, case any conviction is rarely more than a short stint in a minimum security facility.
Contrast that to someone poor, down and out who is convicted of theft for a few thousand dollars.
Equality before the law, the SBF and similar cases proves it is just horseshit.
One law for the rich, to get them out of trouble and one law for the poor to keep them down.
Wretched souls. Am nauseated by their very existence and appalled by their acceptance in social circles.
Hope I live to see the Epstein criminals exposed. Would love to hear the chatter over cocktails at the clubs they have endeared themselves to.
I just wonder how many folks got suckered into this scam due to Tom Brady's connection to it...he's the GOAT, after all! Or, maybe, "scapegoat"?
SBF’s connections, web of activity and rapid rise and fall are reminiscent of Epstein.