February 9, 2023

Wire Service Canada

Complete Canadian News World

From “New Buffett” to arrest for fraud – Corriere.it

From Matthew Percival

Sam Bankman Fried was arrested in the Bahamas under a subordinate warrant. Burning $30 billion and defrauding a million investors. Money managed by his ex-girlfriend

None of the cryptocurrencies happily traded between video games It was over exaggerated Sam Bankman FriedFounder of Ftx, a cryptocurrency broker between an exchange (for buying cryptocurrencies) and a platform promotion court (for token stock exchange), He was arrested yesterday in the Bahamas Because – according to the US Securities and Exchange Commission, the US federal body that supervises, or should supervise the stock exchange – “orchestrated a fraud that has been going on for years”, i.e. a pyramid scheme that has holed tens of billions (which also includes 100,000 Italian investors).

Talked a lot

She was overrated not only as a “code” genius but also as a genius in crime: these cases, for US prosecutors, required months of work, but the indictment against a New York federal prosecutor arrived in two weeks, a record. the reason? bankman fried, who operated from the Bahamas to take advantage of loose financial rules and recently chose not to flee to a country that does not have extradition to the United States, After the failure of Ftx He tweeted often and willingly, gave a lot of material to prosecutors who were investigating the ruins of his financial pyramid, and basically took off not in court (there would be time) but in a public forum in which he incredibly accused himself (can be judged That) that the “tweets” were vetted by a lawyer).

Unlimited balance

“The next Warren Buffett?” he asked. fortunes
In a very old cover title. He was the leader of the new “Top 400” for Digital Finance in another cover (Forbes). Now the SEC is accusing him of hiding from FTX investors (over a million worldwide, now zero accounts) that the money was transferred to Alameda Research, hedge funds Run by his partner and ex-girlfriend Caroline Ellison (daughter of two MIT professors), 28, they had virtually “unlimited credit.”

READ  Antitrust begins seven proceedings against energy companies - the economy
Today in court

This may be only the first of several future indictments, said Gary Gensler, chairman of the SEC, suggesting. According to the SEC, investigations are ongoing into “other violations of the law” and other entities and individuals. The agency added that another regulator, the Commodity Futures Trading Commission, is also investigating Bankman-Fried, 30, who will appear in court today in Nassau, Bahamas.

He was sleeping in the office

Ftx seems to be able to displace Binance as the #1 “bank” platform in the cryptocurrency space and instead manage to It burns thirty billion euros from its customers In one of the most dramatic—and, frankly, bizarre—bankruptcies in the history of finance.
Bankman- Fried it seems A kind of Einstein cryptocurrencyHe slept in his office on a chair that looked like a 1970s ottoman, played video games in meetings, attended conferences with Tony Blair and Bill Clinton, funded parties, sponsored the NBA’s Miami Heat stadium, and was interviewed by The New Yorker
And the Vogue magazine.

Talked a lot

king Vogue magazineSix months ago, she blessed Gisele Bundchen’s partnership with Bankman-Fried, and Bundchen’s role as ambassador for the company. Now Bündchen and her soon-to-be-divorced football-hero husband Tom Brady, as a Ftx witness who has lost tens of millions (about 70, presumably, 45 he and 25 her) should also warn of the massive teamwork that they are undoubtedly better lawyers than Bankman’s. -Fried, led by David Boyes who convicted Microsoft in the 1990s and who is now trying to recover at least part of Ftx clients’ money.

READ  Only electric cars from 2025
Talked a lot

John Jay Ray, one of the technicians hired by the bankruptcy court to investigate how to restructure FTX debt in light of the bankruptcy process, defined the situation as “unprecedented” due to “the concentration of control in the hands of another small group of inexperienced, inexperienced and vulnerable individuals.”

December 13, 2022 (change December 13, 2022 | 22:55)