SBF Finally Arrested in the Bahamas
SBF Finally Arrested in the Bahamas
The FTX Crypto Ponzi Scheme Financial was finally arrested for his Embezzlement
He finally put on a shirt and suit, but the little Stanford Experiment Demon Child did so only when he was being arrested in the Bahamas. The rest of the time it was grey t-shirts and shorts and people invested billions into this train wreck, incredible.
He properly grew up on the Stanford campus, where his parents were well-known left-wing activist law professors. He went to a tony prep school and on to MIT.
Bankman-Fried mocked society’s bourgeois capitalist conventions by dressing and looking like a slob in cut-offs and T-shirts.
Indeed, he bested the nose-ring, Charles Manson-esque appearance of former Twitter CEO Jack Dorsey. He outdid the all-black, Steve Jobs copy-cat get-up of another fallen leftist icon, the now-convicted felon Elizabeth Holmes of Theranos infamy.
https://amgreatness.com/2022/12/14/two-antithetical-billionaires/
He will be facing extradition back to America to face a Justice system that can’t even investigated the Hunter Biden emails. So how much Justice will he really face in the American Justice system? Will it be another quick whitewash like with Jeffrey Epstein and a quick faux suicide situation to cover up all the loose ends and then head back to the Bahamas where the billions are still stashed in accounts only he knows about?
The charges include wire fraud, securities fraud, money laundering, and campaign finance laws violations. The Securities and Exchange Commission has charged Bankman-Fried with defrauding equity investors, and the Commodity Futures Trading Commission has filed a complaint against him as well.
Some 130 entities, including FTX, FTX US, and Alameda Research, are involved in the bankruptcy proceedings.
https://www.vox.com/the-goods/23451761/ftx-sam-bankman-fried-arrest-bankrupt-bitcoin-alameda
How did SBF of FTX pull off this Ponzi Scheme? At the heart of it was Valuation of the FTT Tokens based on entirely self generated valuation using Alameda Research. And he also did it by creating multiple corporate entities to move around tokens and also customer’s funds back and forth and then use sloppy childish accounting and almost no paperwork as his legal cover and strategy.
On November 2, Ian Allison at CoinDesk published a leak revealing that much of Alameda’s $14.6 billion in assets were parked in a digital token created by FTX, called FTT. (In crypto, tokens are digital assets built on a blockchain.) Among other perks, FTT tokens give holders a discount on FTX trading fees.
But the tokens were, like a lot of crypto tokens, kind of a made-up thing where their value was derived in believing there was value. “They printed this token out of thin air, endowed it with some valuation, and then Alameda used it as collateral,” said Nic Carter, partner at venture capital firm Castle Island Ventures.
https://www.vox.com/the-goods/23451761/ftx-sam-bankman-fried-arrest-bankrupt-bitcoin-alameda
He is facing more than a 100 years in Prison, but will that ever happen and will the money ever be found if they were using Quickbooks to do their accounting? It was old fashioned embezzlement aka stealing money straight out of your customers accounts.
Crypto was a Mine Field. The old saying of Buyer Beware applies twice as much with Crypto coins and tokens. And before you invest in any Crypto take a look at the CEO running the show and see if he looks or talks like SBF and if so run in the opposite direction with your funds.
And if you missed it another scammer entered the Crypto world today with his own scam using NFT collection cards. A former President flogging cheap NFT cards for $99 that will go straight into his pocket and not even his political campaign. We did warn you that this man was a Con Artist and Snake and now you have further proof.
Are there still people dumb enough in America to vote for this clown show? Answer, Yes because the NFT collection is Sold Out. Mike Adams thinks he is a fool, but it is not his fault, it is the fault of the team surrounding him. Notice it is Never his fault.
Endure till the End and take Care of Yourself. Remember on planes they always tell you put the mask on first, before helping others. Therefore, Take Care of Yourself First and then do what is in your control, and then leave the rest to the universe to solve.
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For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
Ephesians 6:12
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