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(Yahoo)   SBF denies trying to commit fraud, claims he was just massively, astoundingly, unbelievably incompetent   (yahoo.com) divider line
    More: Dumbass, J. P. Morgan, disgraced founder Sam Bankman-Fried, Andrew Ross Sorkin, bankrupt crypto exchange FTX, BlackRock, Michael Bloomberg, Bloomberg L.P., Bankman-Fried  
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453 clicks; posted to Business » on 01 Dec 2022 at 11:01 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



19 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-12-01 9:25:25 AM  
"Bankman-Fried Grilling" is the name of my crypto-only fast food restaurant
 
2022-12-01 9:31:37 AM  
But Jim Cramer assured me that he's genius!  Oh wait...
 
2022-12-01 10:30:34 AM  
Why not both?
 
2022-12-01 11:12:57 AM  

BizarreMan: Why not both?


He's still actively trying to defraud people and is angry the keys to the car were given to someone else.
 
2022-12-01 11:20:03 AM  
'massively, astoundingly, unbelievably incompetent'
none of those would disqualify him from committing Fraud
 
2022-12-01 11:22:52 AM  
I'm more astounded that people gave him billions of dollars.
 
2022-12-01 11:33:21 AM  

NewportBarGuy: I'm more astounded that people gave him billions of dollars.


I'm astounded that anyone gives ANY crypto firms billions of dollars
 
2022-12-01 11:44:44 AM  

miscreant: NewportBarGuy: I'm more astounded that people gave him billions of dollars.

I'm astounded that anyone gives ANY crypto firms billions of dollars


I'm going to issue a crypto NFT and show them all how it's done
 
2022-12-01 11:47:57 AM  

Zenith: 'massively, astoundingly, unbelievably incompetent'
none of those would disqualify him from committing Fraud


Yes it would.  Fraud means you KNOWINGLY INTENDED to defraud.  If you defrauded because you were incompetent and didn't realize what you were doing that's not fraud.  It can be a whole mess of other things that warrant large civil fines, but not fraud.

One of the main reasons it's so hard to prosecute.

But his actions speak pretty loudly that he definitely knew what he was doing.  This is pretty damn blatant fraud.  Multiple types of fraud.  On numerous occasions.

/Plus numerous instances of misappropriation/misuse of company funds.  That's not fraud, but is separately illegal.
 
2022-12-01 11:53:53 AM  

jake3988: Zenith: 'massively, astoundingly, unbelievably incompetent'
none of those would disqualify him from committing Fraud

Yes it would.  Fraud means you KNOWINGLY INTENDED to defraud.  If you defrauded because you were incompetent and didn't realize what you were doing that's not fraud.  It can be a whole mess of other things that warrant large civil fines, but not fraud.

One of the main reasons it's so hard to prosecute.

But his actions speak pretty loudly that he definitely knew what he was doing.  This is pretty damn blatant fraud.  Multiple types of fraud.  On numerous occasions.

/Plus numerous instances of misappropriation/misuse of company funds.  That's not fraud, but is separately illegal.


I think the org chart makes is pretty clear he knew what the intent was. link
 
2022-12-01 12:08:18 PM  
I assure you that 'massively, astoundingly, unbelievably incompetent' was the criteria for selection.

These shadow finance orgs need idiot fall guys.  Herschel Walker springs to mind
 
2022-12-01 12:33:37 PM  
The only part that was truly incompetent was that he didn't cash out what he could and flee to a Caribbean island as soon as things started to fall apart. Smart grifters know when to run and hide.
 
2022-12-01 12:41:57 PM  
This is a cautionary tale about why rules, laws, oversight, accountability, and deep audits are ALL important.

This js a cautionary tale about why REGULATION is important. No, I didn't say regulation is perfect. But anybody who can't see that deregulated crypto is a shiatshow of grifts and cons is blind as a bat.
 
2022-12-01 12:46:11 PM  

miscreant: NewportBarGuy: I'm more astounded that people gave him billions of dollars.

I'm astounded that anyone gives ANY crypto firms billions of dollars


A really sad part of all of this is that probably no one person gave anyone billions to buy crypto. Many of the people who bought in were average, middle class folks who dumped in a significant share of their life savings and got screwed.

Most people who were rich before crypto and lost a couple million will be fine after this, even if they lose all their crypto investment. It might hurt a bit, but they'll still be rich.

The middle class who got scammed into investing a significant chuck of their net worth in crypto will get screwed. Most don't have the financial resources to wait it out and some even went into debt to buy their investment
 
2022-12-01 12:46:48 PM  

Joe_diGriz: The only part that was truly incompetent was that he didn't cash out what he could and flee to a Caribbean island as soon as things started to fall apart. Smart grifters know when to run and hide.


Whybare you ignoring the billions that are still unaccounted for?
We don't know what he cashed out or hid away.
We sure as hell can't take his word for anything.
 
2022-12-01 12:53:17 PM  

jake3988: Zenith: 'massively, astoundingly, unbelievably incompetent'
none of those would disqualify him from committing Fraud

Yes it would.  Fraud means you KNOWINGLY INTENDED to defraud.  If you defrauded because you were incompetent and didn't realize what you were doing that's not fraud.  It can be a whole mess of other things that warrant large civil fines, but not fraud.

One of the main reasons it's so hard to prosecute.

But his actions speak pretty loudly that he definitely knew what he was doing.  This is pretty damn blatant fraud.  Multiple types of fraud.  On numerous occasions.

/Plus numerous instances of misappropriation/misuse of company funds.  That's not fraud, but is separately illegal.


I mean he can be all those things and also act with the intent to defraud.
 
2022-12-01 12:53:44 PM  

ChibiDebuHage: Whybare you ignoring the billions that are still unaccounted for?
We don't know what he cashed out or hid away.
We sure as hell can't take his word for anything.


True, I'm sure the money still exists somewhere, but he should have disappeared along with it, rather than sticking around.

Although, who knows, maybe he still has some plan to fake his own death or something. Wouldn't surprise me at this point.
 
2022-12-01 1:31:07 PM  

Joe_diGriz: ChibiDebuHage: Whybare you ignoring the billions that are still unaccounted for?
We don't know what he cashed out or hid away.
We sure as hell can't take his word for anything.

True, I'm sure the money still exists somewhere, but he should have disappeared along with it, rather than sticking around.

Although, who knows, maybe he still has some plan to fake his own death or something. Wouldn't surprise me at this point.


I think he was planning on getting Epstein'd by now, and is dumbstruck that it hasn't happened yet.  The dog caught the car; and doesn't know what to do with it.
 
2022-12-01 2:44:27 PM  

Joe_diGriz: ChibiDebuHage: Whybare you ignoring the billions that are still unaccounted for?
We don't know what he cashed out or hid away.
We sure as hell can't take his word for anything.

True, I'm sure the money still exists somewhere, but he should have disappeared along with it, rather than sticking around.

Although, who knows, maybe he still has some plan to fake his own death or something. Wouldn't surprise me at this point.


That "fake your own death" seems to be a popular option in the crypto scammer world
 
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