the official Scam Bank-Fraud thread

[VitaMan]

Remember who you are working with.

[The_Waco_Kid]

Originally Posted by Tiny

I'm not sure what we're arguing about here. Yeah, I took WTF and Vitaman to the woodshed over the relevance of Donald Trump to the FTX bankruptcy, but that was in the other thread.

We all believe that crypto is at least a somewhat dubious investment, and that the perpetrators of the fraud at FTX deserve punishment. Now, about punishment, WTF may not actually come out and say that, but he believes it.

Thanks for the reading material Waco Kid. This is going to end up being more entertaining than Madoff.

i'm pretty sure you see the exchange customers as victims and don't buy in on WTF's claim that they aren't just because he considers Crypto "risky". you are probably right, WTF probably does see sammy as guilty and "Judge WTF" would throw the book at him.



it should be noted just how fast Ellison and Wang copped plea deals. they knew what happened was a crime and smartly took deals given the total years they could have received if maxxed would essentially be a life sentence.



sammy pled not guilty. i'd like to know if whoever is advising him legally even mentioned a plea deal? he knows full well now that Ellison and Wang took deals, yet pled not guilty. interesting given he knows they were right in the middle of it all and knew full well sammy was aware they were taking customer money. i think i read that Ellison claimed that it was sammy who made the decision to do that.



i still claim his defense will be the "IT guy did it by accident" by pressing the transfer key .. 8 billion times in a row.


bahhahahaaaaa

[Tiny]

Originally Posted by The_Waco_Kid

i still claim his defense will be the "IT guy did it by accident" by pressing the transfer key .. 8 billion times in row.

Hell, he might say that. SBF's one of the biggest liars on the planet. I don't know why a couple of our Democrat friends appear to want to deny that.

[WTF]

Originally Posted by Tiny

Hell, he might say that. SBF's one of the biggest liars on the planet. I don't know why a couple of our Democrat friends appear to want to deny that.

Same reason folks on the right deny Trump is the biggest liar/snake oil salesman there has ever been!

[WTF]

Originally Posted by The_Waco_Kid

interesting how you always claim everyone misstates what you say.

Not everyone...

Only those who misstate what I actually say.

I consider all the crypto peddlers guilty of selling bullshit. Concerning these "investors" This imho is no different than if they were selling drugs or Tulips and these investors jumped in for the potential phenomenally high returns. Would you consider those victims? I do not. We seem to disagree. Move on would be my suggestion. You're not changing my mind. I'm actually waiting open minded enough to wait for all the facts to come out. Similar to Kevin O'Leary suggested.

[WTF]

Originally Posted by VitaMan

Remember who you are working with.

I continually overestimate his common sense and forget he views the world through partisan lens that let's him see an violent attack on the Captial called upon by a sitting President as a political rally!

[Tiny]

Originally Posted by WTF

Same reason folks on the right deny Trump is the biggest liar/snake oil salesman there has ever been!

What does Trump have to do with this? NOTHING. You're trying to distract. The Democratic Party has a long list of liars and snake oil salesmen too.

[WTF]

Originally Posted by Tiny

What does Trump have to do with this? NOTHING. You're trying to distract. The Democratic Party has a long list of liars and snake oil salesmen too.

You're finally getting it!

What does the Democratic Party have to do with this? NOTHING.

All we are doing is pointing out YOUR hypocrisy. Nothing more...nobody is taking up for Sam. Though I would like to see a bit more hard evidence before convicting on the words of two others elbows deep in the same thing!

[The_Waco_Kid]

well. sammy wasn't a very good executive. shocking!!!


Sam Bankman-Fried was a spiteful and insecure boss who gaslit anyone that challenged him, FTX's former US chief says

https://finance.yahoo.com/news/sam-b...102203502.html


George Glover
Mon, January 16, 2023 at 4:22 AM CST·3 min read



Sam Bankman-Fried, who faces fraud charges over the collapse of FTX, leaves a Manhattan federal court hearing on January 3, 2023.Andrew Kelly/Reuters

• Sam Bankman-Fried was spiteful, insecure, and unable to deal with conflict, according to the former head of FTX US.
• Brett Harrison said that he had flagged his concerns about FTX to the disgraced former crypto billionaire.
• Bankman-Fried "responded at times with gaslighting and manipulation," Harrison added.

Sam Bankman-Fried was a spiteful and insecure manager who reacted badly to any conflict or criticism, according to a former top executive for FTX's US-based operation.


Brett Harrison, who was the president of FTX US between May 2021 and September 2022, slammed the disgraced former crypto billionaire in a series of tweets Saturday.


Harrison said that his relationship with Bankman-Fried had started to sour after around six months – when he called for greater separation between FTX US and its Bahamas-based parent company.


"I began advocating strongly for establishing separation and independence for the executive, legal, and developer teams of FTX US, and Sam disagreed," he said. "I saw in that early conflict his total insecurity and intransigence when his decisions were questioned, his spitefulness, and the volatility of his temperament."


"I realized he wasn't who I remembered," Harrison added, referencing a previous stint working with Bankman-Fried at the quantitative trading firm Jane Street.


Bankman-Fried had been called "the next Warren Buffett" by Fortune magazine and courted high-profile investors like VC firm Sequoia Capital and NFL star Tom Brady – and that made him difficult to challenge, according to Harrison.


"There was tremendous pressure not to disagree with Sam, but I did so anyway," he said. "At that time, and for all of my time at FTX US, his influence over the media, FTX's partners, the venture capital industry, and the traditional finance industry was pervasive and unyielding."


Harrison said that he flagged further concerns about FTX's hiring policy, its lack of experienced managers in C-suite positions, and the software development roles held by Gary Wang and Nishad Singh – who've since been identified as key members of Bankman-Fried's "inner circle".


But Bankman-Fried was unable to deal with conflict and responded to the criticism by "gaslighting" Harrison, the former FTX US executive said.


"Sam was uncomfortable with conflict," Harrison tweeted. "He responded at times with dysregulated hostility, at times with gaslighting and manipulation, but ultimately chose to isolate me from communication on key decision-making."


Harrison added that when he first recorded his concerns in writing in April 2021, Bankman-Fried's allies at FTX said they would wreck his professional reputation unless he apologized and withdrew his complaint.


"I made a written formal complaint about what I saw to be the largest organizational problems inhibiting FTX's future success. I wrote that I would resign if the problems weren't addressed," he said.


"In response, I was threatened on Sam's behalf that I would be fired and that Sam would destroy my professional reputation," Harrison added. "I was instructed to formally retract what I'd written and to deliver an apology to Sam that had been drafted for me."


Harrison resigned from his role at FTX September – just two months before it filed for bankruptcy.


Bankman-Fried was arrested in the Bahamas and extradited to the US in December. Prosecutors say that FTX's balance sheet shows he "orchestrated a years-long fraud to conceal from FTX's investors" that he had funneled customer funds into his crypto trading firm Alameda Research.


There's no suggestion that Harrison is suspected of any wrongdoing. Neither Bankman-Fried nor Harrison immediately responded to Insider's requests for comment.


Read more: Here's how the collapse of Sam Bankman-Fried's FTX empire stacks up against other corporate failures like Lehman Brothers and Enron
Read the original article on Business Insider

[WTF]

A vindictive CEO....how unusual!

[The_Waco_Kid]

Originally Posted by WTF

A vindictive CEO....how unusual!

you'd think with all those years in the c suite that sammy would be a little more seasoned as a top executive, yeah?


bahahahaa

[Tsmokies]

Sounds like he has a LOT in common with trumpy. Trumpy set the bar very high though over the scams he has been running for years. Potus was his biggest scam. Losers still defend and send him money

[The_Waco_Kid]

Originally Posted by Tsmokies

Sounds like he has a LOT in common with trumpy. Trumpy set the bar very high though over the scams he has been running for years. Potus was his biggest scam. Losers still defend and send him money

this has nothing to do with Trump.

[Precious_b]

Originally Posted by Tsmokies

Sounds like he has a LOT in common with trumpy. Trumpy set the bar very high though over the scams he has been running for years. Potus was his biggest scam. Losers still defend and send him money

Originally Posted by The_Waco_Kid

this has nothing to do with Trump.

Nope. But a fair comparison of mores and how their ego makes them think everyone is a sucker.

Good example to the subject of thread and political to boot.

[Lucas McCain]

Well, I read that they found a little over $5bln so far. So that's a positive and I hope those people get some of their money back.

I think the main thing I take issue with in this thread is that some people seem to take joy out of people having their money stolen. What many of you don't realize is that a lot of people used FTX as their bank account. They had their paychecks directly deposited in there. They paid their bills from there. I know most here know better, but millennials are clueless. Half of them probably don't even know what FDIC means.

Anyway, I hope that the nerd and his fellow clueless geeks get thrown under the jail... Madoff's victims were reportedly paid back 88 cents on the dollar. It took a long time but that's pretty impressive. Hopefully (but doubtful) the FTX victims will recoup something similar for their hard-earned money.

Those people had their cash stolen. That's not their fault. They didn't lose it on an investment in crypto tokens that went South. That's one thing. That's just a bad investment and tough shit, you picked the wrong pony. Those people had their cash stolen from them and transferred to its unintended purpose of their deposits. It was not deposited for nerd boy to financially support Alameda. And that's what many of you anti crypto folks who blame the victims fail to differentiate between the two vastly different scenarios.

And no, I'm not going argue about the merits of investing in crypto. I don't put money in anything that lacks full transparency because I like my pennies too much. Haha