Posted on 12/02/2022 8:43:56 AM PST by Oldeconomybuyer
The future of a program aimed at helping formerly incarcerated Chicago residents hangs in the balance after the company that was supposed to pay for it, cryptocurrency giant FTX, has imploded amid accusations of fraud before paying most of its promised $1 million grant.
FTX’s participation was announced by Mayor Lori Lightfoot in May, when the cryptocurrency exchange moved its U.S. headquarters to Fulton Market.
Brett Harrison, the now-former president of FTX US, pledged that the company would give at least $1 million to help expand a universal basic income program run by the not-for-profit organization Equity and Transformation.
The nonprofit, also known as EAT, got the first installment of the grant — just over $393,000 — to support administrative costs. But, without the second payment — more than $600,000 — the program can’t be launched, according to Richard Wallace, EAT’s co-founder and executive director.
Now, the organization is scrambling to find replacement donors just as the program was gearing to launch this month.
Wallace said EAT was finalizing the 100 participants in the program — who live in Englewood, West Garfield Park and Austin and were going to get $500 a month for a year and financial literacy training.
The $600,000 from the FTX Foundation would have supported those monthly payments.
(Excerpt) Read more at chicago.suntimes.com ...
To actually get incarcerated without being a republican in a democrat city, you really must be the worst of the worst of the worst
Wait till the clawbacks start.......................
It’s a good thing. Anything connected with Lori Lightfoot is RACIST in my book. Add to the fact that the company is as bogus as its founder and Harry Potter GF. Just adds to the ignominy of it all. Seems to me that grifter spent a lot of money he stole from crypto investors to keep Democrats-in-power from investigating him.
Whatever money was in that ‘program’ to begin with was likely to be gutted by Democrat favorite rake-off’s, anyway.
Hahahaha,, aka 'crooks'. To Hell with the LSM.
THEY have to pay the money back....
People who worked and saved and invested their savings get stiffed, while the crooks get to keep whatever they got.
suckers
Given the state of crime in Chicago I’d say that’s a step in the right direction.
Nothing will be done to SBF. He is already blaming his girlfriend. A Democrat Darling and part of the District of Corruption and Biden.
Au Contraire. His tit is in the wringer now.
The media are still pulling their punches on this scam. What seems obvious - allegedly - is that FTX created their own coin that traded on the Etherium blockchain. Anyone can actually do that in a matter of minutes. Then, they conspired with other traders and exchanges to list that coin for trading. That trading volume created the appearance of value for the coin. FTX could sell as many coins as they wanted up to the point that it didn’t crater the value but if they had others scamming with them, they would support the scheme. Then they leveraged the value of their invented coin to borrow more money and buy other coins and trade those or sell them for cash to buy $40 million properties and the like.
The whole thing has the appearance of a ponzi scheme, and there is more than one culprit - and it’s not just that polyamorous tensome that lived in Justin Timberlake’s condo this is worldwide. Sure I feel bad for everyone who got scammed by this, including the Chicagoan ex-cons who needed cash for rehabilitation programs. But that this guy is not under indictment yet is mind boggling. That he is brazen to go on TV several times and claim he broke no laws is astonishing. He did exactly what Bernie Madoff did he just used coins he created instead of stocks that didn’t exist.
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