Posted on 10/04/2023 12:32:38 PM PDT by dennisw
'He was using his company FTX to commit fraud on a massive scale and the money he was spending to build his empire was money he was stealing from FTX customers.
'Sam Bankman-Fried was committing a massive fraud and taking billions of dollars from thousands of victims.'
'While the defendant told customers they could deposit money and FTX would keep it safe, in reality he was taking those deposits and spending them for himself
'He spent the money on lavish houses for himself, his parents and his friends'.
Rehn said that Bankman-Fried spent the money to meet celebrities and to 'gain influence' in Washington by donating to politicians.
Rehn said: 'He poured other people's money into his own investments to try to make
Sam Bankman-Fried, 31, was in court Wednesday for opening statements in his fraud trial where prosecutors said his company was 'built on lies' 'Sam Bankman-Fried was committing a massive fraud and taking billions of dollars from thousands of victims,' prosecutors said Bankman-Fried faces up to 115 years in prison if convicted on a slew of fraud charges
The jury has been sworn in and opening statements are underway in the fraud trial of embattled FTX founder Sam Bankman-Fried.
He sat as Assistant US Attorney Thane Rehn told the court, 'One year ago it looked like Sam Bankman-Fried was on top of the world. He ran a huge company called FTX. He lived in a $30million apartment in the Bahamas.
'He jetted around the world in private planes, hung out with celebs like Tom Brady and politicians like Bill Clinton. His face was on magazine covers. He had wealth, he had power, he had influence.
'But all of that was built on lies.'
(Excerpt) Read more at dailymail.co.uk ...
“Sam Bankman-Fried’s $32 billion crypto empire......”
Much larger than I thought. He was king of the kryptos until it went Kaput.
Yes but he dutifully replaced each $ he took with IOUs, which were just as good as cash, to hear him tell it.
The Gov. is corrupt to it’s core. This guy was a darling of the left. A not guilty verdict is certainly a possibility.
Crypto itself as a lie even bigger than the U.S. dollar.
Commuted to 115 days of community service, he was the biggest donor to the DNC
I wonder if Princess Caroline will wash her hair for her testimony.
“Much larger than I thought.”
most of those billions were fake valuations of fake crypto “assets”, achieved via pump and dump and wash trading schemes that are totally illegal in regulated financial domains ... the biggest fake of them all was FTX’s inhouse, FTT crypto “token” valued at one time in the many billions and now completely worthless, which was its true value all along ...
reliable estimates indicate that total claimed valuations of ALL crypto consists of no more 10-15% of ACTUAL currencies that have ACTUAL utility value such as the U.S.dollar, the Euro, UK pound, et. al., almost all of which was injected into the system by the marks ...
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