Mr. and Mrs. Bankman-Fried traveled to the Bahamas to visit their little boy, Sammy. The two legal scholars from Stanford University in Palo Alto, California, will try to bolster the spirit of the headlines-grabbing progeny known to the world as SBF. He was indicted today on 8 counts of securities fraud related to his crypto currency companies he founded just a few years ago at age 25. He's now 30.
He made quite a splash as the new face of crypto-tokens and feathery monetary units started by those irrepressible twins-the Winklevoss brothers. They touted this block chain idea as the "new" method needed to break the hold of government control and Wall St. management of monetary units. Soon, individuals alone, with the help of city-sized computer networks, would be masters of their own financial fortunes, sans taxes,etc. Hmmmm. No doubt, this raised the ire of a few legislatures.
Rep. Maxine Waters knows a thing or two about financial dealings. She's the chairman of the House finance committee holding hearings today. SBF was scheduled to appear in front of the committee and answer a few questions. That won't happen today. He's in jail in Nassau. Now about Mom and Dad. May they be next to get put in the slammer? That is unclear at this time. What did they know and when did they know it? How much advice did they give their son as he built his house of cards? Might they be seen as co-conspirators? One would think that SBF was often on the phone with them to seek direction ass to the legality of his business moves. And what about the $70 millions in donations to Democrats? Hmmm. Might the DNC now have to kick back those donations to the lawyer now managing FTX? Mr. Ray, what is your view of the ownership of the $70 millions? If I were an investor holding an empty bag, I would want some of that donated cash that really belonged to me, not SBF.
Bernie Madoff is dead; is long suffering wife, Ruth, is dead. And one of his sad sons is dead. Elizabeth Holmes of Theranos fame, is preparing to enter prison for her 11 years for: LYING. Her partner in crime, Mr. Balwami, he's also preparing to enter prison for 14 years for LYING. No doubt, the curly-haired son of the STANFORD professors is also preparing for his time in prison. He's thinking: I'm 30 years old; trial will last months, the appeals will take months; I'll be convicted and sentenced sometime in early 2024. Maybe I'll get 18-20 years in federal minimum security prison. I'll be about 46-47 when I get sprung. I can start again! I'll continue to study while in prison. I 'll figure out a better scheme next time. Or not.
No comments:
Post a Comment