by Matt Agorist, The Free Thought Project:
How did this dude steal billions of dollars and is now speaking at a summit as a free man? Make it make sense.” — the internet.
This is the question that millions of people are asking after weeks have now passed since Sam Bankman-Fried’s FTX scandal unfolded. Bankman-Fried is accused of treating FTX as a ‘personal fiefdom’ as he squandered billions in cash and digital assets of his former clients.
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According to a Bloomberg News report, customer funds were seemingly used to buy real-estate while Bankman-Fried himself took a $1 billion loan out from Alameda Research, a trading firm founded by Sam Bankman-Fried. The firm was trading billions of dollars from FTX accounts and leveraging the exchange’s native token as collateral, according to reports.
Essentially, Bankman-Fried was taking assets from his customers, without their permission, and squandering them on risky trades. According to U.S. securities law, mixing customer funds with counterparties and trading them without explicit consent — is against the law.
Galaxy Digital CEO Mike Novogratz is one of the folks throwing his hands up and demanding to know why Bankman-Fried has not been arrested or even charged.
“If you read your contract when you deposit your crypto or your dollars on his exchange, they’re your coins and you have title to them, and lending them to his family office was not part of the deal. So, you know, nobody who participated in that exchange signed a contract that Sam could take your coins and run a hedge fund with them. That’s fraud,” Novogratz said in an interview with CNBC recently.
“@SBF_FTX certainly did things with our coins that were illegal, and he’s running around the Bahamas,” says @novogratz. “When you deposit your dollars on his exchange, they’re your coins, and lending them to his family office was not part of the deal. That’s fraud.” pic.twitter.com/QifSH8fKcy
— Squawk Box (@SquawkCNBC) November 23, 2022
“I had some young kids break into my apartment four years ago, they stole a couple of laptops, and within three days the NYPD had arrested them and they were in jail,” Novogratz said.
“Maybe I’m not a judge or a lawyer, but I read my contract and [Bankman-Fried] certainly did things with our coins that were illegal. And he’s running around the Bahamas, giving press conferences, going on TV.”
Instead of going to jail for fraud and theft of billions, as Novogratz points out, Bankman-Fried was invited to the New York Times’ DealBook Summit to be interviewed by journalist Andrew Ross Sorkin.
The 29-year-old mega criminal will be appearing alongside Larry Fink, chairman and CEO of BlackRock, Reed Hastings, Netflix founder and CEO, Andy Jassy, Amazon.com’s president and CEO, Treasury Secretary Janet Yellen and Ukraine President Volodymyr Zelensky.
Though fact-checkers have come out in force to dispel claims that Bankman-Fried was laundering money back to the Democratic Party through Ukraine, the company he is keeping and the charges he is not facing have many folks scratching their heads in disbelief.
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