Steal the pensions from the working men and you get stock options and a golden parachute. Steal from the rich and you're doing 20 years in an 8x8 cell.
Yeah, it shows you either have no control or idea what the company you are supposedly in charge of does, or that you're lying. If it was a relatively small thing, or limited to one branch of the company it'd be more believable for the head of a company to not know that, but only if someone at the head of that branch was on the hook. But the blame is always thrown at the lowest down employee possible, even when it should have been obvious to the higher ups that something wasn't right.
Now go after his rotten parents. SBF's parents claim to be innocent bystanders, distant advisers to FTX. But the allegations coming out against SBF's parents are extremely damning and serious - they weren't just complicit in the fraud, they were instrumental in the fraud and enriched themselves enormously with money from FTX.
If there was a evidence of financial crimes, they will go after the parents too. People claim that “the system” makes the rich immune to prosecution, but there are a bunch of former CEOs or other ultra rich guys who have done prison time and would disagree.
@@Itried20takennamesseconded. If they found ANYTHING incriminating, they’re going after the parents. For better or worse, investigators and the government HATE loose ends.
Man, do I love that every crook's best defence these days is: "I'm an incompetent idiot who had no idea what he was doing and should never be trusted with anything. Also, my dog ate my homework."
@@alan_davis While what you say is logically true, emotionally, people will take, "I don't remember" A LOT easier than, "I plead the fifth." The courts can say it cannot be factored in all they want, but the court cannot erase the events from the jury's minds.
@@nitehawk86Before Oliver North, it was done by every five-year-old who took something that didn’t belong to them. “Did you eat cookies without asking Daddy?” “…I don’t remember.”
It's hilarious to see all these self-described "geniuses" fall apart the instant they run into a situation they can't BS their way out of. But it raises the question of why rich people- who I'm repeatedly told are rich because they're so much smarter than the rest of us- keep falling for these scammers.
Ever heard of economic gravity? There more money you have, the more opportunities come your way, because more people want your money or your social capital. Everybody when hungry loves the ape with the last banana. Then the ape with the banana can't help but measure his fruit with other apes with bananas, and is motivated to acquire an even bigger banana... Hairless apes are going to do dumb things with bananas.
Because these weren't rich people, "just" wealthy. It is all too common for people who worked half their lifes to get wealthy to make a stupid bet in the attempt to get into the truly big leagues and then fail miserably. But the truly rich people, rich enough to co-write the rules of our economy, are very rarely stupid enough to entrust their wealth into the hands of someone who never held a proper CEO meeting in their life.
I find funnier the investors (at least according to SBF's perception): - Find a guy who looks crazy - Give him their money - Complain when the whole thing falls down ruining them.
Bankman-Fried said "I don't recall" 180 times in his testimony, which rivals Majocchi's record of over 200 "Non mi ricordo" during the Pains and Penalties Bill hearings.
Wow, he doesn't remember his entire career? Early onset dementia is so tragic. It's good that he'll be going somewhere that he can't wander off and accidentally get himself hurt.
On a side note, and specifically regarding your editing staff. I always notice that you guys don't use bad photos for people, you always show people in their best light regardless of the circumstances. It is a little detail, but I appreciate it.
3:40 - Chapter 1 - The trial 5:50 - Chapter 2 - Defense strategy; take the stand & pray 8:00 - Chapter 3 - Bankman fried's testimony 11:55 - Chapter 4 - That conviction was really fast , right 13:10 - End roll ads
Stanford should get rid of them. Should the students consider it a good education to be taught *financial ethics* by the literal parents of one of the modern era's biggest finance frauds? Parents who were, apparently, non-trivially involved in that business? Yeah, no. With the cost of that tuition, you'd expect more integrity.
Another fun fact: billionaire Peter Thiel once called Joe Bankman’s tax law course at Stanford his most valuable, because it inspired him to put his Facebook stock into an IRA that saved him more than $1 billion.
The fact that it took only three hours for the jury to come back with guilty on all counts is just hysterical to me. I have a friend who was on a jury for trial of a guy who tried to punch a cop during a DUI stop and they took longer to convict despite guy throwing a drunken attempt at a haymaker being caught on both dash and body cam.
@@BlackCanary87I’ve heard stories of jurors making a decision fairly quickly, but then waiting for a bit before they announce their decision so it seems like they deliberated on it longer 😂 I wonder if this is one of those cases
It's always fascinating how all these rich buisnesspeople have no trouble taking credit for the success of their business when it makes them obscenely rich, but once it's outed as fraudulent suddenly it's "I didn't know anything about the operations"
LegalEagle's ads are so well done and so well integrated into his videos that I legitimately just sat through a NordVPN advert thinking to myself, "Wow, SBF is in real trouble with NordVPN!"
When SBF was riding high, he would spout the most amazing nonsense, and people - including financial experts - hung on his every word as if he were an oracle of profound wisdom. He demonstrated time and time again that he believed he would continue to get that sort of reception after FTX crashed, culminating in his delusion that he could "charm" the jury with his ridiculous testimony. He did not.
Yeah, but it’s an unfortunate relationship between the financial journalists, and “celebrity CEOs.” Celebrity CEO stories sell magazines or drive online traffic, as people like to know about/emulate them, or hope that if they invest with the next genius CEO, they will make money. So there isn’t a lot of incentive to look hard and be skeptical. But it’s also easy to spot the fraud in hindsight and laugh that people didn’t know. I am sure there is another undiscovered fraud out there right now….can you spot them reliably, and when the fraud will come crashing down? If so, please let me know and you must be making millions just based on that skill. People try, but hard to do consistently.
It makes you worry for the future of the world when the people who control most of the wealth, are impressed if someone has a terrible haircut and doesn't listen in meetings. Minimum wage jobs have higher standards than these investors.
I believe that's because excentricity, within the high ranking economic elites for exemple, shows that you think differently, and thus you have the ability to see and act on the unexpected before the more classic people. Considering the fact that in their line of work, being first on something is extremely important as you can then capitalize on it first. Coupled with above average intellect and good charisma, it's sadly not surprising that these people tend to suceed, at least for a while. Worst part being that their success tends to be linked not to their intellect or way of thinking, but to having impressed and manipulated rich people into giving them the ressources to seemingly achieve their goals, something many people would be able to achieve in their situation.
"someone has a terrible haircut and doesn't listen in meetings" You've just described a number of people in power of some very powerful countries. And no, I wasn't talking about carrot-top alone, Boris Johnson and Kim Jong-Un also count :P
Charlatans exist since wealth exist, and rich people have ever since been duped by them. On that account today differs little from thousands of years ago when emperors sent fleets out because some weirdo said he visited an island of gold and eternal youth.
@angusmacfrankenstein7227 why? because he bought twitter and is essentially allowing open dialog? Or are you just jealous that you can't put a rocket in space.
Odd how people who claim "I don't remember," such as Trump and his family members, have no memory problems when it comes to everything that will not send them to prison.
my favorite part of "i don't remember" in court is that it's *NOT* pleading the 5th. "i don't remember" can absolutely be used against you in court, not everyone remembers everything but surely you should remember at least *some* big decisions in the companies you help run.
Imagine that for a Craigslist transaction. You remembered your PIN, took 40 dollars out of the bank, drove to buy something, but don't remember where you drove, who you bought it from, or what you purchased?
The problem with saying I don't recall when testifying in your own defense is the jury finds it strange you don't remember things that might make you look bad and if its on camera because you did interviews it makes you look like a lier and they also think " why should I belive his version if he can't remember most of it "
the book from Lewis and the description of SBF that it contains are for me the ABSOLUTE PROOF that he is completely guilty and that his only regret today is likely 1) that he only borrowed 10B and not much more, and 2) that he declared bankruptcy and did not try to hide things longer
@@lyinarbaeldeth2456 🤣😂 … sorry for not including this obvious #3 … but it is a tough one .. I am sure he thinks that had he done any of the other 2, he would never had needed #3 .. when in fact, he would likely have needed it even more as he would likely have blaster a far greater crater that the 10B that got him a free orange jumpsuit
@@lyinarbaeldeth2456if I recall correctly he did just that. He was effectively on the run but even though there was no treaty the extradition was arranged anyway and they hauled him back from the Carribbean.
Anyone who invested in SBF becaused they thought he must be an eccentric genius due to his appearance and behaviour should be barred from doing any financial work for the next 25 years.
ppl trusted FTX with their money and lost it all because it was blatantly stolen from them, you really shouldn't victim shame here. Its not like they "invested" with FTX, they might have bought some shitcoins but that was theirs to lose, not SBFs
How can it be that an actual billionaire is arrested, trialed, and convicted in mere months. But a fake billionaire can delay it for years, even decades?
Because this is a warning to the working class not to try. Only the right people get to dodge taxes. Us plebs will get the book thrown at us if we try to emulate the 1% in order to scare others off from doing the same. It isn't about a fair and balanced law, it's about sending a message.
Something worth noting is Bankman Fried's statements were he indicated that he believed acting like an "eccentric genius" would appeal to investors. I think it's worth keeping in mind, as people are more broadly waking up to the "eccentric genius" scam. It's all a glass onion with these people, they're just stupid and trying to pretend to be smart even while they commit all manner of heinous acts.
I'm around emerald 4 in league which is a 2 tiers above sam's bronze 2 he posted, but still rather low. I don't play that much but im passionate about learning. When you hear ANYONE is stuck low silver/bronze and they think they're "smart and nerdy" while playing the game a lot, they're incapable of properly learning from their mistakes. It's really not hard for average intellect humans to climb above silver if they arent narcissitic. That was when i knew he was a hoax of a genius who can't learn, but ofc the investors had no way of having that inside knowledge
The most important news is often what *isn't* news. I give a lot of credit to the lack of fraud over the last 15 years to the legislation that was put in place after 2008. Holding CEOs and CFOs responsible for the company's reported financials has so far made a huge difference.
The fact that Holmes got just 11 years still aggravates me. She hurt people. Real people, looking for real medical tests. And all she got was 11 years, and that was only for defrauding investors. Screw the humans she hurt.
man, the very beginning made me a little sad but I think I understand why. "He used to be Sam Bankman-Fried and now he is Sam Bankman... jailed" felt like an easy missed opportunity to say "Sam Bankman-Fraud" but I am guessing this was implied on purpose for legal reasons.
It's unjust that these people testifying against Sam will likely serve little to no time. They knew just as much, and benefitted nearly as much. They're all scoundrels who ruined many people's lives...
IIRC they still have to repay millions and are banned from ever working in SEC regulated businesses ever again. Not ideal but getting the ringleader is more important than hanging accomplices with 100 charges.
@@davidlazerz8564Getting the ringleader? They should already have everything they need frx's operation was super sloppy. All you get now is a bunch of liars lying about their involvement to get a reduced sentence.
It is what it is. You want the ring leader, the peons are culpable for sure, but the DA does this all the time. A lot of times you can either charge and jail every peon but never get a jury to beyond a reasonable doubt on charges against the ring leader, or let the peons off on small charges and get more evidence than you'll ever need.
This brings a smile to my face. Last time they spend millions of dollars, probably customer money, to make an ad calling everyone who knew FTX was a sham, stupid. Who is stupid now? Everyone who fell for the ad and the biggest clown, Sam Bankman Jailed. Currency is supposed to be currency you use to buy things, not purely an investment engine often used for scamming.
It probably depends on which term is violated. If he went to a scheduled medical appointment and forgot to get approval first, then a fine makes sense. Trying to communicate with and intimidate key witnesses, like he did, probably warrants stronger punishment.
@@darthbumblebee7310ya intimidating witness also not sure but I think I heard something about him being considered a flight risk I could be mixing that up with the theranos tho been trying to catch up on both cases.
I mean, being out on bail is a privilege, you have to follow rules for. Whilst awaiting trial he broke more laws. I can see why they would revoke bail for that.
@@orangew3988 As well they should. But I can think of some other people who have violated the terms of their release repeatedly and are still out and about.
At this point I respect billionaires more saying 'I want more money' directly to people than billionaires saying 'I'm donating money to charity' because of people like him. Honesty is the best policy guys
Hey Devin, I'd really love to see your breakdown of the recent lawsuit and ruling regarding broker fees in realty transactions. I believe the lawsuit was in Kentucky. I'd love to see your take on how it'll affect real estate sales moving forward
This whole situation just proves that, as long as you look & sound like you know what you're doing, you can convince literally everyone that you're a "genius"
That "eccentric genius" thing is so common. I blame the movies and shows for playing it up. I saw it in grad school a lot where ppl from outside of our department saw the randos with uncombed hair that were all over the place as geniuses, when in reality they were just idiots with untreated ADHD. If you looked at what they were talking about without the filter of that trope, it'd be pretty obvious that there was no substance. But everyone ate it up 🤷♀️
People readily allow themselves to believe hype because it’s an interesting and hopeful future where they can pretend they’re powerful, taken seriously, and a part of something bigger. Eccentric “geniuses,” strongmen, populist demagogues, they all thrive on you projecting your fantasies onto them and convincing you it’s an identity/group you can be proud to be a part of (the specifics of how/why relate to the idiosyncrasies of the sucker’s insecurities). Of course it’s all meant to serve the kingpin’s bottom-line, but people are hopelessly self-deceiving when the convenient story falls flat and won’t see themselves as anything other than hapless victims when the fantasy comes undone. The duped ignore the lessons from the experience, and the cycle can repeat itself
It's all part of the cult of nerd. Nerds especially drink their own bathwater and really believe that they are magically better than everyone else and doesn't need to play by the same rules.
SBF is the business equivalent of that Chinese martial artist who claimed he could defeat you with a touchless chi attack, then challenged a legit mma fighter, and was shocked when his magical powers failed to work.
Every grifter thinks that they can charm their way to the jury's hearts on the stand. It worked for them when they defrauded their victims, after all. They never count on subordinates flipping on them, or the cross-examination.
The analysis I heard was that they could see he was going to be convicted anyway, so he may as well testify, since it had a small chance of making things better for him.
The absurdity of tech bros just winging it all the way to prison, unless they manage to make it big enough that they are too big to fail like your Facebook style entities.
How does this guy get convicted so quickly and for so many years? And how is Drumpf still running around when anyone else would be in jail awaiting their trials?
Trump mostly defrauded poor and middle class people and gave rich people huge tax cuts. fried on the other hand went straight to the pockets of very rich people. That’s probably why. Also going to hard against Trump has political implications. This guy will not risk a mini civil war if he is sent to prison.
It's wild that he still tried to play dumb and mislead the jury even when his accomplices had laid out the entire scheme. What was he hoping to achieve with that?
She had the most accurate courtroom sketch in history! That guy is a Rembrandt, Monet, and DaVinci wrapped into one 🤣😂🤷🏼♂️ Gollum never looked so good…
The writers on Reality this season are terrible. The guy whose name is three letters from being Scam Bankman Fraud is guilty of committing financial scams and fraud crimes. Who could ever have seen it?
@@Leith_Crowther : Yup. Though he was introduced a lot earlier than that, as a rich young playboy with excessively styled hair, and somewhat later as an abusive reality-show TV star, so we've been waiting for that payoff for quite a long time.
Imagine being the president of one of these funds who signed off on a FTX investment. It really makes me wonder what constitutes "due diligence" for signing off on M&A/PE deals these days.
I find this quite different from the Theranos fraud. Funding Theranos one could think they were contributing to a better future. Funding FTX had to have been purely to get in on a money-making way around sales tax. In either case you would think "this sounds a little dicey", but I feel far less sympathy for the FTX investors than the Theranos investors.
Yeah, it's basically saying. Your on a fishing expedition praying to find a straw by just throwing shit at a wall in the hopes that a jury sees only shit.
“I didn’t know my company was collapsing until it was too late.” Even if that terrible (yet sadly common) defense had worked, what would that mean for his career afterwards? Who would ever want to work with somebody who said that?
Yea sadly thats pretty easy to spin. You can easily say "it was a HUGE learning experience!" or "I learned a lot about how I can better manage my subordinates so they dont make similar mistakes that lead to the failure of our company." With the second one you can avoid blame and responsibility simultaneously shifting on to others. You could even still take credit for the initial perceived success of a company with a bit more effort.
⚖ Are you surprised by the verdict?
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I'm not surprised. Sam Bankman and Don the Con Trump can share a prison cell.
Please do a JFK 1991 FILM REVIEW ON it's LAW ACCRUCY.
I think it's funny that 1. He thought it would be a good idea to testify and 2. He looks like a minor Batman Villain.
Steal the pensions from the working men and you get stock options and a golden parachute. Steal from the rich and you're doing 20 years in an 8x8 cell.
Surely the defence of "I didn't know what was going on in my own company" must be viewed poorly by jurors. In this case, it would appear so.
Unfortunately, that's often used as an excuse. I firmly believe that the executive board should be in the hook for criminal action by their companies
They want to come across as an incompetent c-suit, as supposed to have made those business decision intentionally. One is criminal the other isn't.
Also the guy at the top of a scheme blaming it on his subordinates.
with a disaster this bad, you can either be viewed as incompetent or malicious, got to pick
Yeah, it shows you either have no control or idea what the company you are supposedly in charge of does, or that you're lying. If it was a relatively small thing, or limited to one branch of the company it'd be more believable for the head of a company to not know that, but only if someone at the head of that branch was on the hook.
But the blame is always thrown at the lowest down employee possible, even when it should have been obvious to the higher ups that something wasn't right.
Some notes: labeling your spread sheets "real" and 'fake", not great fraudulent behaviour.
☠️
Almost like Guy (actual name) who murdered his parents and left a notebook with his entire murder plan plus motive on the scene.
Thank you I'll go rename them
Also, discussing your criminal activity in a chat group labelled 'Wire Fraud,' is perhaps not a great idea.
That's only one step away from having a folder named "Illegal Activities DO NOT OPEN" on your desktop
The lesson here: Not guilty by reason of bumbling idiocy" is not a good defense strategy.
Selective amnesia doesn't work either.
G'day,
Tell that to the
Trumpletonians...
Just(ifiably ?) sayin'.
Such is life,
Have a good one...
Stay safe.
;-p
Ciao !
The lesson here: Not guilty by reason of bumbling idiocy is not a good defense strategy.
Still, Trump might think about trying it out.
Dunno, it’s been working fine for the Conservative Party in the UK for years now.
It's the legal defence version of "Ambitious but rubbish".
Now go after his rotten parents. SBF's parents claim to be innocent bystanders, distant advisers to FTX. But the allegations coming out against SBF's parents are extremely damning and serious - they weren't just complicit in the fraud, they were instrumental in the fraud and enriched themselves enormously with money from FTX.
Kind of just sounds like as soon as SBF walks out of jail he's gonna pick up the money that his parents got
If there was a evidence of financial crimes, they will go after the parents too. People claim that “the system” makes the rich immune to prosecution, but there are a bunch of former CEOs or other ultra rich guys who have done prison time and would disagree.
He got thrown in for over a hundred years my dude@@Buh526
What does this do for you.
@@Itried20takennamesseconded. If they found ANYTHING incriminating, they’re going after the parents. For better or worse, investigators and the government HATE loose ends.
Man, do I love that every crook's best defence these days is: "I'm an incompetent idiot who had no idea what he was doing and should never be trusted with anything. Also, my dog ate my homework."
That has become such a common tactic. "I don't recall." That way you don't have to answer, but at the same time can't easily be charged with perjury.
Oliver North pioneered it.
But as they haven't taken the 5th you (judge and jury) can infer something from their answer. Which is usually "unreliable witness".
It is common, and it is stupid. People forget about willful ignorance
@@alan_davis While what you say is logically true, emotionally, people will take, "I don't remember" A LOT easier than, "I plead the fifth."
The courts can say it cannot be factored in all they want, but the court cannot erase the events from the jury's minds.
@@nitehawk86Before Oliver North, it was done by every five-year-old who took something that didn’t belong to them.
“Did you eat cookies without asking Daddy?”
“…I don’t remember.”
It's hilarious to see all these self-described "geniuses" fall apart the instant they run into a situation they can't BS their way out of. But it raises the question of why rich people- who I'm repeatedly told are rich because they're so much smarter than the rest of us- keep falling for these scammers.
Ever heard of economic gravity? There more money you have, the more opportunities come your way, because more people want your money or your social capital. Everybody when hungry loves the ape with the last banana.
Then the ape with the banana can't help but measure his fruit with other apes with bananas, and is motivated to acquire an even bigger banana...
Hairless apes are going to do dumb things with bananas.
The Emperor has No Clothes.
Because these weren't rich people, "just" wealthy. It is all too common for people who worked half their lifes to get wealthy to make a stupid bet in the attempt to get into the truly big leagues and then fail miserably.
But the truly rich people, rich enough to co-write the rules of our economy, are very rarely stupid enough to entrust their wealth into the hands of someone who never held a proper CEO meeting in their life.
I find funnier the investors (at least according to SBF's perception):
- Find a guy who looks crazy
- Give him their money
- Complain when the whole thing falls down ruining them.
He'll yeah I'm with nickname
Bankman-Fried said "I don't recall" 180 times in his testimony, which rivals Majocchi's record of over 200 "Non mi ricordo" during the Pains and Penalties Bill hearings.
Wow, he doesn't remember his entire career? Early onset dementia is so tragic. It's good that he'll be going somewhere that he can't wander off and accidentally get himself hurt.
SBF's hair is some parasitic growth that sucked all the intelligence out of his brain.
@@panagea2007 😆
@@panagea2007not maw hair😮
@@panagea2007this is so unrelated, but I read your name as Pangea 🌍
@@lesliesackey2012 It was q misspelling, but I decided to keep it.
On a side note, and specifically regarding your editing staff. I always notice that you guys don't use bad photos for people, you always show people in their best light regardless of the circumstances. It is a little detail, but I appreciate it.
I had not noticed that until you mentioned it, but yeah. That's true. And I appreciate it too.
That goggle-eyed picture of Elizabeth Holmes, though.
Never had I seen a man work so hard to do the prosecutors job for them.
@angusmacfrankenstein7227 Alex Jones also put in a lot of work on the stand for his prosecutor.
3:40 - Chapter 1 - The trial
5:50 - Chapter 2 - Defense strategy; take the stand & pray
8:00 - Chapter 3 - Bankman fried's testimony
11:55 - Chapter 4 - That conviction was really fast , right
13:10 - End roll ads
Thoughtful and convenient timestamps, good sir. Thank you
Thank you!
If only there were some way to natively do this right in RUclips... OH WAIT @LegalEagle
Pretty sure this is a bot too. Sigh.
@@SimonBuchanNz Apparently not...still under Pepsi (no coffee available)
Fun fact: his parents teach financial ethics at Stanford.
"And today, class, an object lesson in why you should listen to your parents"
The shoemaker's children always go barefoot...
Stanford should get rid of them. Should the students consider it a good education to be taught *financial ethics* by the literal parents of one of the modern era's biggest finance frauds? Parents who were, apparently, non-trivially involved in that business?
Yeah, no. With the cost of that tuition, you'd expect more integrity.
And that’s the state of ethics in America
Another fun fact: billionaire Peter Thiel once called Joe Bankman’s tax law course at Stanford his most valuable, because it inspired him to put his Facebook stock into an IRA that saved him more than $1 billion.
The fact that it took only three hours for the jury to come back with guilty on all counts is just hysterical to me. I have a friend who was on a jury for trial of a guy who tried to punch a cop during a DUI stop and they took longer to convict despite guy throwing a drunken attempt at a haymaker being caught on both dash and body cam.
Well, that guy is kind of relatable and everyone hates cops, I don't know who's supposed to relate to Sam.
There's a theory that they only took so long because they wanted one last free meal 😂
@@BlackCanary87I’ve heard stories of jurors making a decision fairly quickly, but then waiting for a bit before they announce their decision so it seems like they deliberated on it longer 😂 I wonder if this is one of those cases
They had to consider multiple counts.
@@wolfiemuseprobably "he definitely hit the guy, but it was a cop, should we just let it slide?" that could take some deliberation for sure
It's always fascinating how all these rich buisnesspeople have no trouble taking credit for the success of their business when it makes them obscenely rich, but once it's outed as fraudulent suddenly it's "I didn't know anything about the operations"
Success has many fathers; failure is an orphan.
SBF's parents are professors of law, and Caroline Ellison's father is a professor of economics.
We don’t know that his parents such bad people.
I was mid-smoker's-cough and bust out laughing at the sam bankman-jailed opener. You almost killed me lmao
Lmao dude I know the feeling been there the burn is real lol
Many, wittier, places have called him "Sham Bankrupt Fraud"
LegalEagle's ads are so well done and so well integrated into his videos that I legitimately just sat through a NordVPN advert thinking to myself, "Wow, SBF is in real trouble with NordVPN!"
When SBF was riding high, he would spout the most amazing nonsense, and people - including financial experts - hung on his every word as if he were an oracle of profound wisdom. He demonstrated time and time again that he believed he would continue to get that sort of reception after FTX crashed, culminating in his delusion that he could "charm" the jury with his ridiculous testimony.
He did not.
Yeah, but it’s an unfortunate relationship between the financial journalists, and “celebrity CEOs.” Celebrity CEO stories sell magazines or drive online traffic, as people like to know about/emulate them, or hope that if they invest with the next genius CEO, they will make money. So there isn’t a lot of incentive to look hard and be skeptical.
But it’s also easy to spot the fraud in hindsight and laugh that people didn’t know. I am sure there is another undiscovered fraud out there right now….can you spot them reliably, and when the fraud will come crashing down? If so, please let me know and you must be making millions just based on that skill. People try, but hard to do consistently.
They could have lived that life of luxury by skimming a few million.
Whyd they take so much is crazy
Not even Saul Goodman could’ve kept this dude outta jail.
Probably woulda just said call the vacuum guy
Saul couldn't keep Jimmy McGill out of prison, either.
Underrated comment
@@henrygvidonas9573yes he could, and he had the plea deal sewn up. But then he let Jimmy take over and confessed everything
He would have done everything possible to stop this idiot from getting himself caught in the first place (as he did with Heisenberg)
It makes you worry for the future of the world when the people who control most of the wealth, are impressed if someone has a terrible haircut and doesn't listen in meetings. Minimum wage jobs have higher standards than these investors.
I believe that's because excentricity, within the high ranking economic elites for exemple, shows that you think differently, and thus you have the ability to see and act on the unexpected before the more classic people. Considering the fact that in their line of work, being first on something is extremely important as you can then capitalize on it first. Coupled with above average intellect and good charisma, it's sadly not surprising that these people tend to suceed, at least for a while. Worst part being that their success tends to be linked not to their intellect or way of thinking, but to having impressed and manipulated rich people into giving them the ressources to seemingly achieve their goals, something many people would be able to achieve in their situation.
"someone has a terrible haircut and doesn't listen in meetings" You've just described a number of people in power of some very powerful countries. And no, I wasn't talking about carrot-top alone, Boris Johnson and Kim Jong-Un also count :P
This what happens when the lust for money is their driving force, when money is God.
@@Shade01982don't forget Mummar Gaddafi
Charlatans exist since wealth exist, and rich people have ever since been duped by them. On that account today differs little from thousands of years ago when emperors sent fleets out because some weirdo said he visited an island of gold and eternal youth.
I could watch billionaires go to jail all day.
Next to prison :
Scammer Trevor Milton (founder of Nikola Motor) 😊
Forbes magazine. The World’s Youngest Billionaires 2023. Fake it till make it.
@angusmacfrankenstein7227 why? because he bought twitter and is essentially allowing open dialog? Or are you just jealous that you can't put a rocket in space.
@@mikelacroix1882 "Open dialog". That's adorable. Even you know that's hilarious.
@@mikelacroix1882 There are no good billionaires.
Odd how people who claim "I don't remember," such as Trump and his family members, have no memory problems when it comes to everything that will not send them to prison.
my favorite part of "i don't remember" in court is that it's *NOT* pleading the 5th. "i don't remember" can absolutely be used against you in court, not everyone remembers everything but surely you should remember at least *some* big decisions in the companies you help run.
3 years later and the Donald is still living rent free in your head.
Imagine that for a Craigslist transaction. You remembered your PIN, took 40 dollars out of the bank, drove to buy something, but don't remember where you drove, who you bought it from, or what you purchased?
I think that's a little cruel for Trump; it seems like he is very good at forgetting anything he doesn't like.
@@timpointer6664Especially when you have recordings showed to you that say "hey I knew about X a year ago"
The problem with saying I don't recall when testifying in your own defense is the jury finds it strange you don't remember things that might make you look bad and if its on camera because you did interviews it makes you look like a lier and they also think " why should I belive his version if he can't remember most of it "
Not pleading the 5th so that you can plead the 5th is an interesting tactic.
@@raineob4996 lol he said "I don't recall but Im not saying I didn't"
the book from Lewis and the description of SBF that it contains are for me the ABSOLUTE PROOF that he is completely guilty and that his only regret today is likely 1) that he only borrowed 10B and not much more, and 2) that he declared bankruptcy and did not try to hide things longer
I'd imagine 3) not fleeing to a non-extradition country with suitcases full of cash, is probably on the list as well.
@@lyinarbaeldeth2456 🤣😂 … sorry for not including this obvious #3 … but it is a tough one .. I am sure he thinks that had he done any of the other 2, he would never had needed #3 .. when in fact, he would likely have needed it even more as he would likely have blaster a far greater crater that the 10B that got him a free orange jumpsuit
Might wanna reread that book then
@@lyinarbaeldeth2456if I recall correctly he did just that. He was effectively on the run but even though there was no treaty the extradition was arranged anyway and they hauled him back from the Carribbean.
Anyone who invested in SBF becaused they thought he must be an eccentric genius due to his appearance and behaviour should be barred from doing any financial work for the next 25 years.
ppl trusted FTX with their money and lost it all because it was blatantly stolen from them, you really shouldn't victim shame here. Its not like they "invested" with FTX, they might have bought some shitcoins but that was theirs to lose, not SBFs
Mr. Wonderful should be at the top of that list.
They really went "I love this guy" when he was playing League during a meeting like why
@@seekittycat would make sense if he was a grand master
@@Biskawow for FTX customers, maybe, but there were also investors who interviewed SBF and gave him billions.
They pled guilty and testified against him, at which point he looked up from League of Legends and said "huh?"
How can it be that an actual billionaire is arrested, trialed, and convicted in mere months. But a fake billionaire can delay it for years, even decades?
Waiting for the Orange defendant with 91 felony counts to be held accountable for his decades of FRAUD. That alone should jailed him
Charisma
Because this is a warning to the working class not to try. Only the right people get to dodge taxes. Us plebs will get the book thrown at us if we try to emulate the 1% in order to scare others off from doing the same.
It isn't about a fair and balanced law, it's about sending a message.
The real billionaire screwed over his fellow billionaires. The fake billionaire gave them a massive tax break.
He wasn't a billionaire when he was arrested. He had lost it all. Lol.
Something worth noting is Bankman Fried's statements were he indicated that he believed acting like an "eccentric genius" would appeal to investors.
I think it's worth keeping in mind, as people are more broadly waking up to the "eccentric genius" scam. It's all a glass onion with these people, they're just stupid and trying to pretend to be smart even while they commit all manner of heinous acts.
Mostly he thought that recycling taxpayer money going to the Ukraine back into the hands of those who voted for Ukraine aid would protect him.
I'm around emerald 4 in league which is a 2 tiers above sam's bronze 2 he posted, but still rather low. I don't play that much but im passionate about learning. When you hear ANYONE is stuck low silver/bronze and they think they're "smart and nerdy" while playing the game a lot, they're incapable of properly learning from their mistakes. It's really not hard for average intellect humans to climb above silver if they arent narcissitic. That was when i knew he was a hoax of a genius who can't learn, but ofc the investors had no way of having that inside knowledge
The most important news is often what *isn't* news. I give a lot of credit to the lack of fraud over the last 15 years to the legislation that was put in place after 2008. Holding CEOs and CFOs responsible for the company's reported financials has so far made a huge difference.
The fact that Holmes got just 11 years still aggravates me. She hurt people. Real people, looking for real medical tests.
And all she got was 11 years, and that was only for defrauding investors. Screw the humans she hurt.
11 years is more than most people get.
I thought they sent the tests out to be conventionally done elsewhere.
@@Dan-dy8zp Some of them. Some they just faked a result.
11 years is a very long sentence for this type of crime.
@@Draffut2003life in prison no parole, she’s a massive danger to society
I love how his defence was "How would i know what was happening in my own company"
The real fraud was that jawline the court artist gave Bankman-Fried.
Evidently the sketch artist was one of his customers.
😂😂😂
Turns out that was actually AI art, which tbh makes the generic face make more sense
They violated a 'Casual Criminalist' rule - Don't write down your crimes.
Labelling spreadsheets with main and alternative qualifies, allegedly 🙏
Hope we get a Casual Criminalist on this soon, Simon would like this one
You condensed that conviction so fast, thank you.
man, the very beginning made me a little sad but I think I understand why. "He used to be Sam Bankman-Fried and now he is Sam Bankman... jailed" felt like an easy missed opportunity to say "Sam Bankman-Fraud" but I am guessing this was implied on purpose for legal reasons.
I've been calling him that to coworkers for months now
Imagine if he got the electric chair. Sam Bankman FRIED.
I thought that too, but his last name sounds like Freed and now he is Jailed. I get why he did it
i'm certain it's a play on how Fried sounds like "Freed". Hence, Freed -> Jailed. We get this instead of the low hanging fruit.
He's been found guilty. You can call him a fraudster without the "alleged" label now
I love the idea that the court was discussing whether something was a “YOLO decision” 😂😂
Are Scam Sams parents next in line? Their involvement is massive.
Scam Bankman-Fraud
It's going to be interesting to see how all of the millions they gave to Democrat politicians will serve them when the sentencing comes up.
Scam Bankrun-Fraud
With his parents being prominent lawyers you'd assume they'd know how to cover their asses though.
Scam Banktheft Fraud
This is exactly how Wall Street would operate if there was no Government oversight.
Lolololol if there wasn’t any government oversight wallstreet would no longer exist
It's unjust that these people testifying against Sam will likely serve little to no time. They knew just as much, and benefitted nearly as much. They're all scoundrels who ruined many people's lives...
That was the deal to put Sam behind bars.
IIRC they still have to repay millions and are banned from ever working in SEC regulated businesses ever again. Not ideal but getting the ringleader is more important than hanging accomplices with 100 charges.
I would argue that Caroline was worse but she won't serve nearly as much time.
@@davidlazerz8564Getting the ringleader? They should already have everything they need frx's operation was super sloppy. All you get now is a bunch of liars lying about their involvement to get a reduced sentence.
It is what it is. You want the ring leader, the peons are culpable for sure, but the DA does this all the time. A lot of times you can either charge and jail every peon but never get a jury to beyond a reasonable doubt on charges against the ring leader, or let the peons off on small charges and get more evidence than you'll ever need.
This brings a smile to my face. Last time they spend millions of dollars, probably customer money, to make an ad calling everyone who knew FTX was a sham, stupid. Who is stupid now? Everyone who fell for the ad and the biggest clown, Sam Bankman Jailed. Currency is supposed to be currency you use to buy things, not purely an investment engine often used for scamming.
lol you’re not gonna like when you find out about what Wall Street does then
Yeeeees! I was hoping you would do a video on the SBF trial!!! Love your content man!
"He used to be Sam Bankman Fried and now he is Sam Bankman Jailed."
Perfect. No notes!
Missed opportunity for joke: SBF is now fried
The creativity here is off the charts!
Im shocked the "I dunno" defense didn't work, gonna have to come up with a new strategy...
Almost as surprising that "Nuh huh" didn't work.
He made the mistake of stealing from the rich.
Youre painfully right
Don't make him out to be some kind of Robin Hood. I'm sure plenty of average people lost their savings because of him.
Not Robin Hood. Just a crook who chose the wrong victims (some of them).
Cringe
@wasneeplus
I think you misinterpreted that
Wait, so he violated the terms of his release into house arrest and was put in actual jail for it? I thought you only got like a $5k fine for that?
It probably depends on which term is violated. If he went to a scheduled medical appointment and forgot to get approval first, then a fine makes sense. Trying to communicate with and intimidate key witnesses, like he did, probably warrants stronger punishment.
@@darthbumblebee7310ya intimidating witness also not sure but I think I heard something about him being considered a flight risk I could be mixing that up with the theranos tho been trying to catch up on both cases.
I mean, being out on bail is a privilege, you have to follow rules for. Whilst awaiting trial he broke more laws. I can see why they would revoke bail for that.
@@orangew3988 As well they should. But I can think of some other people who have violated the terms of their release repeatedly and are still out and about.
At this point I respect billionaires more saying 'I want more money' directly to people than billionaires saying 'I'm donating money to charity' because of people like him.
Honesty is the best policy guys
Caroline looks like you put all the upper head sliders in a character creator to the max and all the lower head sliders to minimum.
Having his hair be part of the fraud is hilarious
Finally, was hoping for the eagle insight on this.
Hey Devin, I'd really love to see your breakdown of the recent lawsuit and ruling regarding broker fees in realty transactions. I believe the lawsuit was in Kentucky. I'd love to see your take on how it'll affect real estate sales moving forward
I'm courious how long the smile in his face will last - uneblievable this guy
This whole situation just proves that, as long as you look & sound like you know what you're doing, you can convince literally everyone that you're a "genius"
Main reason for swift justice here: he messed with rich people's money. Period.
Thanks for coming in with such breaking news! I guess people who were in a coma for the the last 2 weeks will really find this video fresh.
I'm glad he's seeing justice, but imagine the headline if he was acquitted;
"Scam Bank Man Sam Bankman-Fried Freed"
This made me lol
Proud of you for getting that pun out of the way right at the top
Sam Bankman Jailed instead of Sam Bankman Fried.
Now that's funny right there, well done.
That "eccentric genius" thing is so common. I blame the movies and shows for playing it up. I saw it in grad school a lot where ppl from outside of our department saw the randos with uncombed hair that were all over the place as geniuses, when in reality they were just idiots with untreated ADHD. If you looked at what they were talking about without the filter of that trope, it'd be pretty obvious that there was no substance. But everyone ate it up 🤷♀️
People readily allow themselves to believe hype because it’s an interesting and hopeful future where they can pretend they’re powerful, taken seriously, and a part of something bigger.
Eccentric “geniuses,” strongmen, populist demagogues, they all thrive on you projecting your fantasies onto them and convincing you it’s an identity/group you can be proud to be a part of (the specifics of how/why relate to the idiosyncrasies of the sucker’s insecurities). Of course it’s all meant to serve the kingpin’s bottom-line, but people are hopelessly self-deceiving when the convenient story falls flat and won’t see themselves as anything other than hapless victims when the fantasy comes undone. The duped ignore the lessons from the experience, and the cycle can repeat itself
It's all part of the cult of nerd. Nerds especially drink their own bathwater and really believe that they are magically better than everyone else and doesn't need to play by the same rules.
Can't believe LegalEagle threatens to take us to court at the end of every video
He committed the one crime still punishable in America- stealing from banks and investors
I appreciate you and thank you for making content.
SBF is the business equivalent of that Chinese martial artist who claimed he could defeat you with a touchless chi attack, then challenged a legit mma fighter, and was shocked when his magical powers failed to work.
Every grifter thinks that they can charm their way to the jury's hearts on the stand. It worked for them when they defrauded their victims, after all.
They never count on subordinates flipping on them, or the cross-examination.
The analysis I heard was that they could see he was going to be convicted anyway, so he may as well testify, since it had a small chance of making things better for him.
Grifters make a lot of money charming their way into rube's wallets...it's the only tool in their toolbox.
Their issue is that presecution lawyers are trained specifically to cut through that BS.
I wonder why Ellison made a deal. What's a 100-year sentence to an elf?
They were going to deport her to the North Pole. Santa doesn't take kindly to defectors.
😂😂😂😂😂😂😂
SBF should get time remission because he helped the prosecution so much by speaking publicly so much. Almost as helpful as Caroline's testimony.
Sam's argument is literally from the Dave Chappelle's standup "I'm sorry officer, I didn't know I couldn't do that!"
The SBF name jokes never cease to amuse.
The absurdity of tech bros just winging it all the way to prison, unless they manage to make it big enough that they are too big to fail like your Facebook style entities.
Honest even with how shitty Facebook is
There seems to be at least some more of a moral backbone than most of them
How does this guy get convicted so quickly and for so many years? And how is Drumpf still running around when anyone else would be in jail awaiting their trials?
Trump mostly defrauded poor and middle class people and gave rich people huge tax cuts.
fried on the other hand went straight to the pockets of very rich people.
That’s probably why.
Also going to hard against Trump has political implications. This guy will not risk a mini civil war if he is sent to prison.
Well, most grifters don't put out public statements and interviews incriminating themselves, hence why this conviction was unusually fast.
It's wild that he still tried to play dumb and mislead the jury even when his accomplices had laid out the entire scheme. What was he hoping to achieve with that?
Thank you again, CoffeeZilla.
Im 100% convinced that he made the whole video just for the pun at the start 😂
This is what happens when greedy people meet somebody more greedy than them.
You should do a episode on his mom and dad it looks like they had a lot more to do with it than meets the eye
Thank you for the clear, concise, and fascinating explanations of this company's firey downfall.
I apologize but I’ve gotta point out it’s spelled “fiery,” for some reason
oh this guy..... normally he would be the headline, but someone seems to be sucking the oxygen from everything😂😂
She had the most accurate courtroom sketch in history! That guy is a Rembrandt, Monet, and DaVinci wrapped into one 🤣😂🤷🏼♂️ Gollum never looked so good…
Good job it’s only a life sentence otherwise he’d be Sam Bankman-Fry’d for his Sam Bankman-Fraud.
Lmao 😂
Should be for his Scam Bankman Fraud
If he got a smaller sentence, he'd be Sam Bankman-Freed after paying his Sam Bankman-Fine.
The super quick conviction shows he made very powerful people real mad
not really, it showed that saying "I don't remember" is not a very good defense strategy
It looks more like SBF took the fall for his parents.
YOUR EDITOR IS AMAZING
Sam Bankman-Fried to Sam Bankman-Jailed was epic. Instant like.
Still cracks me up that criminals have names like Bankman-Fried and Madoff get people to trust them.
Who named these people, JK Rowling?
Maybe Sam Bankman-Fried should run for president, apparently that is all it takes to have the opportunity to get the government off your back
Well, its certainly been a good tactic since at least 1992.
The writers on Reality this season are terrible.
The guy whose name is three letters from being Scam Bankman Fraud is guilty of committing financial scams and fraud crimes.
Who could ever have seen it?
At least we’re seeing some payoff on the original hints that the fat demagogue they introduced in season ‘16 was secretly a villain.
@@Leith_Crowther : Yup. Though he was introduced a lot earlier than that, as a rich young playboy with excessively styled hair, and somewhat later as an abusive reality-show TV star, so we've been waiting for that payoff for quite a long time.
Can't wait to see what they do with the 2008-9 Financial crisis foreshadowing.
Wow, the law is crazy.
I cant believe how many times ive made the "he should be Sam Bankman Locked up" joke and finally someone makes it in video
Imagine being the president of one of these funds who signed off on a FTX investment. It really makes me wonder what constitutes "due diligence" for signing off on M&A/PE deals these days.
I suspect they told their lawyers: "Trust me bro"
'It really makes me wonder what constitutes "due diligence"...' Watching the celebrity endorsed promotions.
Not legal advice but if your response to 100+ peices of records and video of you lying is "i dont recall"
You are probably losing the case
Good riddance. It's just a shame that people scammed from their money this way won't get their money back considering how Sam and friends used it.
I find this quite different from the Theranos fraud. Funding Theranos one could think they were contributing to a better future. Funding FTX had to have been purely to get in on a money-making way around sales tax. In either case you would think "this sounds a little dicey", but I feel far less sympathy for the FTX investors than the Theranos investors.
being subscribed to both coffeezilla and legal eagle this video is a nice surprise
if the judge asks you where you're going with things mumltiple times, 99% of the time it's over for you
Yeah, it's basically saying. Your on a fishing expedition praying to find a straw by just throwing shit at a wall in the hopes that a jury sees only shit.
“I didn’t know my company was collapsing until it was too late.”
Even if that terrible (yet sadly common) defense had worked, what would that mean for his career afterwards? Who would ever want to work with somebody who said that?
You can say that four times in a row and become president for it.
Yea sadly thats pretty easy to spin. You can easily say "it was a HUGE learning experience!" or "I learned a lot about how I can better manage my subordinates so they dont make similar mistakes that lead to the failure of our company." With the second one you can avoid blame and responsibility simultaneously shifting on to others. You could even still take credit for the initial perceived success of a company with a bit more effort.
Oh, what I would have given to have Devon and Coffeezilla providing live commentary on the trial
Funny sometimes how taking rich peoples money ends with longer jail sentences then homicide..... IMO
First sentence of the video is a banger