Sam Bankman-Fried found guilty on all seven criminal fraud counts

BMWTurboDzl said:
Ken Lay went to prison
Arthur Anderson? They ceased to exist.
Your forgot WorldCom

Not sure what Fannie Mae did.
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Ken Lay died on vacation before his sentencing. EDIT: Jeffrey Skilling only served 12 years.

Arthur Andersen convictions, despite losing their clients, were reversed. They still exist today under a different name.

Fannie and Freddie didn't cause anything per-se but took advantage of their to-big-to-fail approach and like the late Silicon Bank, didn't have enough capital to cover their loan portfolio by the time of their collapse. However, I'm no financial expert so I don't know too much about this in details from a financial side.

I just read about WorldCom, the CEO only got 25 years, served 16, and Arthur Andersen was involved :/
 
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whatever the sentencing may be, the story is definitely worth of being an episode of American Greed.
 
its worth noting this isn't the only fraud trial occurring in the USA that involves a high level of celebrity and notoriety .
 
Is SBF really evil? Probably no more than someone who think they invented the next big thing and want to make a big empire out of it. Let's be honest, there's a difference between investing in a startup and mismanage it to failure vs starting a retirement fund and ponzi scheme the money away. If you are investing in FTX or any other crypto you know you are taking a bet and gambling on a believe rather than a known past history and existing understanding of finance.

I am fairly certain the people responsible for the lost and those who made the money (early investors) are the real puppet masters and SBF is just a scape goat they use to sacrifice. It is a much easier escape than say "we got hacked and our coins got stolen" and then eventually have to cash out via other means.

Ken Lay, I always figured either he committed suicide or got murdered so his heirs can keep the winning instead of having to pay back the loss. I don't know the details but the timing is just too perfect. FYI Samurai commit seppuku because there are executioners nearby anyways, and the heirs can keep their pensions if they commit seppuku instead of being executed.
 
Pew said:
Ken Lay died on vacation before his sentencing. EDIT: Jeffrey Skilling only served 12 years.

Arthur Andersen convictions, despite losing their clients, were reversed. They still exist today under a different name.

Fannie and Freddie didn't cause anything per-se but took advantage of their to-big-to-fail approach and like the late Silicon Bank, didn't have enough capital to cover their loan portfolio by the time of their collapse. However, I'm no financial expert so I don't know too much about this in details from a financial side.

I just read about WorldCom, the CEO only got 25 years, served 16, and Arthur Andersen was involved :/
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If memory serves me correctly, Ken Lay's conviction was overturned.

Ken Lay had filed a official appeal to the verdict convicting him. Ken Lay died while awaiting for the appeal case to go to trial. His death resulted in his convictions being vacated/ overturned, and released his estate from financial liabilities/ certain civil lawsuits. I often wondered if he found a discreet way to kill himself that the coroner would determine as natural causes.
 
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This story reminds me of a happy crypto personal story. Sometime circa 2019 out of thin air, I decided to buy a BOATLOAD of Dogecoin. It was essentially worthless, so I decided I'd throw a few bucks at it and maybe get something back one day. In 2021 for whatever reason it spiked like crazy. I sold it all and made several thousand $$ and bought a new Macbook Air with the money. 🙂
 
PandaBear said:
Is SBF really evil?
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Yes, he is pure evil. It's not the startup money he lost that makes him evil. He stole money directly from customer's accounts to cover his spending and losses. What he did is no different than if Vanguard was losing a lot of money and then liquidated customer's IRAs to cover their losses.

He is evil. His parents are evil. Hopefully Mob money was lost in the process and all three will be dealt with appropriately.
 
GON said:
If memory serves me correctly, Ken Lay's conviction was overturned.

Ken Lay had filed a official appeal to the verdict convicting him. Ken Lay died while awaiting for the appeal case to go to trial. His death resulted in his convictions being vacated/ overturned, and released his estate from financial liabilities/ certain civil lawsuits. I often wondered if he found a discreet way to kill himself that the coroner would determine as natural causes.
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I agree, especially since his family can't get paid out from life insurance with suicide.
 
GON said:
If memory serves me correctly, Ken Lay's conviction was overturned.

Ken Lay had filed a official appeal to the verdict convicting him. Ken Lay died while awaiting for the appeal case to go to trial. His death resulted in his convictions being vacated/ overturned, and released his estate from financial liabilities/ certain civil lawsuits. I often wondered if he found a discreet way to kill himself that the coroner would determine as natural causes.
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And when Ken Lay died, the courts decided that his widow could keep all of his money and none of it had to be returned.
How do I know? My sister was a high level engineer for Enron from its peak until it went bankrupt and shut the doors.
If I told you how much money she lost from the stocks she owned, it would make your head spin.
During the time that the company was sinking like a lead balloon, she told me the biggest office joke was that they had issued office coffee cups that said: "Enron retirement. Because YOU control how your money gets invested"
The humor about all this was that employees were locked out of doing anything with their money while the company was tanking.
 
Was it legal to lock employees from managing their own retirement ?

Or was this ‘lock out’ just for Enron stock / employee stock ownership plan (ESOP) ?
 
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wavinwayne said:
This story reminds me of a happy crypto personal story. Sometime circa 2019 out of thin air, I decided to buy a BOATLOAD of Dogecoin. It was essentially worthless, so I decided I'd throw a few bucks at it and maybe get something back one day. In 2021 for whatever reason it spiked like crazy. I sold it all and made several thousand $$ and bought a new Macbook Air with the money. 🙂
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Years back I was paid with it partially (under $400) by an odd IT consulting side client. Left it be and sold on the upward trend (not peak) and have 2-3 years for daughters college tuition. I emailed him and thanked him for that.
 
Dave Hess said:
I was warning folks to stay away from the get rich quick schemes of cryptos and folks on YouTube, influencers, pro athletes and celebrities getting paid to pump this trash.
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you aren't the only one... whatisnames second in command called Crypto "imaginary gold".

me , I have my own set of rules.
main two are don't invest in something that doesn't produce a real product
and don't invest in anything I don't understand.
 
Dave Hess said:
Was it legal to lock employees from managing their own retirement ?
Or was this ‘lock out’ just for Enron stock / employee stock ownership plan (ESOP) ?
Click to expand...

I don't remember as this was years ago and the events were being told to me by my sister as the company was tanking.
Was it legal for upper management to raid the company, get rich quick and leave the stockholders with nothing? 🤷‍♂️
 
Kruse said:
I don't remember as this was years ago and the events were being told to me by my sister as the company was tanking.
Was it legal for upper management to raid the company, get rich quick and leave the stockholders with nothing? 🤷‍♂️
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I remember the olden days when utilities were considered a sedate, low risk, possibly dividend paying stock to hold… Then Enron happened…
 
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