FTX founder found guilty on all counts in NY criminal trial

Disgraced FTX CEO Sam Bankman-Fried is convicted of fraud in the collapse of his crypto company. And with sentencing scheduled for March 2024, he’s facing up to 110 years in prison. David Gura and Zeke Faux join to discuss.
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#msnbc #ftx #sambankman

[@teddmented]

Pretty shocking his parents are law school professors and completely ignored discussing the law with their little sociopath son

[@baby8dingo]

actually, these days...that sounds about right

[@renemartin5729]

The parents were in on it from day one.

[@kennethpeterson4068]

Meal ticket..got an extended rain-check..

[@MattHudsonAtx]

His parents taught him the law is a game. They know what they did and they were set to get rich on Sam's fraud.

[@samplesample3682]

Cause they're in on it.

[@badbadleroybrown613]

He should have announced he was running for president

[@felixvanderspek1293]

😂

[@Martin-pb7ts]

Classic.

[@dereksollows9783]

It is NOT too late for him to announce his candidacy for prez! There is fertile ground for grifters like this, both a party and a votership that stand for this behaviour.

[@danielabbey7726]

It would be HUGE!

[@Death0Row]

😂🤌

[@kurogiza]

He committed the most serious crime: messing with rich people's money.

[@gyroscopejones9217]

​@@zerutul101Why are you simping him? No one simped Bernie Madoff lol

[@akor45]

It's the only financial crime that gets real punishment for the upper crust of society.

[@SuperAmazingJared]

​@@zerutul101simp is a pretty common word but in case you're a wrinkly old man and can't use context clues, he's asking why you're defending him. note: I was born before 9/11 :)

[@jasonbourneistreadstone]

Yup. Just like Madoff. Had he stolen from Poors he'd be out in 5-10 years, max. Maybe even never charged.

[@bondjovi4595]

Sim card data theft

[@TheodoreRizzo]

Why he still walked out of the court room he should be taken into custody right on the spot

[@mrsansen8619]

Actual consequences do not happen to people who pretend to be Really Rich. Look at the Orange Genius. Junior here in this case might be in the slammer for up to a weekend, if he is unlucky. But people who steal more than a million are RARELY that unlucky.

[@Martin-pb7ts]

It was such a great question and so badly answered: Why did no one go to jail for the GFC, but SBF goes to jail for forever for this? In the GFC poor people got skinned. No problems there. But FTX skinned rich people. He will go to prison forever just as a little lesson to others: never lose a rich person's money. Everything else is fair game.

[@user-wz8xq6xy2i]

Well said Martin.

[@dpyro]

SBF didn't learn this lesson from Bernie Madoff.

[@marvinlloyd9970]

WHAT!! Do you honestly think he just stole from rich people? It was 8 BILLION DOLLARS, some of these rich investors were involving were asking middle class people to invest, they in turn were asking friends that were poorer than them to invest, when it's 8 BILLION DOLLARS involved the domino affect started from the very wealthy and touched the low income people.

[@HeckYesHeIsUnbanned]

​@@marvinlloyd9970yes, only the billionaires and millionaires were really considered. Be honest.. do you think anyone thought about the poor folks that were affected?

[@liamgross7217]

Who else has a business on trial for fraud?…

[@XiaoPP1]

Sam’s parents happily spent investors cash.

[@Robertgriffinne]

Falling for people like Sam Bankman-Fried is one of the dangers of trading with expert or professional guidance.

[@BenjaminMcLeod815]

I am sorry to all the victims and happy justice is served!

[@Alejandracamacho357]

Due to the recent happenings in the market, one should be very careful on the expert or professional he or she works with. I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k in few weeks

[@PhilipMurray251]

How do i go about contacting a good broker that will help me invest?

[@Alejandracamacho357]

My consultant is NICOLE DESIREE SIMON She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.

[@PhilipMurray251]

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

[@Pixx4you]

Sam better hope his seven sentences run concurrently and not consecutively.

[@user_hellothere]

I love how everybody brings up his parents like this wasn't a 31 year old man

[@claudioortiz5830]

It's because the trial exposed the parents were in on the fraud.

[@prasannasurange]

His parents failed in their duties when they partook in his activities. It was ok if they had just botched up the upbringing

[@bradleyriles3889]

He's an ardent democrat. Therefore a child...

[@animationandnews9610]

Will the Trumps suffer the same fate for all their financial shenanigans?

[@bradleyriles3889]

Will the Biden's?

[@grunthostheflatulent2613]

As an investor for the best part of 50 years, in my opinion, crypto is just another get-rich-quick scheme for knuckleheaded, smarty-pants millennials to lose their money on. The big giveaway for me was at my local shopping mall. Next to all the bank ATMs was a Crypto ATM, it had a nice big slot to put your money in, but no way to get your money out, now if that doesn't spell scam what does?!

[@Robbie_S]

As an Non-investor, a knucklehead sometimes, I never fell for a pyramid scheme of the early 2000s even, I knew this whole crypto thing was pyramid version 2.0 lol...just so happy I stuck to my principles in my 40s 😂

[@karl5173]

Well, as suggested in the clip, this had next to nothing to do with crypto as such (which I agree with you, will only work as long as a group of stupid people with lots of money believe in it, pretty much like stocks). This little fraudster could just as well had offered frozen hot water for sale. This was a matter of playing with other people's money, just like a bank.

[@samplesample3682]

Wrong, nothing to do with crypto. It's a shame cryptos are being dragged into this hot mess. They basically siphoned customers money from FTX to Alameida and took liberty investing it without customers' consent.

[@Robbie_S]

@@karl5173 He called us Losers who don't fall for such things

[@eldios831]

I also ask first ....If crypto is the next big thing why do they need money first? In regulated stuff is risky but that's the point of cypto

[@Tiffany-dn1vz]

Send Trump to jail for life

[@jeffhampton2767]

His life is 95% over. DUH

[@bradleyriles3889]

Funny you that. Trump was not the beneficiary of the FTX scam unlike over 300 democrats. SBF was the Dems second largest donor. He was too stupid to keep it on the DL so now his situation is "keep your mouth shut or get Epsteined".

[@maverick2222]

Shocking how quickly this trial moved in comparison to Trump's - indictments came down around the same time. They continue to treat Trump with favoritism; throw the bum in jail and shut him up.

[@jloiben12]

I like how this case helps to shed light on how nonsensical so much of finance is. There is a reason why we code our language to such a massive extent. If the public at large really learned what it means to do these finance functions there would be riots

[@gyroscopejones9217]

I don't think so. A lot of it is actually very straightforward and maps to things they already do. Car insurance is basically a put option with American expiry on the value of the car under certain events. You buy it once a year and pay in installments right?

[@jloiben12]

@@gyroscopejones9217 You are proving my point by choosing that as the example

[@gyroscopejones9217]

@@jloiben12 I guess I don't understand your point. Are you moreso suggesting they could do this all themselves?

[@solnative706]

You make no sense...

[@jloiben12]

@@gyroscopejones9217 That isn’t what I am suggesting

[@sclogse1]

That kind of money disaster can shut down banks..The risk to an economy justifies the big sentencing. He might as well of hacked into people's accounts.

[@ruffethereal1904]

The issue was he had everyone's account access already and abused it. You can't hack the exchange you own, it's like breaking into your own bank vault.

[@danielabbey7726]

Big firms like Sequoia and Blackrock sure got some explaining to do. Maybe the average investors will finally wise up that the Emperors have no clothes!

[@michaelbray109]

What about his parents who taught him his ways and profited off of his perfidy? It can be a family affair…

[@StormBrainZ]

I hope he has a long, long life!

[@douglasreagan4979]

He wont be making big donations to Democrats again! Good, we dont need either of them!

[@penzman5385]

A thief named Bank man how fitting.

[@dmercury292]

Sam Bankman Fried. Now let’s see if the Bankman is Fried.

[@renemartin5729]

He's Fried

[@toddkorson8207]

This is what happens when you tell a child he is so great, so much smarter than everyone…. He believes it.

[@jloiben12]

That was a fast verdict

[@BrattyBetty]

Play stupid games win stupid gifts like an orange jumpsuit and 110 years in prison.

[@ClownsandCircuses]

😆😆😆

[@nicmagnus819]

The rich get richer, and then they go to jail.

[@karl5173]

Far too rarely, it grieves me to say.

[@beverly2326]

There is no way this guy pulled this fraud without the higher ups knowing and complicit..the trial needs to continue

[@ricardothrash8031]

😢cry a river fool

[@takethefirststepsem]

We need to check your process. :) 🤣

[@patriciagailmcclary8283]

Always tripped me out that so many “smart” people have kajillions of $$$ to a Malle under 30 years old unsupervised. Like… has that ever worked out for anyone???

[@JustaNobody008]

The parents were heavy involved ! why are they not Jailed?

[@LATINHANDS65]

He gonna be someone's crypto in prison. 😳

[@MrFly-kw6kq]

Passed around like an NFT

[@gizmo5601]

First time in his, and his parents life, that they are being held to account.

[@MikeF-90909]

Like Comrade Trumpsky 😅

[@meetmehalfway7982]

When does the trail start for that criminal haircut?

[@colddogs]

6:48 um, can you list who went to jail in 2008?

[@Save657]

He walked out of court nonchalant, it seems a bit strange for someone facing 115-years in prison. I say, the fix is in and one of his donor's to the rescue. 🤔

[@canwelook]

Sam Bankman-Fried, Elizabeth Holmes, Trump, Musk, etc, etc. Why are Americans soooo gullible?

[@renemartin5729]

The old generation: Bernie Madoff, Jordan Belfort, and Ivan Boesky. The new generation: Bankman-Fried, Alex Mashinsky, Barry Silbert, and Avraham Eisenberg.

[@newhorizon4066]

The parents are the puppet masters.

[@gustavderkits8433]

Stephanie is not quite correct. SBF used the Tom Brady and other sports endorsements to attract small unsophisticated investors. The bulk of the money did come from large investors but there were many little people who bet a large fraction of their savings on FTX and Alameda. Also recall that Barbara Fried wrote a famous paper saying that the concept of blame should be canceled.

[@dasstigma]

Well at least Fried proved once and for all: You do not need smarts to make money.

[@omarperezpulido2388]

You'd be surprised how many CEOs in the startup world are exactly like Sam, the difference is they're not that dumb to get caught

[@renemartin5729]

The old generation: Bernie Madoff, Jordan Belfort, and Ivan Boesky. The new generation: Bankman-Fried, Alex Mashinsky, Barry Silbert, and Avraham Eisenberg. ...and Larry Fink as well.

[@Robbie_S]

16 months and he is out on pardon

[@renemartin5729]

that wouldn't surprise me at all

[@tolrem]

The best person to manage your money is...yourself.

[@joerogain5025]

If Sam Bankman is facing up to 110 years in prison then how much time do you think Donald tRUMP should be looking at?

[@thedearleader7054]

You upset that your team just lost one of it biggest criminal donors. 🤣😂🤣

[@StarseedFX]

111😅😅

[@doug6723]

@@thedearleader7054 Nah. It's just that the Trump cult can't handle reality.

[@gyroscopejones9217]

Probably a lot. Why are you simping for him lol?

[@jeffhampton2767]

ZERO!

[@user-wz8xq6xy2i]

Now time for Tyrone to have a good time with this guy in prison .

[@OvelNick]

I'm more likely to play tennis on Mars with DaVinci and Adam Sandler than SBF is likely to get life.

[@Pixx4you]

Madoff and SBF. Both crooks, but at least Madoff was well dressed.

[@jloiben12]

It is really disappointing to see a former Salomon bond salesman simp so hard for such a basic criminal fraudster. Oh wait…

[@enochroot9438]

Shout out to KZbinr Coffeezilla! If you know you know...he deserves a lot of credit for highlighting and investigating this scammer on a constant and ongoing basis

[@beckettman42]

Is the DNC going to give back the money he donated?

[@elizabethgenat-hung2645]

About time these kind of crimals get havy sentences

[@kathrynanneperry4651]

He'll do time in a white collar resort.

[@bondjovi4595]

That's my apartment building. 😆

[@sandrah5405]

I've heard that Trump is thinking of making Mar-A-Lago a prison so that he can serve his time there.

[@styrpak1]

There's a sucker born every minute.

[@laara1426]

The parents raised their Sam . Apple didn't fall from the tree.

[@michaelcross934]

That's what you get, for being a criminal that deserves what he gets. When will DJ Trump, the former president, gets what he deserves. Prison for life...

[@timkdiamond]

And he won't be out in 5 with a few hundred mil stashed somewhere? C'mon guys. Wake up. That was the plan all along.

[@EranAranAriel]

They are going to throw the book at him.

[@catalinacurio]

So next time there’s a chain of KZbin crypto spammers you know better than to believe them.

[@markindy862]

Sam Bankman-Fried, Elizabeth Holmes, Bernie Madoff, Jeffrey Skilling (Enron). Holmes is set to get out early after only 9 1/2 years.

[@jamesjarrettjr.5974]

TURNS OUT THAT FRAUD IS A REAL CRIME

[@cashed-out2192]

He promised to pay off a Carribean country's debt. He should have promised to off Chicago's debt, instead.

[@TheLunacyofOurTimes]

he's going to want a short haircut in prison.

[@pccustom403]

Hey Sam! Pick up my soap, pretty boy!!!

[@magicker8052]

Musk next

[@michaelkclark6981]

Fantastic video Several good questions were ask that needs some answers. What is the evaluation process for professional investors ? How professional and Objective is the process? Who does the process apply to? Also, how much did Bankman and Fried know and when did they know it? Are other individuals also responsible or at least enablers of this fraud ? Keep the investigation going

[@Robin-bk2lm]

Best interview of this situation. Stephanie rules.

[@zyrover]

He should have announced that he's running for president. That seems to be working well for old Donny Trump.

[@MikeF-90909]

Trumps way scummier than this guy. Trump tried frauding an entire country.

[@OppAvailabe]

All that’s left for him now is to RUN..🏃🏃🏃…

[@lindahenry6168]

Dude ripped off billions of dollars. If I were him I would request extra security.

[@suikim9194]

6:53 because they mostly fd over regular people. Not rich people.

[@loriparks8657]

He's sold fake money that you cannot spend to get real money that he can spend . WOW !! He got over . And they wanted him to plead guilty to charges because people made their dumb own decisions to buy fake money .

[@mauricio2456]

You sound like the kind of person who would buy said fake money if you still now can't understand what was illegal about his actions.

[@jim2376]

A jury punks SBF. Say goodnight, Sam.

[@chuckwilliams6294]

That cute little mop of hair, will come in handy, when he figures out the reality of a life long prison sentence. 😂

[@JaBoss397]

Parents didn't love him.. Sad 😔

[@paddymcgrath9721]

He’s no Andy Dufraigne

[@rbass7674]

Scams work because greed is universal, and capitalists are the greediest among us.

[@neowuwei7851]

He has a name like Zeke Faux and expects people to believe him? That's like Joe PantsonFire.

[@bukwok]

trumps future cellmate .

[@musicman76enator]

Good. Don't Drop Da Soap.

[@fredwerza3478]

Wise words that Crooked Donnie needs to start heeding 🤣😂🤣

[@musicman76enator]

@@fredwerza3478 Sleepy Joe ain't a Choir boy either, Chief. Kackling Kamala ain't the answer either. Donnie won't be coming back to office because of all the Gen Z's. DeSantis can't win because of the Dasha Burns MILF scandal. So...that leaves us with...Taylor Swift? 🤷‍♂️

[@COPKALA]

Why doesn't he rant like Trump does?

[@gibsuprooted2734]

They all grifted off of him. Thats why

[@khallo151]

Orrrr. He stole money from those rich people. That’s why he got prosecuted.

[@Grappapappa]

I lost everything!

[@gibsuprooted2734]

A donaldtrump protégé ⚖️

[@user-po7ev4of1b]

Welcome to prison.

[@murraysheppard1153]

Play with the devil..pay him

[@kikkinbuttz]

yet...Trump is still free....sad.

[@pascalkurzawa8679]

Well to be honest not sure what to think about it. Its a common tactic to give all the people surrounding (in this case sbf) a choice. Not confess but likelihood to be found guilty and rot in jail…or confess and turn against the core initiator…whether what you say right or wrong doesnt matter but likely u end up with small jail term or a fine. In this case everyone confessed to safe their own lives. Prisoners dilemma…also in this scenario you plaid not guilty but if anyone else from the core team of ftx pleads guilty ur considered to be a liar. Only option is to pleas guilty on fraud and say that sbf commited fraud

[@arkonshaw3592]

Because your name is "bankman" is does not mean the old mean big finance guys let you of the hook, when you stole "their" money. Even if the stole it from us in the first place.

[@c.falcon5045]

👏🏾👏🏾👏🏾

[@mikehersh6192]

Watching Trump panic and froth is Making America Great Again. Can you feel it baby 💃🕺💃🕺🐬🐬They call him Flipper Flipper faster than lightning. 🤡🤪🤪🤪

[@chrislim7615]

Omg:100yrs(without internet)wht will happened 2:SBF for tech-savvy pers

[@djignatin4043]

I am over 40. But this guy is going to jail. I will be lying in bed with my girlfriend, and this guy is going to be someone's girlfriend.

[@monkerud2108]

"number go up" applies just as well to a bank robbery as the best and cheapest product ever made, so the term is as far as i can see just the ultimate obfuscation. you cant argue with the fact that bank robber can be very lucrative for the investors, but so can making a revolutionary product that improves everyone's lives. a financial product is good or bad depending on its impact on the economy broadly, if i make a load of cash improving productivity by a lot, then someone else, making a profit on something else can suddenly value their profits higher than they otherwise could, if i soak up capital into a financial black hole that suddenly collapses, then the opposite is true, and the capital attracted could have gone into productive projects instead. if nobody actually does anything useful then financial products are useless, but as long as they ultimately invest in profits gained through productive enterprise then its not so simple. the takeaway should not be that finance is just a dirty game, it can be, but in its most productive form its just mediation of the generation of value.

[@p.e.m.-rbw_elijah]

Yep, whilst 'a budding entrepreneur' (i.e. myself), can’t even get a meeting with a reputable investor. Well, It seems, investors, enjoy doing business, with grifters.

[@magicalfrijoles6766]

If someone is promising you insane returns for your money, it is at a huge risk. Do not give it to them. Want to have money? Stop going out to eat, smoking, drinking booze, buying clothes you don't need, expensive houses and cars. Invest in zero cost index funds. That's it.

[@kennethpeterson4068]

Giant money managers.. love the idea.. of creating something from nothing..it is called Alchemy.. 3:37

[@Cat-jr3vw]

Nobody watches your money closer than you...

[@BarryDiegoLondon-cy9ij]

Gonna make a good movie

[@damianleah6744]

Masters of the universe 😂😂

[@LurchLures]

Crypto doesn't pay dividends. And it never will. That's all an investor needs to know. Everything else is for speculators.

[@lastChang]

Next, Chinese 🇨🇳 Evergrande and Country Gardens should be put on a trial like this.

[@karl5173]

Yes with, the Chinese government as co-conspirator.