🧌 Did you invest with FTX? ⭐ Get 20% OFF Nebula with your favorite creators! legaleagle.link/nebula

@JuiceBoxScott

Жыл бұрын

Do we only get 20% off if we invested?

@rp1645

Жыл бұрын

Thank you for being another professional showing this BIG FRAUD. I feel sorry for the Canadian teacher Retirement funds. This has to be said by a great exposer like you my friend. Don't know why people don't look at the history of Investment firms. When your headquarters is in the Bahamas. Just like super yacht's FLAG there big expensive floating Toys. For me personally it is CAT a great American company. That builds things for people. They have been around. They just took over BUCYRUS-ERIE Mining. I do not work for CAT, just own a BUCYRUS-ERIE backhoe. One the company took over in the 1980s. It was over-built to Last.

@GrymmSoul

Жыл бұрын

0:54 Oh no, I hate when "crimes are broken."

@vadim7590

Жыл бұрын

no, I invested in Binance, which I'm sure is a lot different than FTX.

@cylonred8902

Жыл бұрын

Heeeeeeeeeeeeellllllllllllllllll no

I have to say LegalEagle should be paid by the American Bar Association for improving the public perception of lawyers.

@ronrendon

Жыл бұрын

At the very least he should be given a fat bonus for bringing sexy back! Lol.

@markjacobson4248

Жыл бұрын

He would definitely have to turn an offer like that down, because there would be both a public and legal perception of a responsibility to only present the positives.

@scottmcshannon6821

Жыл бұрын

for correcting, not improving, he lowered our perception of lawyers quite a bit.

@codacreator6162

Жыл бұрын

Good lawyers. There are plenty of them out there that aren’t. 😁

@RachelTension

Жыл бұрын

I hate lawyers in general just as much since I started watching him. He is the only lawyer I have a better perception of.

"There were a lot of crimes broken." Damn, he's not just committing crimes; he's breaking them!

@thunderspark1536

Жыл бұрын

Is there no level that they will sink to?!

@DexieTheSheep

Жыл бұрын

man I read this comment the exact moment he said that in the video

@mratkovich

Жыл бұрын

Remember when Ben Shapiro said people should ban crimes?

@stinew358

Жыл бұрын

Def ban crimes. They're very breakable lol

@HyattHyatt3179

Жыл бұрын

@@stinew358 In Sweden it is illegal by law to be a criminal

I'm So tired of people calling him a kid, he is or was 30 yrs old, he knows right from wrong

@TheArrowedKnee

Жыл бұрын

Indeed, i think he got some slack beacuse he looks like he's 20 year old or something, and likewise acts like so by playing League of Legends when he should be doing something else...which is just ridicilous.

@greglane3978

Жыл бұрын

And if justice is served he will die in the supermax prison.

@TheDawnofVanlife

Жыл бұрын

@@TheArrowedKnee He’s a grown man no matter how many video games he plays. In fact, in the last couple generations adult video games as a leisure activity for all ages have become more common. The people who need a good knock on the head who saw it as a sign of genius that he was playing them DURING a bloody meeting.

@Slippin_Jimmy1012

Жыл бұрын

If Sam is still considered a kid, than Elon Musk should be considered as an edgy teenager.

@durshurrikun150

Жыл бұрын

@@Slippin_Jimmy1012 Well, he has the mental maturity of one

Sometimes I feel inadequate and sometimes I hear these kinda stories and think "yeah I could run a billion dollar company"

@georgekirby7150

Жыл бұрын

Depends on who your "friends" are..

@pixelmasque

Жыл бұрын

no doubt about it, with the baffoons running CV funds these days

@nfzeta128

Жыл бұрын

Literally once you have them just listen to the guys around you who studied their skills and don't be an idiot and you can get through. Lacking some moral Fibre would help a lot in the long term.

@mamacito1795

Жыл бұрын

@@nfzeta128 I think thats my down fall I just don't have the heart to scam people

@jovannyc7158

10 ай бұрын

@@mamacito1795thank you for being one of the last people with a heart these days

I like the "I don't even know how to code" defense. Next time I get into a car accident I'll simply explain that I don't know how the engine works

@alexboccaccio5431

Жыл бұрын

That's true a lot of "tech" aren't coders and are just computer guys.

@jkacvbhijfn

Жыл бұрын

Iirc that portion is technically the truth, in that he didn't code it, but his 2nd in command did. Which would still make him responsible but he's just trying to skirt on a technicality

@richardpike8748

Жыл бұрын

"No officer, I didn't steal, I just didn't know how stores work"

@lostbutfreesoul

Жыл бұрын

@@alexboccaccio5431 The point wasn't how accurate the defense was, it was highlighting how ridiculous a defense it was. One does not need the fine details concerning how something works, in order to use said thing in a crime....

@daveroche6522

Жыл бұрын

Better yet; "I don't know how to drive" - "....AND I'm drunk!".

you know, the main thing I'm hearing here is: When a kid gets picked up on the street with a little bit of marihuana he faces years in prison, when a cabal of rich people defraud money, the issue is going to be discussed in court for the next 5-10 years before the inevitably settle and retire with their ill-gotten gains.

@heatherangel9700

Жыл бұрын

Perfect summation. It's only a crime if you can't afford to get away with it.

@gaiusjuliuspleaser

Жыл бұрын

@@heatherangel9700 Except if you're Bernie Madoff and make the mistake of stealing from other rich people.

@TheNaldiin

Жыл бұрын

Elizabeth Holmes may actually get significant jail time, so hoping for a sea change on this.

@rcytray

Жыл бұрын

@@TheNaldiin but she, like Bernie Madoff, also made the mistake of stealing from rich people, hence why she's likely getting the slammer

@JohnDoe-qz1ql

Жыл бұрын

@@TheNaldiin that's a one off.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” coming from the Enron guy that statement is an epic level burn.

@TheJacklikesvideos

Жыл бұрын

and SBF's defense is repeatedly that everything was too remote and described what happened as a "diffusal of liability from me" but the problem is clearly a small group of close knit people.

@h8GW

Жыл бұрын

Just wanted to make sure everyone understands John Ray was put in charge of Enron AFTER it went bankrupt

@AbsentMinded619

Жыл бұрын

He knows a thing or two because he’s seen a thing or two

@trainskitsetc

Жыл бұрын

Just wait until he gets his hands on Tesla's books.

@Random_dud31

Жыл бұрын

@@trainskitsetc why would you say that? While the stock is overvalued, it doesn't seem to have major problems? I mean, musk does have problems and it would be better to check his finances

I'm a woodworker for a living. But my enjoyment of this channel has apparently convinced the KZread ad algorithm that I'm a lawyer.

@ps.2

Жыл бұрын

Impressive, given how vibrant Woodworker KZread is.

@vidoma1

Жыл бұрын

If the all-mighty algorithm says you’re a lawyer you better get to it and enroll in lawschool now.

@SugarandSarcasm

Жыл бұрын

@@vidoma1I prefer baking at the café, thanks.

@EBMZEQUENZER

Жыл бұрын

You are most valuable person in the comment section : I've done semi architectural wood work for 8 years 👍👍👍

@swoop8047

Жыл бұрын

overlapping interest: screwing

The old rule still holds true, "the easiest way to rob a bank is to own a bank"

@lrmackmcbride7498

Жыл бұрын

He robbed his own bank account too. Which is why there are questions about him believing his own bs.

@meepk633

Жыл бұрын

Yeah, man. You've posted this under several videos about FTX. Apparently it isn't true. He was discovered, isn't holding the exchange's assets, is going to be successfully sued until he has a negative $100B net worth for the rest of his life, and is under criminal investigation by the DOJ. Which part of that sounds easy to you?

@mr.chocob3880

Жыл бұрын

The commingling of assets for personal use would be most difficult to defend, other charges could progress with this strong base.

@leftcoaster67

Жыл бұрын

Or create a currency that has no basis in reality.

@jmitterii2

Жыл бұрын

Especially one with digital play/fake money.

When the guy who oversaw Enron’s bankruptcy is saying yours is the worst that he’s seen you are on a whole other planet

@michaelmoses8745

Жыл бұрын

Honestly you are probably inside a whole other solar system if the Enron bankruptcy leader considers it the worst he has seen.

@AbsentMinded619

Жыл бұрын

The hippies grew up and raised an entire generation and now we’ve got small communes of swingers controlling billions of dollars in between their orgy drum circles or whatever

@colml9688

Жыл бұрын

Yeah, when a guy like that says it was a straight up embezzlement scheme, unsophisticated and just theft..... pretty amazing testimony

@arx3516

Жыл бұрын

It's magic pure magic. Common burthday party magicians make quarters disappear, arch-wizard SBF made billions disappear.

@frankgesuele6298

Жыл бұрын

Who ever gave these clowns their $$$ only deserves 🤣🤣🤕

What was great about the Larry David commercial is they accidentally showed why its good to be skeptical with investing 😂

The SBF “aw, shucks” tour is pissing me off to no end. If he never sees the inside of a cell, we shouldn’t bother to prosecute theft any more.

@georgekirby7150

Жыл бұрын

He has "given" $100 million dollars to the democrats... Of course he won't ever go to prison....

@Zombie1Boy

Жыл бұрын

Why would he see the inside of a jail cell? He paid off the right people.

@MeowtronStar

Жыл бұрын

Fortunately, he's been arrested. Maybe the civilization is not completely hopeless yet.

@TheZackofSpades

Жыл бұрын

@@MeowtronStar he’s out on bond playing league with a more cushy salary than most hard working men and women will see in 50 years. I’m not convinced. And speaking of which, 50 years sounds like a good sentence for him.

@TheZackofSpades

Жыл бұрын

@@Zombie1Boy this comment ages very well if he’s convicted on bribing Chinese officials

When the guy who had to clean up after Enron says he's never seen such a mess you know you're in for a ride

@somerandom3257

Жыл бұрын

When I was told he said that a couple days ago on BTB I had to stop for a moment and just go “Well shit…”

@adammc7170

Жыл бұрын

Essentially his response is the equivalent of "I thought that was bad but holy shit this is worse." And this is guy who took control of Enron when it was belly-up which is saying something.

@alphanerd7221

Жыл бұрын

Wild that a company that does nothing productive would be in more disarray than a company that allocated power to what, like 1/5th of the country?

@literallyanangrymoose7717

Жыл бұрын

I'm quite familiar with the Enron disaster. To say it was a triple-distilled, Kentucky Fried Clusterfuck is an understatement.

@lrmackmcbride7498

Жыл бұрын

Having bought enron assets at auction it is pretty clear the company was overspending. Ie. Every item was top of the line.

To put the justice system in perspective: In 2012 (when I was a high tier idiot) I got caught stealing 2 Red Bulls from Walmart. I had been trespassed already for a fight on the property. So, I was charged with Burglary 2nd degree and Theft 3rd degree. I did 6 months in jail and became a felon. Yes, I f’d up. I will likely do more time for stealing my 2 Red Bulls than SBF will do for stealing billions (millions?) 🤯

@bethanyscarbrough3416

Жыл бұрын

Your biggest mistake was drinking red bull.

@fart63

Жыл бұрын

A felon for shop lifting? 6 months? My biological father committed actual armed robberies and barely got that much time for each one. What a shame

@DoctorProph3t

Жыл бұрын

Wow you got the book thrown at you, in aus a bunch of kids got caught committing insurance fraud and got told “don’t do it again”.

@iamzid

Жыл бұрын

You should have given one of the red bulls to the arresting officer.

@stevie8271

Жыл бұрын

man, i'm so glad the justice system catches the REAL criminals so i can sleep at night in my mansion serious note: i don't think the US is any less corrupt than the rest of the world, they just legalized it instead

The person who said "If you don't understand, don't invest" gave the best advice in the video.

@JewTube001

Жыл бұрын

I really liked "Why am I getting this opportunity", it's like the age old "Too good to be true" saying but drives you more into analysis.

Right now, I too am living with my mother, but sometimes I hear about someone my age or younger screwing up so much that I go, "Well, I may be a loser, but at LEAST I'm not going to jail for 25+ years for scamming hundreds (if not thousands) of people".

Will customers see any of their money? Short answer: No. Long answer: Nooooooooooooooooooooooooo.

@diyaarora7126

Жыл бұрын

That answers going to be a decade long

@neoqwerty

Жыл бұрын

@@diyaarora7126 Answer's just a No with an endlessly looping "oooooooooooo" segment.

@PanduPoluan

Жыл бұрын

Sir, you wins the Internets 😂😂😂

@solitare4602

Жыл бұрын

@@neoqwerty No̅

@michaelpettersson4919

Жыл бұрын

@@diyaarora7126 But of course it will. There are money to earn for many lawyers so they will love dragging this out.

I just want to point out that SBF was on an investment podcast 6-7 months ago where he attempted to explain how his company worked and ended up describing a Ponzi scheme. He was even called out on it by the host. He just blew it off with 'you olds just don't understand new-money'.

@CRneu

Жыл бұрын

nah it's an inverse funnel system.

@ctndiaye1

Жыл бұрын

Which podcast?

@MF100CA

Жыл бұрын

@@ctndiaye1 April 25 2022 Odd Lots podcast.

@neilabernath5862

Жыл бұрын

It really wasn't a Ponzi scheme. Just good old fashion fraud.

@MultiLimpet

Жыл бұрын

Fun thing if ftx is ruled a ponzi the us government can clawback money from anyone who interacted with ftx ever

CEO of almeida, bragged she only needed 'elementary school math' to be CEO of almeida in an interview. She said also: ‘We tend not to have things like stop losses. I think those aren’t necessarily great risk management tools.’

@dahken417

Жыл бұрын

Is she the one people keep talking about who's on pep pills, or something?

@ethanyeung6216

Жыл бұрын

To be fair, stop losses often aren't a good risk management tool - they're a cope if you are uncertain about your ability to hold for long term value or unsure about your ability to maintain liquidity. Institutions often need them as a defense against bank runs, but they're kinda an ugly bastard and not a real replacement for diversity in asset mixes and so on.

@BkNy02

Жыл бұрын

Not only that but you don't have to be an investor to know that's bs. If her statement is even remotely true why aren't investment firms hiring people straight out of highschool? Why math grads form MIT, Princeton, Stanford? I'm surprised by the lack of critical thinking of these investors. People literally believed the hype and commercials. I wonder what other things people blindly believe.

I got my masters in accounting back in 2007. Had to do case studies for seemingly every class. This topic would've been the wet dream of all my profs. Determining actual fraud opposed to financial malfeasance is often a tricky line. Had they structurally done things just a bit different, it would be chalked up to bad capitalism and okay under gaap and international accounting practices. It's such a grey area sometimes... Obviously messed up and ethically wrong, but is it technically illegal? Should they go to jail or go free with the knowledge they're terrible people. I say yes and they all should be locked up.

@lightaflamethrower8573

Жыл бұрын

When he said the balance sheets were a mess and described the spreadsheets being badly labeled, I shivered. Ugh. I’m sure the person who did the audit had a lot of work to do.

@lachlank.8270

Жыл бұрын

Turns out the lazy slacker guy was a lazy slacker guy

@InTecknicolour

Жыл бұрын

clearly alameda and ftx were related parties and thus bankman fried engaged in a related party transaction when he loaned FTX assets to Alameda. RPTs are a classic symptom of possible fraud.

@space_2597

Жыл бұрын

I'm quite sure the accounting mess is a con act in itself. The information only came out after the ponzi was revealed and his Stanford professor tax lawyers parents gave him advice

@chowsquid

Жыл бұрын

I suppose the sloppy excel was a step up from crayons on a napkin.

"It's possible everyone is going to jail". I do love a story with a happy ending...

@rumblefish9

Жыл бұрын

They will prob not get the maximum sentence. Thats still not a happy ending.

@scottmcshannon6821

Жыл бұрын

@@rumblefish9 they stole money with a pen, making sure thousands will never be able to retire. maximum sentence - 6 months in a federal country club. thats what history tells us will happen to them.

@kennyle8640

Жыл бұрын

@R R Sadly, I'll settle for what I can get...

@minyaksayur

Жыл бұрын

yes, but you have to catch them first, some of the people that worked for FTX have fled to Dubai.

@gammaraygem

Жыл бұрын

@@minyaksayur Holland had no extradition agreement with Dubai, but still Dubai police arrested and extradited a most wanted drugslord.(Ridouan Taghi).

Man. Who could have known that fake digital funny money would have been such an easy way to scam people out of real money.

@panagea2007

Жыл бұрын

Everyone with a brain, but not desperate and greedy investors.

@Khronogi

Жыл бұрын

FOMO, marketing, and manipulation. All the same.

@benjaminoechsli1941

Жыл бұрын

​@@Khronogi Same way scams have worked since the dawn of time, and will continue to work for the foreseeable future.

@guydreamr

Жыл бұрын

Exactly, which is why if FOMO is an investor's primary motivation, then they shouldn't be investing in the first place.

@126644

Жыл бұрын

This situation is a perfect example of why you never keep any cryptocurrency holdings on an exchange.

Hearing an actual professional lawyer say 'polycule' hit me like a goddamn truck

@user-pr6ed3ri2k

Жыл бұрын

TIMESTAMP PLS

@user-pr6ed3ri2k

Жыл бұрын

oh nevermind I thought it was replacing the word molecule

@blakksheep736

Жыл бұрын

Time stamp pls.

@Ajehy

Жыл бұрын

This guy makes us ploy folk look bad…but he makes all humanity look bad.

@Es-yb3db

11 ай бұрын

​@@Ajehypoly people do a good enough job of making themselves look bad

Two things: US law really needs to start rethinking this "intent" limitation for cases like this. Corporations and businesses set up in a sloppy, lazy manner that result in massive final harm should be considered as intent. Criminal penalties for the numerous con artists that do this every year is the only deterrent we have. Simply losing the money they crookedly obtained is not enough. Next... Celebrities are used to build up the appearance of legitimacy of a company or product... Maybe holding them liable for the product they are shilling for will cause them to do more due diligence in the future.

@PointsofData

11 ай бұрын

Someone doing something ignorantly shouldn't be punished as harshly as someone doing something intentionally. I get why you think this way but it's not a good way to set up a legal system.

@illford6921

11 ай бұрын

​@PointsofData I still think you should be punished harshly for being a fool then. If you arent good at setting up a business you shouldn't set one up. But also since this concerns money more than a product someone being foolish is a lot more imoactful than if they just sold soap or food

@ArchibaldClumpy

11 ай бұрын

Failing at a business is one thing, and that isn't punished by law. Stealing customer funds, taking out illegal loans of company money to yourself, creating a conspiracy involving two companies mingling funds and resources while claiming to be distinct, and lying on legal documents... That's fraud.

@davidmaitland3238

11 ай бұрын

Tbh id argue a lot of fault falls on the consumer too, i've never understood why people even listen to celebrities for purchasing decisions or anything really, celebrities, public figures, "influencers" whatever you want to call them, 9 times out of 10 are in terms of intelligence and trustworthiness no different than the average person and people really need to stop falling into the consumer trap of buying products just because lets say some actor in a movie they like told them to.

@JMARTIN1947

10 ай бұрын

You don’t need a written statement that says, “I have intent to do a specific act”. Intent can be shown through a constructive argument. Sam had intent.

The fact that "Super Bad" is an actual legal term warrants a video on various legal terms that sound fake/ridiculous but actually exist.

@gchecosse

Жыл бұрын

The offside goals rule (Scottish property law)

@terezar880

Жыл бұрын

He's already done a video on those some time ago! It's great and perfectly ridiculous, as it should

@KnakuanaRka

Жыл бұрын

@@terezar880 What’s that video called?

@andreasottohansen7338

11 ай бұрын

A personal favorite is "fighting words". Didn't think much about it, cause I got the explanation first, then I heard a friend laugh his ass off when he heard it.

@blakksheep736

11 ай бұрын

​@@terezar880 what's the name of the video?

I really am working to understand everything in this video, but my brain keeps trying to default to hearing static and “rich people do stupid and illegal things; get no real consequences.” It feels like a whole other world that isn’t even fully real.

@pansepot1490

Жыл бұрын

Don’t worry: most of us are hearing the same thing.

@iamjustkiwi

Жыл бұрын

When these people spend the the average amount of money most people will earn their entire lives daily, it sorta is an entire reality. Imagine how much good that money could have done had it gone to people who actually need it.

@kattaylor2919

Жыл бұрын

@@iamjustkiwi EXACTLY! I know I have money that I could help others with, but I couldn’t solve hunger in a whole state, or provide housing for the homeless in a city. How do people justify holding onto that kind of wealth?

@tuanoful

Жыл бұрын

@@kattaylor2919 Well, that's capitalism. And it works. Problem is not that people are too rich, the problem is that they are not held accountable and they dodge responsibilities like taxes very skillfully (and legally) So, government and corruption are the problem, lol. It's not an easy fix. Lobbying is legal corruption

@fart63

Жыл бұрын

@@kattaylor2919 unfortunately the things you have to do to get that kind of wealth pretty much exclude you from being a good person lmao

If it sounds too good to be true, it usually is. Words to live by. Simply put it is a *lot* better to feel bad about losing out on a oppurtunity to make money, than it is to feel bad about buying into a *scam*

It was interesting to revisit this video in November, 2023. This shows that LegalEagle had a very good fix on the situation at that point.

Hearing a clearly competent and knowledgeable lawyer say "there were a lot of crimes broken" makes me feel better about being a bookkeeper who occasionally can't do basic arithmetic in her head.

@wbfaulk

Жыл бұрын

And you probably didn't commit your failed arithmetic to a finalized product.

@KnakuanaRka

Жыл бұрын

D’oh!

@KnakuanaRka

9 ай бұрын

D’oh!

Definitely give your intern a raise, he seems to be a nice guy.

@rudeboyspodcast

Жыл бұрын

Probably mains Soraka

@loriann1506

Жыл бұрын

Or girl👩‍💻

@gutentagmeinfreund3790

Жыл бұрын

Found the intern

@jmwilsoND

Жыл бұрын

@@rudeboyspodcastProbably was jungle Soraka ganking SBF in bronze during his sales pitch ... SBF the bronze III genius

@Loctorak

Жыл бұрын

@@rudeboyspodcast then surely the raise should be proportional to the quality of the heals? Thats how law works, right?

7:30 When the dude who handled Enron is saying this about your company, holy shit that's gotta hurt.

Knew It Was A Scam When My Brother Tried Telling My Dad How It Worked, "Basicly It's Free Money" Was A Phrase I Heard Him Use.

Personally I liked Scam Bankrun Fraud as the joke name. Like, come on, Bankrun is exactly what happened lol. I knew this was gonna happen any day now. Let's see them all get lined up for this one.

@dannymdrew

Жыл бұрын

As the person who made the thumbnail, i gave him both options. I liked bankrun better too

@AR-rg2en

Жыл бұрын

@@dannymdrew that’s cool

@neoqwerty

Жыл бұрын

@@dannymdrew You did a good job!

@vestasharp6861

Жыл бұрын

Just like Bernie who Madoff with your money. That has to be a joke name too.

Ray, finishing up his work on Eron, "Thankfully I'll never have to face another job like that..."

@gfrewqpoiu

Жыл бұрын

*Enron, but still, absolutely crazy.

@euansmith3699

Жыл бұрын

@@gfrewqpoiu My fumble fingers thank you 😍👍

@somethinglikethat2176

Жыл бұрын

Eron was a byzantine labyrinth of complex somehow legal accounting practices. FTX is like the equivalent of a troops of chimps spending a long weekend trashing an office.

@euansmith3699

Жыл бұрын

@@somethinglikethat2176 😄😄😄

@lrmackmcbride7498

Жыл бұрын

@@somethinglikethat2176 they were not legal. Which is why Arthur anderson, their accounting firm was found liable.

The restrained glee with which LegalEagle says "and it's possible that everyone is going to jail!"

Dude, I have just realized that your channel has a lot of good subjects to be reporting on due to the craziness of the news these recent months. Your channel should continue to blow up as more craziness pops up. Thanks for the insight.

"...it's possible that everyone is going to jail." God yes. Yes to all of that.

@allangibson8494

Жыл бұрын

Which is why they moved the company from California to the Bahama’s… Extradition is a fun game that can last decades.

@Loctorak

Жыл бұрын

Yes to all of that, until tax time rolls around again and the state's incarceration costs have gone up by a factor of 40. 😅

@georgekirby7150

Жыл бұрын

@@allangibson8494 which is why he is the Democrat party's second largest donor....

I think proving intent should be easy. SBF made sure to have as little recorded information by having message automatically delete themselves and telling others to do the same. He knew the whole thing was a scam.

@michaelinhouston9086

Жыл бұрын

Proving intent, beyond a reasonable doubt, is never easy but document destruction is a prime piece of evidence and setting up a system of document destruction is even better - as you suggest, it points to him knowing it was a scam thus the need to hide his tracks.

@CuddlePirate

Жыл бұрын

While his style of record keeping isn't something out of place with someone knowing it was a scam, it's also not out of place for someone who just didn't know what the hell they were doing.

@stevenglowacki8576

Жыл бұрын

@@CuddlePirate SBF supposedly encouraged his employees to use communications that would not leave permanent records. He explicitly knew about that feature, and wanted others to use communications with that feature. That looks like pretty strong evidence they were up to no good. You generally want to leave as many records as possible to show the logic behind the decisions that were made.

@aaronleverton4221

Жыл бұрын

@@michaelinhouston9086 Not a lawyer, but I've watched years of Law & Order. So, wouldn't the fact that multiple people agreed to use document-destroying communications automatically prove a conspiracy?

@somethinglikethat2176

Жыл бұрын

@@aaronleverton4221 not necessarily. If they weren't subject to record keeping under Bahama law and as they were only registered as a money exchange in the US, it could be argued that they had no legal obligation to do so.

With a name like that, he had no choice but fulfill his destiny for bank fraud

On an unrelated topic, I was surprised I couldn't find a review on your channel for the movie Philadelphia (1993). I was watching a clip of one of the courtroom scenes yesterday and thinking, "I bet Devin would have a lot to say about this." I hope you can do a video on this film someday soon. I love your channel. Thanks! ⚖📽😀

"a lot of crimes broken" is probably my favorite lawyer quote

@hoze1235

Жыл бұрын

When you commit so hard you broke it

@chri-k

Жыл бұрын

laws - which broke crimes - were committed. is a sentence that somehow makes sense

@kingloser4198

Жыл бұрын

Sounds like something out of It's Always Sunny

Libertarians: "F the government, we don't need no stinking regulations! FREEEEEDUHM!" Also libertarians: "I spent all muh fiat currency on digicoins and got scammed- SAVE ME BIG DADDY GUBMINT!" This is just delicious . . .

@jcortese3300

Жыл бұрын

I can't tell you how much I love this comment ...

@gabrote42

Жыл бұрын

Javier Milei

@deathsyth8888

Жыл бұрын

"Stop giving hand outs to people. Pull yourself from your own bootstraps!" (After something bad happens to them) "I need the government to help bail me out of this situation that I can not afford. Please?"

@TehMomo_

Жыл бұрын

Just goes to show that Libertarians are just Spicy conservatives...

@jcortese3300

Жыл бұрын

@@TehMomo_ I always say they're just conservatives that like to sleep in on Sunday.

Really missed a gem at 8:50 “The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an online “chat” platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.”

I ascribe to the Rockefeller philosophy in that when he heard his doormen was investing in the stock market (circa 1928), it was time to bail. So happy I got out 3 months ago.

LegalEagle and Coffeezilla really need to do a stream together covering this. All the shit Coffee has dug up and organized and Legal trying not to have a brain aneurism over how incompetent FTX was.

@greebj

Жыл бұрын

With Patrick Boyle as the straight man ... And the finance and investment expertise, and the wise old "this is just a new way to do the same thing that's been going on since the idea of money was invented" vibe

@blakksheep736

Жыл бұрын

Coffeezilla's the best.

@moirasmith3921

Жыл бұрын

We need to make this happen

@ericwalstrand3512

Жыл бұрын

Coffeezilla was the first video I saw about all this.

@ABLEARC

Жыл бұрын

They just did a video on this together.

As a German Historian with a semi-focus on Family Name Origins, i found it amusing & depressing when i looked into Bankman-Fried's Family Origins and Ancestors, why they received the name "Bankmann" (anglicisized "Bankman") etc. As is common knowledge, lots of Jewish People from German Ancestry have either: - Family Names because of their Job (Fleischer = Butcher - Bankmann = Banker - Goldmann/Gold/Rubin/Diamant/Silber etc. = Jeweler etc.) - Family Name because of Origin of Family when Family Names became a thing (Frankfurter = someone from Frankfurt - Wiener = someone from Vienna etc.) - Family Name individually chosen because of Class (Blumenfeld = Flowerfield - Wiesenthal = Meadow Valley - Goldberg = Golden Mountain etc.) and i could go on forever. Back to the point: During the late 1800s the "Bankmann" Family was still very closely related among the Bankers of Frankfurt am Main here in Germany, but then in the 1850s-1860s a distant Relative of Bankman-Fried did something akin to what he himself did now in the USA, which is both funny & sad as it fuels Stereotypes which it shouldn''t of course. But as Historian it made me wonder if Bankman-Fried is aware of this distant Relative of his who fled to the US after having lost a ton of Wealth from his Investors back in late 1800s Germany

@GodsLoveIsHatred

Жыл бұрын

I love learning about things like that. Unfortunately it is used to fuel hatred. But so is almost everything now so it’s no reason to not learn.

@022107

Жыл бұрын

And history repeats itself.

@williamharris8367

Жыл бұрын

It is entirely possible to learn things, and keep that information to yourself. I once discovered a major historical "scandal" through research, only to find out that it was very well known to all experts in the field. I was politely asked to not share this information with the public, and I have not done so. Free speech is a right, not an obligation.

@user-pe7gf9rv4m

Жыл бұрын

Antisemite

@KibitoAkuya

Жыл бұрын

@@williamharris8367 Why shouldn't people know if it's a "scandal"?

The more I listen, the more it sounds like the monsters of gambling addictions, tokenizations (having to buy tokens and use tokens to exchange for what you actually wanted) of predatory video games has made it into real life.

This is so helpful. The legacy media look for "the story and tell it through the 10 sec sound bites and talking heads. On the other hand, channels such as this one give us real experts who inform us with their own expertise backed by education, experience, and research. Thank you.

I didn't believe him initially, but SBF was telling the truth. He did wind up living to see himself without 99% of his wealth.

@shadowninja6689

Жыл бұрын

There's a lot more billionaires who blew all their money before they died then people think. Some were straight up scammers like Sam, but others borrowed way too much money making risky investments that went bad.

@SimuLord

Жыл бұрын

@@shadowninja6689 Plenty of multimillionaires as well. We call them "lottery winners" and "former pro athletes".

@DevoutSkeptic

Жыл бұрын

@@shadowninja6689 Like Elon Musk in the near future?

@princecharon

Жыл бұрын

@@DevoutSkeptic Maybe. I think he deserves that, but time will tell if that's what happens.

@mipmipmipmipmip

Жыл бұрын

@@princecharon he has been playing with the books for ages, programmatically shifting income from carbon credits and car deliveries to convenient financial quarters. Plus using social media to make financial forward statements that he knew were false. All red flags that should be a call for scrutiny, but like with Sam, as long as things go well no one dares to sound alarming.

@LegalEagle A funny side note is that in the early "diversification" [aka orgy of reckless spending], FTX bought the naming rights to the American Airlines Arena in Miami. The work to put the "FTX Arena" name up finished the week the federal action was announced. The Heat pulled out of the contract and is now looking to sell the naming rights to someone else, but the name is still there as of this writing.

@ZT1ST

Жыл бұрын

"We need someone to make our studio looks better than FTX." "Is American Airlines willing to renegotiate in exchange for miles?"

@jcortese3300

Жыл бұрын

Maybe a bail bond provider can get the naming rights.

@ZT1ST

Жыл бұрын

@@jcortese3300 "Is Enron available for buying naming rights?"

I think my favorite part of being subbed to LegalEagle is learning about all this random BS (ftx crashing, not legal stuff) that I would have no knowledge of otherwise.

@georgekirby7150

Жыл бұрын

Did you know FTX had a partnership deal the Ukraine? It was all a DNC money laundering scheme. Look up who his father is, who is girlfriends father is... This is our current democrat party. All crooks...

I appreciate that your ad reads are completely customized to every video.

His name was literally "Bankman" - has anybody checked that he's not just three children in a trenchcoat?

@KasumiRINA

Жыл бұрын

Three Kherson raccoons on a watermelon... explains why ruskies were after him.

@astrosuperkoala1

Жыл бұрын

@@KasumiRINA it is time to save private raccoon

@Warsie

Жыл бұрын

aparently one of his ancestors did the same shit in Germany in 1700s, well similar sketchy investment lol

He committed fraud, he's not a child, and he knew what he was doing. You don't set messages to delete if you think that there's nothing wrong with them.

@kiriuxeosa8716

Жыл бұрын

*looks at phone and email messages* 😬

Dude gave Alameda $1B he wasn’t allowed to even move and then he loaned it TO HIMSELF and never paid it back, nor had any intention to I imagine.

Thanks! I am new to your channel. But think your presentation and content quality are great. Happy to give you support

"Bank man fried" - and he was a scammer? That's like a pyramid scheme run by a guy name "made off."

@bipolarminddroppings

Жыл бұрын

Its a well established phenomenon that people often have personalities that reflect their names...

@NAM_137

Жыл бұрын

@@bipolarminddroppings they're called Aptronyms, and the phenomenon is Nominative Determinism.

@jimbaranski4687

Жыл бұрын

Is that ‘Freed’, or ‘Fried’?

@niallreid7664

Жыл бұрын

@@guydreamr Junk bonds? Great guy. Did something happen to him?

@guydreamr

Жыл бұрын

Indeed, people and things tend to live up to their names - remember "junk bonds?"

As someone who's gobbled up lots of videos on this the last few weeks, I love Devin for sparing me from 90% of the script being annoyingly similar FTX, FTT, SBF, CZ abbreviations for 20 minutes

This reminds me of the “It’s Always Sunny” episode where Dennis and Mac make Paddy Dollars to create a self sustaining economy. By printing more in Paddy’s Dollars than they had in regular dollars, they upped their value right away.

@georgekirby7150

Жыл бұрын

To be honest, I don't know how a self sustaining economy works... I don't even know how the US economy works. Much less some sort of... Self sustaining economy.

@unclecreepy4185

Жыл бұрын

I don’t know how finances work.

Great Info!!!! This 20-minute video took me 2 hours to complete. I rewound and paused so many times!!! Thank you for the caption option because I would have taken me twice as long without it.

@Irondragon1945

7 ай бұрын

yeah it's insane how much information is condensed in those 20 minutes

1:05 - THANK YOU, THANK YOU, THANK YOU for pointing out this very new and odd approach to making critical financial decisions in this modern age-apparently, eccentricity = genius. The weirder the behavior, the more respect is given to these kids who have little, if any, real-world experience. If you invested with SBF because you thought he was 'cool,' you got what you had coming to you.

@greebj

Жыл бұрын

He is setting up the standard white collar "I was not criminally negligent I was merely incompetent" defence

@panagea2007

Жыл бұрын

@@greebj If you're incompetent handling OTHER PEOPLE'S MONEY you should be held criminally culpable.

@yakuza01

Жыл бұрын

Because a lot of people foolishly see that kind of stuff as a sign of a genius who thinks "outside the box". Yes, it CAN be but most often than not, it's just a sign of arrogance or an effort to hide they got nothing. As frustratingly conservative and closed-minded big investors in Asia can be (e.g. Japan), their Western counterparts (specifically American) have a blind spot for the young genius tech person who is onto the "next big thing" image. Look at SBF in this case or Elizabeth Holmes in the case of Theranos.

@gibbcharron3469

Жыл бұрын

@@yakuza01 And frankly, our culture also has blindspots for the wealthy in general, and especially those who have reputations for genius like Musk and Zuckerberg. The cults of personality around such people definitely influence our broader perceptions of 'genius' tech bros.

@ShadowTasos

Жыл бұрын

Wow what a shitty comment. First of all, "eccentricity = genius" isn't a "modern age" thing, it's been an association that people have made since the dawn of time, particularly in the worlds of art, philosophy etc, aka the humanities. It's now breaching into technology and finance because those are somewhat newer. Your last sentence amounts to "naive people deserve to be scammed", which is quite a take. You yourself have probably made some dumb decisions due to inexperience or a lack of knowledge, probs best to not be on too high a horse there.

One of the problems of being young for aspiring crooks is that they don’t know the degree of their own ignorance. I’ve known guys like this that hang together and are totally convinced they are the smartest people around when it wouldn’t even be hard to show them otherwise if they only acknowledged someone else might be worth listening to. I saw videos of these guys which convinced me it was a criminal enterprise from the first. They thought that cryptocurrency was sufficiently not understood by anyone else, including government agencies, that it gave them a big playground to bamboozle their way into great wealth.

In the two years beginning in October, 1988, there were 128 people convicted in the Savings and Loan scandal, with sentences averaging more than 3 years. Those were the good old days....

The real question is, how did they get away with having no audited FS? Or did they have an audited FS but is audited with an unqualified opinion?

When the person who was in charge of walking Enron through bankruptcy, says that you know you messed up!

@suedenim

Жыл бұрын

I love the comprehensiveness of his quote. "So... other than that, we're good?"

@whatsup3270

Жыл бұрын

"If it weren't for the dead body, there would be no evidence of a crime"

@Loctorak

Жыл бұрын

"I've never seen a gangbang like this before." - Johnny Sins

@davidwright7193

Жыл бұрын

At trial his defence lawyer will be quoting that, the best defence here is that SBF wasn’t fraudulent just so totally incompetent he shouldn’t have been in charge of a 8 year olds lemonade stand.

@davidwright7193

Жыл бұрын

At trial his defence lawyer will be quoting that, the best defence here is that SBF wasn’t fraudulent just so totally incompetent he shouldn’t have been in charge of a 8 year olds lemonade stand.

"A Ponzi scheme? Is that what it's called? I thought I had first invented it. Huh. You learn something every day." - SBF

There's a part of me that's thoroughly convinced that some of this guy's investors must have convinced themselves that this guy must be a financial genius based solely upon the fact that his name was "Bankman".

As a league of legends player myself, I can confirm that Sam playing league at all should have been a red flag for investors. Nobody plays that game and retains sanity.

"It's not clear that a celebrity endorsement counts as acting as an agent of the sale" Wait wait wait what?!? I'm not saying anything one way or the other of if it *should* count BUT how is it not clear? Given the amount of questionable celebrity endorsements over the past 100 years how is it not settled law? It must have come up thousands of times. I am completely flabbergasted.

@Nebulaoblivion

Жыл бұрын

the more money, the less the laws apply.

@Spanner249

Жыл бұрын

Holy moly. If they passed a law that they would be considered an agent of sale it would kneecap celebrity scams. They should absolutely clarify this in the affirmative.

@tinkerer3399

Жыл бұрын

@@Spanner249 Personally I would be slightly more inclined to rule against it as you need to remember it is a double edged sword. Sure for the big names it would be helpful but I don't want little Tommy Twocents the struggling actor (you might remember him for his role in Leprechaun 8: Return of the LePrius) who got cast to appear in a commercial for some random company so he can pay his rent to get hit.

@meridellwriter

Жыл бұрын

I imagine that if celebrities (or actors in commercials in general) were generally held personally liable in lawsuits related to the products they advertised, most celebrities would refuse to advertise anything at all. The risk would be too great. I'm not a lawyer, but I would argue that the part about them having had to "personally participate in making the sale" is where the question is. As an example, there is no question in my mind that if Tom Brady was at a car dealership personally talking someone into buying an SUV and helping them fill out the paperwork, he would be personally participating in making a sale. But if all Tom does is go on TV and say "Hey these SUVs are great, people should totally buy them," one could argue that he is not personally participating in selling the product. It would be like someone getting sued because they suggested that their friend buy a product that wound up being defective and causing them to get ill or injured. That being said, I do think that some sort of rule should be put into place to say that if there was any way the celebrity in question could have reasonably known that the product they were advertising was inherently dangerous, ineffective, or otherwise sketchy and they chose to advertise it anyway (or chose not to do their research before shooting the commercial), then they should be held in some way accountable. Of course, then the question becomes how you would determine if the celebrity could have reasonably known this.

@neoqwerty

Жыл бұрын

Influencers should be held to advertizing standards, though, which is a gaping hole in the system currently. (See: established titles)

Taking an accounting course and I now actually get some of your jokes about things like GAAP. The truest sign of learning.

@lightlysal

Жыл бұрын

Could you explain? :3

@Van-dq4sw

Жыл бұрын

@@lightlysal GAAP is short for Generally Accepted Accounting Principles, which are functionally a simple form of the accounting standards used in the United States (IFRS is the international equivalent that they're trying to get us to use). It combines overt rules with the "common sense" principles; things like being consistent in your method of entry, using prudent/conservative estimates instead of inflating your possible value, not overtly lying to your investors, etc. So when LegalEagle says that the accounting work was gonna break GAAP, he's basically saying their accounting work is bad and they should feel bad (and are probably gonna get in trouble for the Lying part).

Holy crap the cut always are perfect and a great addition.

Hello Legal Eagle Thank you for an informative video

Sufficiently advanced incompetence is indistinguishable from fraud.

@jimbaranski4687

Жыл бұрын

Actually there is a difference. A fraud makes you money; incompetence should not make you money.

@mr.chocob3880

Жыл бұрын

Believing a celebrity in a commercial regarding investment advice, an excellent example.

One of the things I learned from 2016 was to never count on the solvency of an endeavor that is courting celebrity endorsements.

@hjt091

Жыл бұрын

Fyre Festival?

I’ve just listened to this about five times and am about relisten to it again. Great information.

Bro I love your content. Don't ever stop.

16:26 No, he knew exactly what he was doing. He was defrauding people, and should be prosecuted. Plain and simple.

@nielsunnerup7099

Жыл бұрын

Until you can prove he knew, it's not simple.

@blakksheep736

Жыл бұрын

@@nielsunnerup7099 well, for a start, he admitted to be running a Ponzi scheme on air, so....

Sounds like Zhao intentionally tanked the price of the FTT in order to destroy FTX.

@liam3284

Жыл бұрын

sure, but the whole thing was a house of cards to begin with. SEC and Justice dept filings allege fraud, known and directed by SBF.

@Rokaishi

Жыл бұрын

FTX destroyed themselves

@PointsofData

Жыл бұрын

@@Rokaishi but it was Zhao who tripped them while they were keeping all their plates relatively well spun (in terms of keeping business flowing). I think it was ColdFusion's video that outlined Binance's role in this, where tweeting their concerns and dumping the FTT triggered the fallout. And you can't say Zhao didn't have massive incentive to get rid of a competing exchange. OR that Zhao would be above shady practices, he's being investigated himself.

@LSgaming201

Жыл бұрын

Zhao may have triggered something he can't control. The domino effect has already brought down Celsius as well, and Binance is fighting for its life.

Superb analysis! Thank you ❤

I hope Sam keeps giving interviews cause he keeps burying himself even more with each one.

@vanillaicecream2385

Жыл бұрын

i love seeing these shitty scams crash and fall

@greglane3978

Жыл бұрын

SBF will see the same fate at Epstien.

"Because there were probably a lot of crimes broken." Indeed!

I love when he says "So what can I do? blablabla and restart." LOL. I can only imagine that everyone is already lining up to give you money again. For real.

It's intentionally convoluted and an intentional mess, that's how people end up running off with money.

Can't deny the fact that Amazons AZR7T has the strongest bet to bring lights back to this industry after we suffered FTX, Celsius, Tera and so on. Sure if they fail it's done for good but the pressure is too high and I think they will keep proper liquidity rather than these others. Don't see them going bankrupt any time soon.

@shotgun6X

Жыл бұрын

Ah yes. Nothing says decentralized like pooling all of the trust under the power of one large megacorporation

@derrekvanee4567

Жыл бұрын

scam coin. inb4 doggy inu is even better cause they are. You got the ticker wrong there bro its ticker is $SHIT on the eth-1337 token chain its known as $LULZ

@nickl5658

Жыл бұрын

Only if you trust Jeff Bezos, You are putting all your money into Amazon script.

@SteeleGolem

Жыл бұрын

@@shotgun6X you should make an NFT of that irony. Damn.

@wbfaulk

Жыл бұрын

Did you get a bonus for being the most upvoted shill in the comments? Was it in real money?

“Well if we got rid of all regulations then this wouldn’t have happened” Every corporate sheep whenever anything happens. We are a gross planet.

@SimonBuchanNz

Жыл бұрын

I mean, technically they wouldn't have broken a bunch of laws then?

@benjaminoechsli1941

Жыл бұрын

"We tried capitalism as a system. It nearly destroyed us." "Sounds like you were terrible at regulation!" - paraphrased scene from Star Trek

Brilliant explanation, thank you!

Whenever I learn a bit about these in depth financial tactics I feel like a muggle. Same with learning what hackers can do.

This whole situation makes me think of Patrick Stumps lyrics "I've been poor and I've been rich / the first one stung but the second one itched"

I was going to invest in liquid assets, but than I learned I was going to have to build an expensive wine cellar.

Heard someone say the best season for a fin.ancial breakthrough is now, especially with inflation running at a four-decade high. I have approximately $750k stagnant in my port_folio that needs growth. What is the best way to take advantage of this downturn?

@sheliaswelttk2535

Жыл бұрын

That’s right! Downturns provide plenty of opportunities for regular people to build wealth from the scratch. However, you may need to get some professional advice from an Invest-ment planner if you need an aggressive return.

@williamskohler8337

Жыл бұрын

@@sheliaswelttk2535 Recessions are where millionaires are created. After my port_folio took a big hit in April, I was forced to employ the services of an Invest-ment-analyst who has not only accrued a profit of $250k for me since then but has also taught me how.

@gabriellewilson5625

Жыл бұрын

@@williamskohler8337 I need guidance so i can salvage my port-folio due to the massive dips and come up with better strategies. How can i reach this advsor?

@williamskohler8337

Жыл бұрын

@@gabriellewilson5625 My advisor is “Tracy Helene Aalvik” You can verify her and use her services if you require her services

@gabriellewilson5625

Жыл бұрын

@@williamskohler8337 This recommendation is coming at the right time because i am literally grasping for straws atm! I looked her up online and scheduled a phone call with her.

I'm a big fan of Cold Fusion. Thanks for mentioning them. Big fan of your show, too. Cheers!

Hearing "laws breaking" and "crimes committed" into one "crimes broken" makes it feel like this ended up even bigger than if just those standard terms had been used, which...considering the amount of money missing and all the people involved, I suppose it fits akgfjds. 😅

It's strange when it's very easy to believe that such a big money scandal will land nobody in jail, even though Legal Eagle says there could be jail time. In so many years, it feels like economic-based crime worked on a reverse Die Hard algorithm. And yes, I mean the movie. I think of it like reversing Hans Gruber's line to say, "Steal $600 million, you may see your day in court, and then can disappear; but if you steal $600, they will put you in jail unless they think you're already dead."

Any chance a video detailing a breakdown of what's in the railroad bill that was recently passed is on its way? Would love your analysis

What happens if an extradition request is filed against a suspect that faces similar charges in the foreign county? Do the charges in the Bahamas (in this case) need to be resolved before any extradition to the US?

It was right in front of us all along. We should’ve trusted Larry 😭

@theokamis5865

Жыл бұрын

Curb your enthusiasm (except for Legal Eagle, aji con tomate de arbol, and single barrel Kentucky bourbon)...

@MsZeeZed

Жыл бұрын

Ironically Larry got paid in FFT for those ads and just lost the lot 😸

@benjaminoechsli1941

Жыл бұрын

​@@MsZeeZed Really? I guess we really should not be like Larry.

20:48 Tangential, but have you ever looked into Roblox? There's a lot of shady shit surrounding them that goes unnoticed because laws haven't caught up to the digital age yet. Where by shady, I mean things like (arguably) paying child laborers in company scrip

@Khronogi

Жыл бұрын

Never looked into it but I can imagine. Any good sources?

@diyaarora7126

Жыл бұрын

@@Khronogi people make games did a video on it

@CuddlePirate

Жыл бұрын

Being the Digital Age has nothing to do with it. The Girl Scouts make around $800 million in revenue off of the backs of unpaid child labor.

What this really highlights to me is that the transparency that's beginning to appear now as people realize how badly they were scammed really ought to be a requirement to do business, especially in this kind of shady, chaotic market which lacks substantial regulation and protection and is absolutely rife with bad actors.

So, Enron's receiver is handling FTX. At least he has experience in this sort of thing.