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12-17-2022, 01:00 PM
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#61
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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Quote:
Originally Posted by Jackie S
Am I oversimplifying this? ……Bankman-Fried took money that did not belong to him and bought cars, houses and Politicians.
Is it really that simple?
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It almost reminds me of the funds for "Stop the Steal" where less than 1% actually went to litigation towards that matter!
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12-17-2022, 02:27 PM
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#62
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AKA Admiral Waco Kid
Join Date: Jan 8, 2010
Location: The MAGA Zone
Posts: 36,980
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Quote:
Originally Posted by HedonistForever
I don't know how or if this plays into this but it is interesting to say the least.
https://www.cnn.com/2022/10/03/inves...lus%20interest.
Kim Kardashian charged by SEC, agrees to pay $1.3 million fine
Kim Kardashian agreed to pay a $1.26 million fine to the Securities and Exchange Commission to settle civil charges after the reality TV star touted a crypto asset, EthereumMax, on Instagram.
The SEC charged Kardashian with failure to disclose that she was paid $250,000 to publish her Instagram post. In addition to paying the fine, she agreed to cooperate with the SEC’s ongoing investigation.
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”
The SEC may have targeted Kardashian as a way to send a message to other influencers who might be promoting crypto currencies or other investment assets, said Charles Whitehead, professor at Cornell Law School. He called it a “shot across the bow” for celebrity crypto endorsers.
“It’s a way to signal to other influencers: if you’re thinking about dealing with crypto, think twice,” said Whitehead. “The SEC is also using her as an influencer – but to boost compliance with securities laws. [It’s a] smart way to bring attention to the matter so others won’t do it.”
Kardashian isn’t the first celebrity to pay an SEC fine for using their influence to push crypto currencies. In 2018 boxer Floyd Mayweather Jr. and music producer DJ Khaled each paid fines for pushing cryptos. Mayweather, who had been compensated $300,000, paid a bit more than $600,000 in penalties, while Khaled, who had been paid $50,000, was hit with penalties topping $150,000. In addition actor Steven Segal paid more than $300,000 in penalties for doing the same thing in 2020.
Pretty sure Brady and his ex were paid. Did they disclose their compensation properly?
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that depends. if Brady and others were paid cash and not crypto currency they might be fined eventually by the SEC. there's several somewhat conflicting stories floating the interwebs on what exactly Brady's deal was. what seems to be accurate is that Brady and his ex-wife and probably others like Shaq and Curry were given equity stakes. it also hinges on whether crypto currency can be classified as securities in the traditional investing sense.
the class action lawsuits have a difficult bar to clear. the SEC eventually fining Brady and others perhaps not as much.
Tom Brady pushed crypto to his fans. This lawyer wants him to pay up.
https://www.washingtonpost.com/busin...ction-lawsuit/
in this article O'Leary stated he was paid cash which he then put into crypto on the exchange. not a smart move, Kevin. lol.
In an interview last week on CNBC’s “Squawk Box,” O’Leary said he was paid just under $15 million to be a spokesman for FTX, much of which is gone. (He says he put the bulk of the money into crypto through the exchange, and prices have since plummeted. About $4 million went to taxes and his agent’s fees, and $1 million went to equity in FTX, which is now worthless.)
Asked about an August 2021 statement that FTX met his “own rigorous standards of compliance,” O’Leary said he and other institutional investors “relied on each other’s due diligence.”
Now, “we all look like idiots,” he said.
Tom Brady's FTX deal: Shocking details emerge about company's horrible state in bankruptcy filing
https://www.sportskeeda.com/nfl/news...kruptcy-filing
this article claims Brady actually invested money.
While Tom Brady's football team seems to be righting the ship in Tampa Bay, his bottom line is taking a big hit amid the implosion of FTX. Brady and his ex-wife Gisele Bündchen were significant investors in the collapsing cryptocurrency exchange.
this article claims Brady was given an equity stake.
https://www.sportspromedia.com/news/...sso_ott=nqqMGH
Tom Brady gains equity stake in FTX as part of long-term deal
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12-17-2022, 08:00 PM
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#63
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Lifetime Premium Access
Join Date: Apr 25, 2009
Location: sa tx usa
Posts: 14,700
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Quote:
Originally Posted by VitaMan
...It has been entertaining to see 2 of the poster titans exchange salvos. ...
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Glad I wasn't drinking anything when I read that.
You must have a low threshold for entertainment
Guess that's why everyone flocks here on weekend nights.
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12-17-2022, 08:11 PM
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#64
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AKA Admiral Waco Kid
Join Date: Jan 8, 2010
Location: The MAGA Zone
Posts: 36,980
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Quote:
Originally Posted by VitaMan
It has been entertaining to see 2 of the poster titans exchange salvos.
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who's the other one?
bahahahaaaa
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12-18-2022, 08:55 AM
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#65
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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Quote:
Originally Posted by The_Waco_Kid
who's the other one?
bahahahaaaa
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Slow your roll Scarecrow, it is similar to being the tallest midget in Oz.
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12-18-2022, 12:41 PM
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#66
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Premium Access
Join Date: Feb 27, 2010
Location: houston
Posts: 10,343
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12-19-2022, 10:41 AM
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#67
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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TWK
The Titan midget!
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12-19-2022, 05:15 PM
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#68
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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Should we feel sorry for those folks in the Binance exchange should something happen to their bets?
https://www.reuters.com/technology/b...ce-2022-12-19/
Binance declines to say where Binance.com is based. It doesn't disclose basic financial information such as revenue, profit and cash reserves. The company has its own crypto coin, but doesn't reveal what role it plays on its balance sheet. It lends customers money against their crypto assets and lets them trade on margin, with borrowed funds. But it doesn't detail how big those bets are, how exposed Binance is to that risk, or the full extent of its reserves to finance withdrawals.
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12-19-2022, 11:34 PM
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#69
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Lifetime Premium Access
Join Date: Mar 4, 2010
Location: Texas
Posts: 8,891
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Quote:
Originally Posted by WTF
Btw...has anyone taken a look and seen how much Bernie's clients clawed back.
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88%
Quote:
Originally Posted by WTF
I do not view Crypto as a true asset.
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I agree
Quote:
Originally Posted by WTF
But people are still promoting and trading Crypto...are the promoters all crooks?
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Yes
Quote:
Originally Posted by WTF
Are all the buyers idiots?
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Yes
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12-20-2022, 12:11 AM
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#70
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Lifetime Premium Access
Join Date: Mar 4, 2010
Location: Texas
Posts: 8,891
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Quote:
Originally Posted by WTF
Should we feel sorry for those folks in the Binance exchange should something happen to their bets?
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No
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12-21-2022, 08:23 AM
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#71
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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Remember what Mr Wonderful said....
https://abovethelaw.com/2022/12/sam-...le-bankruptcy/
At roughly 4:30 am on November 10th, 2022, against my better judgment, I clicked on a Docusign link that would nominate John Ray as the CEO of various entities.
Less than 10 minutes later I received a potential funding offer for billions of dollars to help make customers whole.
A few minutes thereafter I instructed my counsel to rescind the document; it had become clear to me that it was not the best way forward.
My counsel informed me a few minutes later that it was too late to rescind it, and that Sullivan & Cromwell lawyers were submitting it on my behalf despite my instructions not to.
Roughly 6 hours later—more than ample time to change course— Sullivan & Cromwell filed the document with the court against my express wishes and stated orders.
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12-21-2022, 06:16 PM
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#72
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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For the TWK's edification
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12-21-2022, 07:51 PM
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#73
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AKA Admiral Waco Kid
Join Date: Jan 8, 2010
Location: The MAGA Zone
Posts: 36,980
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Quote:
Originally Posted by WTF
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all this proves in case you didn't know is the exchange customers were innocent victims of sammy boi covering his ass on his Alameda Research hedge fund.
The collapse of the crypto exchange FTX seemed to materialize out of nowhere: Within one week in November, FTX transformed from one of the most respected and trusted parts of the crypto industry to a bankrupt disgrace that lost more than $8 billion of its customers’ money, according to authorities.
Large chunks of the money went to pay off risky bets made by Alameda Research—the hedge fund started by FTX’s founder Sam Bankman-Fried. But increasing evidence suggests that the collapse of the highly controversial TerraUSD stablecoin—which some critics likened to a Ponzi scheme—months earlier may have started a chain reaction financial crisis that brought down FTX and Alameda.
anything else you need explaining?
thank you valued poster.
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12-22-2022, 10:52 AM
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#74
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Lifetime Premium Access
Join Date: Jan 1, 2010
Location: houston
Posts: 48,267
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Innocent victims???
Trading in a to good to be true unregulated exchange. And you call them victims?
I feel about as sorry for them as the greedy Madoff investors. Be like feeling sorry for you if you married a hooker and she left you for a richer guy.
You can't be swimming with sharks and cry about a jellyfish sting.
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12-22-2022, 11:53 AM
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#75
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AKA Admiral Waco Kid
Join Date: Jan 8, 2010
Location: The MAGA Zone
Posts: 36,980
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Quote:
Originally Posted by WTF
Innocent victims???
Trading in a to good to be true unregulated exchange. And you call them victims?
I feel about as sorry for them as the greedy Madoff investors. Be like feeling sorry for you if you married a hooker and she left you for a richer guy.
You can't be swimming with sharks and cry about a jellyfish sting.
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amusing you don't seem to read the articles you post. it's from your own article. the exchange trading had nothing to do with it. your own article says so.
“The Department of Justice is committed to providing restitution to victims of fraud."
Perhaps the biggest outstanding question from FTX’s bankruptcy is “where did the money go?” And the first part of that answer regulators say they know already. The Commodity Futures Trading Commission (CFTC) alleges in a complaint filed last week that most of the lost customer deposits ended up being used to cover risky bets and debts for Alameda Research.
FTX and Alameda were supposed to operate separately from one another, but Nansen found a slew of blockchain evidence that the companies have been entwined since FTX’s inception, with funds flowing freely between them. Alameda Research used FTX’s funds as an unlimited line of credit, the CFTC alleges. Alameda was the only account on the platform that was allowed to have a negative balance, according to the CFTC.
Bankman-Fried claims that the co-mingling of funds between Alameda and FTX was not purposeful, but resulted from his and others’ misreading of “confusing internal labeling,” he told Reuters.
as usual you think you know more than the CFTC and the DOJ.
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