FTX conspiracy shows Caroline Ellison, Sam Trubacco, & SBF’s parents (Joe Bankman & Barbara Fried) are likely to face federal indictments next.
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Timestamps:
0:00 – SBF’s parents complicit in FTX fraud?
0:34 – Caroline Ellison is next?
1:10 – Sam Trabucco is next?
1:37 – SBF’s parents likely to be indicted?
2:12 – Why are SBF’s parents?
3:33 – SBF’s parents were working w/ FTX
4:50 – Joe Bankman taught Peter Theil
5:27 – SBF’s parents working w/ FTX (pt2)
7:09 – People aren’t looking enough into SBF’s dad
9:23 – SBF’s mom had questionable business ethics
12:06 – Conspiracy charge shows parent indictment likely.
13:18 – Are SBF’s mom & dad next on the chopping block?
**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin.
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Tonight the founder of collapse cryptocurrency
exchange FTX Sam bankman freed remains in a jail Cell in behind the Bahamas as he waits
for extradition to the United States And the possibility of spending decades
behind bars but what about his parents I'm surprised so few are asking whether either
of them could be in legal Jeopardy welcome back Everybody to altcoin daily we keep you updated
on the entire cryptocurrency Market on a daily Basis Sam bankman freed the FTX founder has been
indicted on eight criminal charges including fraud And conspiracy next to be indicted Caroline
Ellison CEO of Alameda and Sam bankman Freed's Ex-girlfriend you're gonna use very little math
um use a lot of like uh Elementary School math I think like every week or so uh something like
weirder than the previous week would happen for Me A lot of it was just about sort of uh yeah
readjusting my expectations and uh being open To whatever happened trying to think of a good
example of a trade where I've lost a ton of money Um Sam Trabuco the ex-ceo of Alameda before
Caroline took over to be clear I'm uh so I Work for uh Alameda uh not FTX uh yeah they're
both founded by Sam McAfee uh but yeah completely Different uh the the quite robust Chinese wall
between the two uh and yeah so I have no access To what uh the decision-making processes uh yeah
Barbara freed and Joe bankman Sam bankman Freed's Loving parents also seemingly involved in the
FTX organization prosecutor is involved in the Investigation of bankrupt cryptocurrency
firm FTX and now looking into the parents Of former CEO Sam bankman freed it's over their
alleged involvement in The Disappearance of the Equivalent to 12 billion dollars in customer
funds seems pretty likely to me that people Like Caroline Ellison will be indicted over the
FTX fraud the question is will spf's parents be Indicted I guess first of all we should get to
know Barbara freed and Joe bankman a little bit And you tell me do you think they will be indicted
Freed's Father Joseph bankman works at his attacks Law professor at Stanford though he's announced
he won't be teaching at the University next year The father bankman worked for FTX for almost
a year deeply involved in the business in its Early days he helped the company recruit
its first lawyers last year he joined the FTX staff in meetings on Capitol Hill he
consulted FTX employees on Tax Matters And also at a large focus on ftx's charitable
operations his mom Barbara freed retired from Teaching at Stanford was the head of a political
advocacy Network called mind the gap which she Helped start to support Democratic campaigns
and causes her son was among the donors for the Network meanwhile bankman freed and his parents
together bought real estate in the Bahamas worth 121 million dollars now bankman freed has
maintained in an interview of the New York Times that his parents quote weren't involved in
any of the relevant parts of the business such as The balances of risk management both parents
have remained in the Bahamas and it has been Reported they have told their friends their
son's legal bills will likely wipe them out
But putting aside their son's legal bills what
about them particularly the dad could he be Charged with any crimes it's true sbf's parents
working closely with the FTX organization has Been well documented for years not just recently
when FTX blew up but for years ever since FTX Burst into the public eye for instance venture
capitalist Katie Han went to Stanford with sbf's Mom and Dad who taught her everything she
knew she knew SPF as a baby and her parents Facilitated them investing together your story is
really interesting to me and we were talking about This a little bit backstage so Katie actually
went to the Stanford law school and studied With Sam's mother and father and father but they
had actually never met in person until just now Well and for a couple decades for right yeah I
ever met she knew Sam when he was a little kid Or Kevin O'Leary Mr Wonderful himself disclosing
his involvement in FTX in 2021 and revealing one Of the initial things that attracted him to the
FDX business was spf's parents compliance lawyers And I have to disclose I'm a paid spokesperson to
uh to FTX and a shareholder there too because we Mentioned them and big advocate for Sam because
he has two parents that are compliance lawyers If there's ever a place I could be that I'm not
going to get in trouble it's going to be at FTX By the way listen to Joe bankman listen to sbf's
Father talking about how one of the big names that He rubbed elbows with and actually taught at
Stanford was Peter Thiel the founder of PayPal Here he's talking about how he helped Peter pay
less taxes in business I've had people like Peter Thiel I suppose probably the best known student
I think I can reveal he once told me that uh My class was his most valuable because uh he
was able to put a lot of his PayPal stock uh In an IRA Joe bankman was heavily involved
in FTX at least that's the way it seems to Me but like let's be sure before we indict
anybody let's ask the current FTX CEO in Charge of the bankruptcy cleanup John J Ray
this was just a few days ago listen to John J Ray and the Congress members talk about how SPF
would bring his dad to meetings and definitely Hired his parents is there any evidence of
his parents involvement in the operations We're investigating that uh as well as any
other you know players in the email Slack You know there's a signals it's a it's billions
of Records it's a very vibrant environment Um so I hear that you haven't discovered
that I mean it would seem interesting that Uh that they didn't either give legal advice or
business advice or parental advice Maybe well Well certainly clearly you know I get our first
day papers we indicated that uh that Mr bankman Had given legal advice okay had he been an
employee of FTX has been reported uh you Know I don't know if he actually had an employee
status uh we certainly received payments from uh The family did receive payments okay that sounds
like employment to me you got a payment for okay Well I I raised that because on December 8 of
2021 I met with Sam bankman freed in my office Which I will note was just immediately before
he came down to the hearing he was at least 15
Minutes late and his father accompanied him uh in
that meeting uh I asked and focused on what types Of Regulation he was under his engagement with
regulators and how that affected FTX um people Aren't looking enough at sbf's parents and family
listen to how financially literate Joe bankman is This is him back in 2008 in front of Congress and
the oversight committee talking about hedge fund Regulation and what the regulations should be
to avoid things like fraud oh the foreshadowing I've been asked to provide an overview of hedge
fund taxation focusing on some of the benefits Of hedge fund managers my testimony however will
also include uh private Equity Fund compensation Agreements and tax benefits since they're quite
similar managers in both these fields receive a Management fee typically set at two percent of
the amount under management they also receive A profit's interest typically set at 20 percent
of the fund's profits the profit's interest is Sometimes called the carried interest or simply
a carry the management fee is taxed as ordinary Income the profit's interest is taxed as capital
gain if and to the extent the fund itself is Recognizing capital gain if it's long-term capital
gain that's at a tax rate of 15 percent as opposed To the 35 percent maximum tax rate on ordinary
income in addition Kerry is exempt from payroll Tax the way to think about it is to think of
the choice are some sons and daughters face when They decide upon a career if they're smart and
ambitious they might become doctors or scientists Or lawyers these occupations and countless other
occupations are going to produce income that's Taxed at ordinary income rates alternatively they
could go into the fund industry and recognize some And in some cases most of their income at capital
gain rates that's simply unfair it violates a Common sense maximum that if you have two people
earning the same amount you ought to tax them at The same rate it's also inefficient it reduces the
size of our economic Pie by distorting the career Choice our sons and daughters are going to make
it's sometimes argued that hedge fund managers Ought to be and private Equity managers
ought to be compared to entrepreneurs as I mentioned my written testimony I don't think
that comparison is apt hedge fund managers are More similar I think to investment bankers or
to Executives at public companies all of whom Recognize income at ordinary income rates
spf's mother who's a Stanford law professor Her moral ambiguity molded Sam's responsibility
deficit disorder watch this clip juxtaposed with News of FTX collapse and fraud quote from
Barbara freed the philosophy of personal Responsibility has ruined criminal justice and
economic policy it's time to move past blame Foreign Foreign So why is it that it seems so many people
agree that at the very least out of sbf's Parents at the very least Joe bankman will
be indicted like SPF was indicted and it's Because the indictments on SPF so many of them
are conspiracy indictments that matters listen
To this former Bernie Madoff attorney tell
you why the conspiracy charges matter well What stands out most is that many of the
charges are conspiracies you can have a Conspiracy with yourself you have a conspiracy
of at least two people and what I suspect is Going to happen is there will be what we call
a superseding indictment where there will be Other defendants charged who conspired with the
main defendant here and there'll be additional Charges but the fact that there are numerous
conspiracies uh leads me to believe that this Investigation is far from being open if your
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daily 10 off so is spf's mother or father next in The federal indictments on fraud and conspiracy
we think there's a good chance and will continue To keep you updated subscribe to the channel
join the altcoin daily team see you tomorrow
