Fox Business senior correspondent Charlie Gasparino discusses emerging information regarding former FTX CEO Sam Bankman-Fried on ‘Fox Business Tonight.’
The mystery of how Bankman-Fried went from saint to sinner may never be fully answered, of course. But it continues to stun people in places where you might expect it to, including his colleagues in the crypto industry who tell FOX Business they had no idea that FTX was built on a house of cards and run by an alleged crook.
The FTX collapse will certainly drive more regulation that could crush digital asset values further. SBF, for his part, has been arrested and charged with eight counts of fraud and faces up to 115 years in prison. He has pleaded not guilty. The success of the event, such as it was, is now being questioned, with members of the public demanding answers from the school board about its involvement with a company accused of fraud. The school district itself is trying to sidestep any of the fallout, telling FOX Business it played no role in the hackathon event and received no funds from FTX despite the involvement of one of its board members.
Plus, there is precedent for clawbacks from charities, bankruptcy experts tell FOX Business. Those who put money into Madoff’s $65 billion fraud were forced to return the fake profits they took out of his fund after the Ponzi scheme was discovered in late 2008. The venue was the home of the Miami Heat basketball team, which became known as the FTX Arena after SBF spent around $19 million on the naming rights .
In a promotional video, Bankman described the FTX Foundation as "really just a group of people. It’s the founders of FTX, it’s employees of FTX, it’s users of FTX, that is people who trade crypto on the FTX website, and it’s a company itself, and they all got together to find what they think are the most effective charities on the planet and donate to them."
While James Fox Miller is considered one of Florida’s top litigators, Barbara Miller has been an important figure in Broward school board politics for nearly four decades, according to local officials who spoke to FOX Business. She helps elect people to the board and other local offices as a campaign adviser and consultant.
Where did teens get enough money to invest?