Everyone asks the question,”Why haven’t Sam Bankman-Fried’s parents been questioned or arrested? That answer can be solved by understanding the following…
John Ray, was assigned the ENRON case and now the FTX case
John Ray III, a veteran insolvency professional has extensive experience in handling complex corporate failures, including the liquidation of Enron, the infamous energy company that collapsed in 2001 amid accounting fraud and market manipulation.
Ray has been tasked with overseeing the restructuring of FTX, which filed for bankruptcy in November 2022 after losing billions of dollars of users’ funds due to its co-mingling of assets with Alameda Research, a crypto trading firm founded by Sam Bankman-Fried, the former CEO of FTX.
Ray has condemned FTX’s lack of corporate controls as “unprecedented and complete” and worse than Enron’s. He has also faced multiple lawsuits from creditors and regulators seeking to recover their losses from FTX.
Ray’s appointment as FTX’s new boss has been seen as a sign of hope for the crypto industry, which has been plagued by scandals, hacks, and volatility. Ray has vowed to restore trust and transparency in FTX and to cooperate with authorities to resolve the legal issues. He has also expressed his optimism about the future of crypto and its potential to transform the global economy.
In the Bahamian court, while the magistrate spoke and read the charges, Sam Bankman-Fried’s mother, Stanford University Law professor Barbara Ried laughed out-loud when her son was referred to as a “flight risk”. She asked whether her son would be served a vegetarian diet and administered his Adderall.
The “powers that be”, in American politics and media (that had secretly received hundreds of thousands of dollars from FTX), chose to have the Bahaman authorities arrest Sam Bankman-Fried “before” he was scheduled to answer questions at a Congressional hearing thereby quashing his testimony all together.
His departure from the Bahamas took another 24-hours for his parents and a gaggle of attorneys to arrange and accompany Sam back to the family home in California.
News media continue to mislead the public touting that SBF paid one of the largest bail amounts in history – that is not true. Not a penny of that $250 Million dollar bail money was used. Instead, the authorities simply accepted his parents’ California home’s asset value in lieu of bail money.
SBF (Sam Bankman-Fried) is facing the music for his FTX cryptocurrency exchange disintegrating last week. He is accused of living a luxury life paid for with customer funds. Both his parents are Law School professors at Stanford University, and they wound up with millions of dollars’ worth of real estate in their personal names. SBF’s former girlfriend, Caroline Ellison and his partner Zixiao “Gary” Wang have already testified against SBF and plead guilty.
And the luxurious five-bedroom multiple bathroom penthouse purchased supposedly for the staff has somehow wound up in their personal names as well (according to the Bahamas Official Real Estate MLS Records).
Both of Sam’s parents have been delisted from Stanford’s law class offerings for next year.
Kevin O’Leary took a big hit but there aren’t sufficient FTX records or files to “follow the money”.
What there is plenty of is guessing and speculation about “where the money went”. Kevin O’Leary (Mr. Wonderful from THE SHARK TANK) is a sophisticated investor. Like many other well heeled and experienced individuals, he too has to give up the funds FTX paid him in exchange for using his celebrity to promote FTX.
All the money Kevin O’Leary (Mr. Wonderful) received from FTX will be exactly what the SEC will expect from him in the form of a fine. He says he invested $15 Million but then again the lines are fuzzy between what he was “gifted” versus what he actually invested.
O’Leary is always broadcasting what a “shark he is” when it comes to finance. He’s a member of THE SHARK TANK cast. Cryptocurrency is a sign of the times. It is the future, whether established banks and financial institutions like it or not. Cryptocurrency is not going away. This FTX fiasco however has sullied cryptocurrency’s general reputation worldwide. It could take a few years before it’s considered a safe financial tool.
Several performers lent their celebrity to FTX. Each has had to return whatever they were paid in the form of a fine to the SEC. Many more celebrities collaborated than those featured below…
NOTE: The SEC Lawsuit against Kim Kardashian and Floyd Mayweather Jr. has been dismissed!
GHR.NETWORK has its own utility token. A token is a digital unit of value that represents an asset or utility. Unlike cryptocurrency coins, tokens do not have their own blockchain and are instead issued “on top of” existing networks. Unlike coins, tokens are not mined in the process of transaction validation. Instead, they are minted. With $5.8 Billion in Real Estate “Assets Under Management”, in the case of GHR utility tokens, the corporation has chosen to let the tokens lay dormant while they continue their business projects using debit-cards.
GHR utility coin was created for the purposes of philanthropy. The three-letter acronym stands for GLOBAL HUMANITARIAN RESERVE. It is not backed by hopes and wishes. It is backed by good old fashioned immovable Real Estate. Visit the GHR website and view the 5,000 acres that are the foundation of GHR. When you arrive at the website, you’ll see a landmass that supports GHR.NETWORK.
That landmass is an asset under management held by GHR contractually. Visit GHR.NETWORK and learn what the folks at GHR are doing with Real Estate and the GHR utility coin which does not mine.
For transparency’s sake, SNN.BZ and GHR.NETWORK are owned by the same corporation.