FTX Was (And Is) A Complete Mess

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Sorry, occupational hazard: This is not legal advice, nor can I give you legal advice. I AM NOT YOUR LAWYER. Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form an attorney-client relationship. Also, some of the links in this post may be affiliate links, meaning, at no cost to you, I will earn a small commission if you click through and make a purchase. But if you click, it really helps me make more of these videos! All non-licensed clips used for fair use commentary, criticism, and educational purposes. See Hosseinzadeh v. Klein, 276 F.Supp.3d 34 (S.D.N.Y. 2017); Equals Three, LLC v. Jukin Media, Inc., 139 F. Supp. 3d 1094 (C.D. Cal. 2015).

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[emilyrln]

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

[ericnvdal]

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

[Chasardous]

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

[johnhmstr]

“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.

[mamacito]

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

[Jameman]

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

[Salted_Fysh]

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.

[kennyle]

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

[florian]

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

[ethal]

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

[Uldihaa]

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'.

[bad_money]

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

[PhileasLiebmann]

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

[TheZackofSpades]

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.

[AlbinoBlackHole]

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".

[rofljohn]

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

[etnaicholas]

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

[TheJediCaptain]

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

[tylerleggett]

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.

[mikeyfazed]

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