FTX committed 'old-fashioned embezzlement', company's CEO testifies before lawmakers

Giving testimony to a financial services committee FTX's new CEO John J Ray III said the company committed 'old-fashioned embezzlement'.

Asked to make a comparison between the energy firm Enron – which declared bankruptcy in 2001 after an accounting scandal – and FTX, Ray told lawmakers that 'this is just taking money from customers and using it for your own purpose. Not sophisticated at all.' He added, 'sophisticated, perhaps in the way they are hiding something, frankly, right in front of their eyes. This is just plain old embezzlement. Old school, old school.'

Sam Bankman-Fried, the founder and former chief executive of FTX has been charged with fraud, conspiracy to commit money laundering and conspiracy to defraud the US and violate campaign finance laws.

The Guardian on YouTube:

#FTX #Crypto #Cryptocurrency #Bitcoin #BTC #NFTs

[jjohnson]

Old school used to be called old fashioned

[public.public]

The entire USAmerican legal system is bent.

[pamelajessup]

Weird how you never mention that FTX were the Democrat's biggest funding source.