SBF Is Going to Jail For A Long Time
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- Опубліковано 25 гру 2022
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@@Gg-ij7li that wasn't the question.
SBF is yet another fraudster in the fiat movement.
no
Lol. No. Scammers gonna scam.
Nope. I don't have that kind of money to throw away...
Imagine giving your money to a company whose CEO's name is just a couple of typos away from "banking fraud."
That’s five very specific typos
It probably doesn't make for a good business card.
Better than "Made-off"
@@TheShadowcreator I've laughed at that name coincidence for YEARS
SBF - Serious Banking Fraud
Shit actually went from “okay who’s gonna prosecute this guy?” to “This guy actually committed so much crime we’re gonna need more hands on deck”
"Phew, at least the beaurocratic red tape of legal jurisdiction will make it take months for them to figure out who's going to prosecute me. I've still got plenty of ti-"
"Yeah so we're all going to prosecute you."
"....WHAT!?"
@@cksupreme That moment when you committed enough fraud for every prosecutor within a 5 mile radius to have something to sink their teeth into
@@user-do5bg8ud8h Legal aggro
@@user-do5bg8ud8h [YOU HAVE ALERTED THE HORDE]
“We’re gonna need a bigger legal team”
The fact that a judge wound up revoking SBF's bail and putting him back in jail for witness tampering is *really* damning for his case, if all those witness testimonies aren't damning enough.
🙋🏻♀️I came looking for this comment, I Just heard about this! Absolutely crazy! Is he in Rikers Island in NYC?
the jury really won't like hearing that for sure
And with a case like this you absolutely NEED the jury on your side
Every time he tweets, he makes it a little bit worse. Somewhere out there is a very tired lawyer considering trying to get their own client's twitter account banned
Edit: Now that I think about it, this comment could apply to like 80% of Legal Eagle's videos
"Everything you say can and will be used against you in the court of law."
Do you mean Trump specifically or more people?
@@jupiterjones3789
Trump definitely had lawyers crying with his tweets but hes not the only one with terrible tweets when in trouble theres a few people usually youtubers that get chatty when in trouble
Watching Coffeezilla expose/explain a fraud then Legal Eagle explain the legal proceedings is one of my favourite pastimes
Touch grass?
@@danhobart4009 What's "grass"?
@@theyofmanynames No such thing. Don't worry about it.
Give me the recognition I deserve.
This has been definitely one of the best arcs this year, after the Amber v Johnny arc
This entire saga has really made me understand why so many companies and people just go radio silent after a scandal. This dude really, really did himself zero favors by speaking so often and publicly after the fecal matter struck the atmospheric circulation device
Yep, exactly. There's a reason the miranda rights have a line stating "Anything you say can and will be used against you in a court of law". Every time the dude gave an interview, he just gave the case being built against him much more fodder.
And those interviews -- especially the ones with Coffeezilla I think -- are what prompted Ellison and Wang to sing like Mariah and to do it QUICKLY. He was obviously going to start blaming them and others, so an escape route had to be built and fast.
Is the first thing that competent lawyers they you to do
Money makes many folks blind to reality. His interview with Stephanopoulos was incriminating AF.
Ofc he’s talked his way out of everything up til this point, he thought he was smarter than the feds. If you’re guilty, don’t talk at all. Pretty basic criminal tenet. I genuinely don’t believe he understood the gravity of what he was being accused of. Good for the feds, bad for his legal team lol
10 months later, I can confirm - you were right sir!
The whole SBF/FTX situation has me excited for my white collared crimes class this winter. Thanks for the breakdown!
Good luck on your studies! Don't smoke weed
So are you writing that you belong to a particular class of criminals?
He got released, 250 mil bail, house arrest.
@Matt DK then you're lucky and probably still limiting your peak potential
@Matt DK Maybe not. I'm assuming you're a daily smoker; generally, people who smoke weed habitually haven't had the best luck in life. You are lucky to have a substance dependence and still be doing that well in school - that's what I meant. If you're still achieving a high level of academic success, it is because you already had a high baseline of performance. Just imagine what you could accomplish if you were using 100% of your cognitive faculties
are lawyers allowed to laugh in disbelief at just how guilty their client is? i could never be a defense lawyer...
12:41
Lawyer: "Your honor... Do you really think my client has enough gray matter to be responsible for such an elaborate fraud?"
Judge: "Holy shit. Thank you, I'm gonna take that into consideration!"
They could just think he’s an idiot who didn’t intentionally scam…
Your duty is not to try getting them off. Only to ensure they are getting a fair trial and that all evidence towards their innocence is properly presented to judges and jurors.
phoenix wright would find a way.
@@Andreamom001 that angle will be tough with his two most culpable confidants 100% spilling their guts. The scrappy idiot in over their head angle only works if there seems to be no clear answer, which his partners are providing extensive details and evidence of.
How many kinds of fraud do you want to be accused of committing?
SBF: *Yes.*
🤣🤣
That's about right...
LOL!
How many? I'll let your comment likes decide that.
And how many actual regulations are there for his company? none
@@scorch4299 It’s like political corruption. Nothing can be done about it when it’s actually legal.
(Other than consistently voting out corrupt politicians but… yeah that’s not happening either.)
"... enough crimeing and torting to go around ..." I chuckled at that one. As lawyers, we always find a way to discover new verbs, but those were a couple of good ones hiding in plain sight.
Imagine starting a multimillion dollar "business" and then having to live at home with mommy and daddy awaiting your jail time
sadly he will never serve jail time. he will be pardon by the US gov. hope I'm wrong.
That's just what it's like being a millenial
And the fact that they called the prison to request vegan meals is so telling. These people coddled and enabled him his entire life.
Little hat scammers
Multi-Billion, with a big ass b for it's over 20 billion valuation before like 8 billion was moved and anywhere form like 2-4 billion is "lost" somewhere
5-10 years from now this guy is gonna have a life story movie made about him that will grossly gloss over the damage he has done.
Or maybe Adam McKay will give SBF a proper stripdown and highlight all the terrible shit he did, in the style of The Big Short (even if that wasn't an entirely faithful representation of reality, it got the point across).
he's probably already talking to multiple movie studios/streaming services to set up a deal.
I hope Son of Sam laws syphon out every cent of profit for SBF when this happens
So like The Wolf of Wall Street?
Like the wolf of wall street I agree
I like how the potential jurisdictional tension was resolved.
"Will this be an FTC case or a SEC case?"
"Why not both?"
FTC + SEC = FTSECC: Federal Trade, Securities, and Exchange Commission Commission.
Por que no las dos?
@Ben Rider Both? Both. Both is good.
@@ARCCommanderOrar Kitten is kitten, kitten is good.
great video as usual! love the blend of education, humour and style :) humble suggestion: official subtitles on your videos? your witty phrasing often moves rather quickly, and it'd be great to support those with auditory comprehension difficulties (like myself). cheers either way!
Don't forget those of us watching in a noisy environment, such as during NYE fireworks.
His language can also be quite hard to understand for ppl whose native language isn't English lol
@@jsas2047 I'm a native Engliah speaker with no hearing difficulties and sometimes he still speaks too fast for me lol
I agree... I personally turn down the speed to 75% and it helps :)
I love the SBF asked for vegan meals to transition to the meal prep company add. Amazing.
"after the meeting, most of the staff resigned"
I can only imagine the shock of those employees and the subsequent realization that their job prospects in tech and finance are now incinerated.
Its almost like that Trump lady saying "this made us all unemployable".
@@kittyspam2146 which surprisingly is not true as criminals will always seek out other criminals in order to do more shady crap so I'm sure their resumes will be as accepted as every other corrupt individual in both government and business
Hope that is also the case with Tech former employees who decided to do the bidding of a agenda "rotten to the core". An agenda we taxpayers are funding day in and day out. Did any of those mutants get fired ? The Congressional representatives SACKED ? Our system is not handling the situation.
When lying on your resume turns form an option to a necessity
@@jahleajahlou8588 what are you talking about?
Reminds me of a classic prison conversation from Oz:
"That is an amazing list of crimes."
"What can I say? I really applied myself."
Ryan O'Reilly was a great character
@@bucksatanII Ryan O'Reilly had one of the best arcs from the main cast... the show is very underrated but it also didn't age the best in some areas. No one today would believe there aren't cameras in a maximum security prison and they published in SD with the 4:3 letterbox format which didn't age that well
Worked as a prosecutor in the 1970's and 80's. Handled hundreds of cases like this one. Obviously, cases I handled involved a lot less money. What happened is the company makes some bad investments, needs money, uses trust fund money thinking they can make the money back and no one will know. Entrepreneurs always think positively, they can correct the situation, given enough time. But, of course, what they're doing is illegal.
Bro really said "I'm too busy to go to jail". LOL
the chatroom was actually called... wire fraud?! that would be like painting "getaway vehicle" on the side of your car before robbing a bank... or labling a safe "big metal room with all the stolen money in it" or naming your front business the "money laundering store"
Maybe it will be part of his defense. He definitely informed his victims that this is a fraud. So, he didn't lie to them.
@@TheBiggreenpig lol😊
I want to own a laundrette and call it that now. I just, yeh, I know I know not a great idea but what a great name!
To be fair... we aren't dealing with geniuses here.
Err, ever heard of hiding in plain sight?
I'm kidding.
I hope that the feds are looking into his parents. They were both heavily involved in FTX and its hard to imagine they had no idea what he was up to especially considering they are both compliance lawyers.
They're not actually compliance lawyers, they're professors. This has been repeated all over the place, starting with I think FTX shill Kevin O'Leary, but it's not true. But even if it was, they're complicit with those gonzo expensive properties he bought them with stolen customer funds.
Not only that, his dad was cc'd on an email to Bahamian officials about giving people in the Bahamas preference for withdrawing funds
Wow, they should have taught him better. Then again, maybe they did, and a decent chunk of that money is well hidden.
@@amarketing8749 That's why they need to investigate the heck out the Parents.
I believe some (if not a lot) of that Money is squirreled away somewhere.
They won’t investigate the parents…what rock are living under? There’s no law and order in this country anymore. The only reason this guy got caught is because how much he ducked up. That sounds mean…I’m sorry if I sound mean.
Hey legaleagle, I don’t know if this is too niche for your channel, but Wizards of the Coast recently leaked an Open Gaming License update that attempts to “unauthorize” all pre-existing versions of the old Dungeons and Dragons OGL. At first glance, it might not mean a thing to you, but this has huge implications for a ton of content creators, game developers, and even folks like Critical Role. Even Star Wars created video games based on the old Open Game License. It would be amazing if you could chime in on this. Can a license from 20 years ago that was clearly intended to exist in perpetuity be subject to just becoming unauthorized like this? I would LOVE to hear your take.
Incredibly well done! Not sure how I'm just discovering your channel.
I truly hope SBF's father, Joseph Bankman, makes his Stanford ethics class publicly available online when he teaches it again.
I bet his introduction is ethics only matters if you get caught.
That is wild! 😄
@@meh4062 That's how it is with everyone.
Stanford has no ethics so why do they have an ethics class?
The ethical risk of having progeny?
Cleary this guy's biggest mistake was scamming the wrong people. If he'd just exploited the poor and vulnerable like every other Big Business, he'd be considered a modern success story.
yah the iphone should be free . you are really exploited by business selling all the fantastic stuff everyone wants. /s
@@ronblack7870 I am not sure how you got free iPhones out of this discussion.
@@jefflittle8913 "Communism is when no iphone"
@@ronblack7870I think she believes the world owes her a living. 52 ppl liked it.
@@ronblack7870 I mean OP might not be exploited by iPhone production but several people in the manufacturing process definitely are. Just off the top of my head the people mining the materials are definitely not being paid enough. I mean we live in a world where you can't eat M&Ms with guarantee that child slave labor wasn't involved in it's creation.
I Can't wait for the dnd OGL license video!
Hey @LegalEagle, would you be able to make a video about the leaked document from Wizards of the Coast regarding legal changes to the tabletop gaming industry?
this man did literally everything in his power to go to jail, he admitted he committed crimes to anyone who would ask and fired every single lawyer who ever told him to keep his mouth shut and stop telling press about all the crimes he committed in every interview, it got to the point where even the journalists felt so bad they started prefacing questions with "you don't have to answer this" and he did anyway
When the journalists start reading you Miranda rights.
Bro thought he was him.
@@godsonalvarado6656 What?
@@briancrawford8751
SBF thought he was "that guy" and thought he could simply talk his way out of charges
You can tell how well that went.....
@@artsyscrub3226 "That guy" which have 8 in Charisma, 4 in Intelligence, 10 luck, and 23 points on speech, shame he thought he had speech 100 and would be able to talk down the entirety of the legal system.
This is an overly complicated Fallout joke, please laugh.
It really builds confidence when a CEO refers to company funds as "a bunch of money." No accounting skills there, for sure.
Look, he's a mature kid
SBF is going to be tortured in prison so that no other rich kids can scam and screw over people (rich people)
And FTX has no accounting department. I wonder how the auditors did their audit of a company that has no accounting department.
He is who he is: a dopey tech dude who bought his hype. It’s the dumb a-holes who blindly trade in fantasy money who are to blame for this schitt show. Now all these anti-government libertarians are cramming into government courts for protection. It’s disgusting.
he's playing dumb he knew exactly what was going on
Bankman-Fried’s biggest mistake is he failed to document the receipts of his agreements between him and political figures he “donated” to support their campaigns and “personal projects.”
He didn't know the ancient art of blackmail and persuasion.
The fact that he has no money himself now suggest he is rather a true believer. He ripped off investors and basically gave all the money away. In a sense he could be viewed as a Robin Hood.
@@DaDunge you believe he actually has no money? How did he have a gamer house in the Bahamas?
@@alecwhatshisname5170 thank you. I'm 💯 sure he has hidden money in off shore accounts. All rich people do because they want an escape plan.
They don't want to pay taxes and they want to be able to live comfortably in a country with no extradition.
I'm sure he doesn't need receipts. Now a days allegations are just like getting convicted. This guy aint stupid ( a theft but not stupid ). If he has info he will talk or he will be found dead in his cell and a black Correctional officer will get blamed. If this was Russia he would have fell out of a hotel.
I'd love to see a video on the Coffeezilla/Logan Paul issues and potential lawsuit. Particularly the issue of recording phone calls in one-party consent vs two-party consent states.
Have you seen LegalBytes' video about just that topic? You should deffo watch it if you haven't cuz she goes into the phone thing as well
So this aged well.
Scam bankrupt fraud is still the best nickname
I like bankrun fraud better.
Soon to be Butt F***ed, though i doubt he will end up in jail.
theres a fried bank man, his name is sam bankman-fried
@es e LMAO
There are Frieds on my genealogical tree, and I always wondered where they got that pronunciation from.
Funny all the things that can happen so quickly when you're caught stealing from the rich
Facts, but even then, the guy that pulled out the bottom brick must have known what was up the whole time, but didn't do anything until SBF was going to mess with _his_ money (just through support for specific regulations)
True.. But No one could really deny that gullible Joes lost their savings to this fraud with so many influencers shilling it through their "not financial advice".
But yeah.. idt that smaller investors will recover their funds from the output of this case. Not after the bigger ones at least.
Tell that to the pensioners whose retirement is now gone. He was stealing from the poor and funneling to the rich politicians.
@@maryricketts7337 This is why you would not want to gamble pension money on stock markets. And certainly not in an entirely unregulated market made by a bunch of douchebags and yahoos. Poor or rich, it was the wrong decision and you need to own it.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 75K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a Fin-Advisor) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities.
Scam
I love the videos you put out, was wondering if you had any insight into the new Open gaming license that wizards of the coast is putting out?
Frankly at the part where they literally had a group chat named "wirefraud" I would've declared it lazy writing except it actually happened.
I have a phrase that applies here: "If you are going to do something wrong, you might as well do it right."
SBF took that phrase, really ran with it.
If he vanished and lived large with billions on a private island I would agree with you. Instead he lost everything, caught charges for everyone, and his mom will probably lose her house.
"If you are going to commit wire fraud, create an account called 'wire fraud'" 🤣🤣
My version of it is "If you are going to be stupid, you better be smart about it. "
Ran with it head first. Into a wall. With his shoe laces tied together. Because SBF is an idiot who can't even take a shit right.
@@mr.wookiesack So? Don't co-sign idiots, especially their son.
Never have I been so entertained and informed by an attorney who’s hilarious, factually accurate AND makes some of the best content. Truth is power; especially when you can laugh about it. 😂
Love this suit man. With the red tie? A whole look, catalogue worthy
I can't believe that somebody from the group chat "wirefraud" would get indicted for wire fraud, like what a gosh-dang coincidence 🙃
Thankfully I'm only involved in a group chat named "mass murder"... ;o)
Classic Sam Bankfraud-Man
I love that.
My favorite part of this whole thing is how before the arrest he was just like “oopsie poopsie accidentally lost billion of other people’s dollars. My b”
Lmao
I would love to hear your take on the legal issues around Hasbero trying to deauthorize the Open Gaming License and replace it with something that would allow them to steal other people's work?
*Thanks for the legal insight, LegalEagle!*
CFTC: You had a group chat named Wire Fraud.
SBF: Yeah but it wasn’t for committing Wire Fraud. That was gonna be the name of our new rap group.
It was to discuss your allegation of wire fraud, not to plan or commit any such crime.
Honestly, Wire Fraud is not the worst imaginable name for a rap group.
Lesson learned: keep fraud below the level that causes your company to collapse and noone apparently cares
Well... yeah, I mean why should they? If technically you break the rules but nobody loses their investment because you trade your way out of it (as unlikely as that is) of course nobody's going to press charges. Which seems appropriate to me? Law being ideally intended to protect & remedy against harm rather than just to exist for enforcing arbitrary rules?
@@ItWasSaucerShaped Well, buddy pal chum!
Who do you think takes the hit when fraud is committed?
The money's gotta come from somewhere, and if someone doesn't get their fair share...
Truth. If the Ponzi Scam never runs out of victims it never collapses and no one goes to jail.
Kind of like how freeclimbing skyscrapers is totally fine as long as you don't fall.
Hey, my LegalEagle-friend,
Would you consider covering some Wizards of the Coast - OGL controversy?
I love your content, but I also love D&D. If I can somehow get you to make a video on this, my month's been a good month.
Will you please do a video on the OGL with Wizards of the Coast and DnD 5e?
I think it's absolutely hilarious how the various agencies fight over who gets to sue/prosecute the really juicy miscreant. Then they realize he is so bad that there is plenty of cake for everyone.
@Something Something Dark Side Everyone that doesn't agree with you is just a "snake", aren't they ;)
I think It's absolutely apalling how it was allowed to continue until it got egregious enough to be sexy to those various agencies.
@Something Something Dark Side Ah, this comment tells us everything we need to know, I think.
Thanks.
@@Something-Something-Dark-Side What do you mean by "you snakes"? Does that mean Democrats? Are you saying it is sad when Democrats hold other Democrats accountable when they commit crimes???
NO THIS IS NOT SAD. IT IS CALLED JUSTICE. THIS IS HOW IT IS SUPPOSED TO WORK.
The fact that Republicans cover for the crimes of other Republicans is exactly why our country is so fcked up! Supporting criminals just because they have a certain letter by their name is knowingly aiding and abetting those criminals and helping them commit more crimes. It is also despicable.
But let me guess, you voted for Trump in both 2016 and 2020, you think Biden stole the election, you think Jan 6th was caused by Antifa, and you bought one of those $100 NFT trading cards, right?
@@taylorlibby7642 I don’t think they knew it was happening and waited until it got bad. In fairness to the regulators, this is such a stupid crime (scheme couldn’t run like this in the long term, would inevitably blow up a criminal prosecutions). So I don’t think the regulators were expecting this.
It's hilarious how these types hype themselves up as being so much smarter than everyone else, but when you catch them out on their wrongdoings, they're all like "well, I didn't really know what was going on, I'm just a poor innocent babe caught up in things I didn't understand".
Agreed. Sounds similar to the words of an orange baboon.
True true true
It’s narcissism.
People like these think they’re better (smarter) than everyone else, then when they’re in trouble they say it’s not their fault one way or the other.
It may seem strange for a narcissist to admit to not being smart enough to do it, but it still beats them admitting that they failed. (And if they get away with that defense, well there’s another ego boost for them.)
🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯
Well, whatever's convenient amirite? ¯\_(ツ)_/¯
Hi! Any chance you could do a video on the Wizards of the Coast OGL controversy? It seems like there is some interesting IP law stuff going on there.
I would really like to see you cover some instances in court where the judge allowed some strange behavior or tactics. I just watched your react to liar liar and it got me thinking. I bet there are some pretty interesting cases where a judge allowed a normally not allowed act with some interesting results. One example I thought of was when Michael Jackson defended a song of his as being original by basically beatboxing in court.
Thanks you CoffeeZilla for getting SBF to finally admit to fraud!! Merry Christmas 🎄
I hope they use his interviews. SBF's lawyers will try everything to keep them out. I hope they can't.
Love how he literally pinned down the focal point in misleading investors via terms of service and then grilled sbf on intermingling funds all before we knew there was even a investigation
CZ is the man, but that single informal/indirect admission is at most the tiniest drop in the bucket the authorities have against SBF. It was a slam dunk in terms of public opinion but it doesn’t really compare to mountains of documents and collaborator testimony.
@@LAK_770 and admission is still an admission I take that as a win
if its public they will use it
I pity the legal teams who have to explain the FTX mess in a way a jury can understand
Makes me really hope that prosecutors use LegalEagle and Coffeezilla vids as evidence, they're much easier to follow than the usual jargon
It will be easy, you hold up a photo of Madeoff = FTX meme style.
Job done
Maybe it's like the books from Trump staffers: another "I worked for this person and survived!" tale to sell.
Not complicated at all, really. SBF took his customers' money and gambled it into oblivion. It's really not complicated at all.
is actually quite simple. They really did not try to hide the scam with accounting. The most complicated thing they did was the code and that is obvious.
Hey! I'm just wondering if the Wiizards of the coast OGL would be something worth analyzing. I like how you break things down and would love to hear your take on it.
Hey @LegalEagle,
Can you do a video around the legal issues surrounding Hasbro and Wizards of the Coast and the current speculation about ending the OGL 1.0a? I feel like this would be a wonderful topic! There’s a lot people don’t know or don’t understand and a lawyer’s breakdown of the issues at hand would be really insightful for the Dungeons and Dragons community!
"I only have $100k to my name" 99.9999% chance his parents hid a massive stockpile of money for him somewhere.
I'm not so sure. If he had a massive stockpile of money stashed, wouldn't he be sitting by a pool in Cuba (or any other country without extradition protocols) sipping rum cocktails and smoking hand made cigars?
I know I would.
@@davidbrayshaw3529 No, because it's too soon. If he was found, people would question how he had the money to live such a lavish lifestyle with only 100k. Then he'd get investigated and the money would probably be found, incriminating his parents as well. My assumption is that he gave his parents a whole bunch of money to keep safe while he's in jail, banking on them not getting investigated too closely and being able to use his connections to get out early.
@@pravus9769 That's the whole point of going somewhere where there is no extradition treaty. You can smile for the paparazzi's cameras, and you can sit at the bar with a dozen FBI agents, and you can't be brought to justice.
The time to go was weeks ago and he was literally a Cessna ride away
from freedom.
If he gave his parents money to ensure his safety in jail, his ignorance
is impressive. It's impressive enough that he might also believe that the powers that be aren't investigating the financial transactions of his extended family and friends.
I agree - blowing through 8 billion takes some doing, and wasn‘t there a mysterious ‚hack‘ shortly after the bankruptcy? That may or may not have been SBF? I‘m sure he has millions stashed somewhere… but I‘m not sure I‘d give up my 30s, 40s, and most of my 50s in prison no matter how much money was waiting for me afterwards.
Probably Ukraine
Takeaway: If you are going to commit wire fraud, it is probably best NOT to start up an online chat room called "Wirefraud".
Did he actually do that?
Archer said it first: "Lesson one, never leave a paper trail"
He has just been found guilty on every single count. He'll be going way for a long time indeed
Hey man, Just heard from the filmora guy that, you helped him with his case. Speaking for everyone who watched his channel, Thanks!
They had a secret chat called "Wirefraud" 😂 I actually burst out laughing at that part
That "classic pisces" took me out lmaoo 😂
I feel attacked. :)
@@Bill_Garthright me too! 😆
Totally. So true. I love this Saggittarius. 😁
...heyyyyyyy... I'm a Pisces... only thing is I'm smart enough to not be a criminal cuz I'm too damn stupid to be a good one...
It's Taurus behavior! Not pisces. 😜
I would love to see you cover the new version of Wizards of the Coast's Open Gaming License!
You had my subscribe at “typical Pisces”. Great clear legal thoughts and great video, Counselor.
Fun Fact:
Bankmann derives from the German and actually means a Banker (someone who works at a bank) and Fried is an old German name meaning Peace(keeper) & Security.
A Fried was a man who would walk along the town and ensure that everything is and stays peaceful. The Peacekeeper used to do rounds at night with a lantern and would also every full hour yell out the time, so that people would know what time it currently is.
It was basically a guy who should warn the people if the city would be either attacked by foreign invaders or if for example two or more citizens had gotten into an argument or if something else is going on that disturbs the peace, like Prostitution in the streets and so on or even organize people, in case a fire broke out at night, since back at the day there wasn't the firefighters a thing yet in German towns as they are today and so the people would line up with buckets and water and throw it into the flames and hand the used bucket back in line so that they could be refilled with water, while new buckets had been coming in at the same time to get the fire under control.
Basically a sort of Police and Watchman/Nightguard (but for a whole town rather then just one area/building) at the same time. So that some of his ancestors must had had those jobs working in Germany, since last names in Germany had been given by the job one did, like Bankmann or a Bäcker (which is someone working in a bakery) or Schuler, which often remembers one on someone who is a Schüler, a German word for someone going to school but actually Schuler is different in meaning (as you can notice it had an u and not an ü) and an old German word for the person who teaches and today gets called in German Lehrer (Teacher).
So basically his last name implies that he should’ve been the one to warn investors about people like SBF. (His ancestors must be rolling in their graves after all of this.)
That's interesting. He turned out to be the opposite of what one would expect from such a family history.
It is also a Jewish name. Very popular from those times. Bankmann, Goldmann, etc..
This is so long and I don't understand why it's on here
Interesting. I love learning this kind of thing
I'm at that age, when I look at people younger than me and think, "This guy just got convicted of multi-billion dollar fraud. What am I doing with my life?"
Dont worry he was born rich and in the money, so he had a few miles start in the race.
An aquaintance of mine got caught being a multimillion dollar cyberdruglord... 6 years ago. I'm 31, yea it sucks but at least we arent in jail for this shit.
Well, you're certainly not going to prison for decades of your life.
I hate break this to you, *but billion dollar fraud is, like, really bad and no one should be envious of someone of doing it.*
Pissing off rich people is one of the worst crimes on the planet, in fact.
@@Delightfully_Bitchy Assuming even a fraction of it is hard working peoples money. That's still thousands of families getting less food/heating etc. The human cost of a billion dollars, even if only a fraction of it is 'hard earned money' is pretty remarkable. On the level of a few lifetimes of work.
"classic Pisces" I literally screamed, died, resurrected and screamed again... that sparkle of astrology shade was perfect
i would love for you to discuss the wizards of the coast/hasboro open game license legality and the effects it could have on the ttrpg industry if you are looking for something interesting to do a video on
I could imagine SBF being excluded from a wirefraud chat group if it's people panicking about how SBF is taking them all to jail
Good point.
Between FTX, Theranos, and others, it just blows my mind how easily VCs apparently drop millions of dollars on companies. It seems like if you have a good enough sales pitch, they will just ignore financial data (or lack thereof) and just blindly invest?? How is that possible?
Gambling
These aren't investors, these are gambling addicts.
If you take 20 startup companies and invest $1M in each, you can afford to lose 19 out of 20 investments if the 20th becomes a massively overvalued hype worth over a billion. That's how they reason.
As another commenter posted, these people are mostly just gamblers.
The big VCs aren't evaluating the technical merit or potential profitability of the pitch.
They are evaluating how readily they can package that investment for a 10x gain. They need a big idea that moves the needle in the billion dollar funds, not business ideas that will work or even be very profitable on a modest scale.
The point is valid.
Theranos targeted these family run VC or investing firms who lack ability to do sophisticated DD and relied on big names board members without any medical laboratory or pharmaceutical expertise. Those with the expertise didn’t invest in them so clearly it was not hard to tell it was on a shaky ground.
Could you please do a video on Wizards of the coast new OGL
The slide-in to your sponsor made me laugh out loud. Brilliant material! 😁
You can steal from the poor but don't you ever think about stealing from the rich
They're too greedy
yeah they don't like competition....
In general rich people invest in safe and regulated assets and markets while poor people put it all on black and spin the wheel in an illegal house. You tell me which group is going to get a better defense and protection.
Exactly: Donny Dumpster steals from the poor, and is still playing golf.
Sam Banking-Fraud steals from the rich, and is in home detention awaiting trial.
Kindly explain that, Merlin Garlic.
@@MERCENARYTAO1 just say you hate poor people, don't try and blame poor people for being poor.
His parents must be real proud of the son they raised and the values they instilled in him. Not beyond the realm of possibilities that it was all under their guidance/consultation.
Rich people have a certain sense of entitlement where they think they can get away with anything
his father directly advised him so yeah
to be fair, he didn't murder anyone. But he will serve his time, just like Elizabeth Holmes or Madoff
Thry probably helped him
Its likely they knew about/were complicit in some of the crimes. Both of his parents spent time in the Bahamas "Advising" for FTX and hes given them houses and other assets bought with FTX client's money.
Hey @LegalEagle any chance you could break down and share your thoughts on the Dungeons and Dragons open gaming license situation? The previous open gaming license was supposed to protect content creators for predatory changes in its wording but does Hasbro have the ability to circumvent these protections? If nothing else it's a very interesting situation and I'd be interested to hear a lawyers perspective.
You should do one on the DND ogl and implications on old content licensing
"Alameda didn't segregate those customer funds." Twenty years of investment bank compliance training over >here< and this is rule #1. I'm screaming inside. And a bit outside, too.
I suppose when one is doing fraud, that doesn’t really matter: either you keep them segregated, making your unlawful activities easier to trace; or you don’t, making your records damning evidence about your intent on fraud by keeping your unlawful activities hidden.
@@arturoaguilar6002 basically, you lose either way.
Turns out the best way to not be convicted for a crime is to not do it.
Who could've thunk it.
To steal a line from Dorothy Parker,
"Sam Bankman-Fried is not someone you toss the book at lightly, but throw with great force."
Hes liberal we will see
So hard he will be suspended by his neck???????
@@digitalempirellc6118 your worldview is microscopic if you’re stuck viewing things through the American political binary. The world is a lot more complex than “liberal vs conservative”
@@digitalempirellc6118 He funneled money to Republicans also lol
@@NeutralGuyDoubleZero people who voted to impeach trump are not republicans in reality lol
Have you considered doing a video on the Hasbro/Wizards of the Coast mess? Their new “Open Gaming License” is ridiculous. Can they even deauthorize the old one?
Can we get a video on if Logan Paul has any standing in suing Coffezilla?
I feel like most people can feel a small comfort in knowing they’ve never F’ed up as bad as this dude
that american psycho look
... due to their own intellectual hubris and epistemological arrogance.
@es e yes he did f up
@@tamarinds Ditto. Always wanted that much money, now I'm richer.
@es e Nah bro he f'ed up big; he's going from riches to rags.
Amazing how swiftly "justice " works when it affects rich people's revenue streams.
Lots of regular people lost money on this one.
Honestly, it was kinda slow. He was even a media darling for a while.
Yeah tons of insider trading and fraud in the gov't but thats not a problem.....
@@rangergxi for the government it was fast. They needed solid evidence of his many frauds, not just "this is sus, that it sus, wow there that's mega sus". They need to have a solid case because he can't be tried twice for this. Have to get it right the first time.
@@rangergxi no, it was extremely fast. Normally financial crimes take years to get an indictment. A month is basically unheard of.
@LegalEagle With the new D&D license change, do Wizards of the Coast have any legs to stand on? Would the derivative works of custom campaigns, stories, and maps fall under fair use for being transformative? Is 20-25% royalties excessive for 3/4 million sales excessive/ is there a precedent? I would really like to know your prospective on this topic.
Who else returned to this video after the laundry list of convictions? 🤪🤪
I'm always amazed that compared to pretty much any other crime, wire fraud is the one that ends up waking the hornets nest of federal law enforcement and sending it on the warpath. I hope everyone involved in FTX stays behind bars for a long, long time.
Federal law is supposed to be limited by the powers afforded to the federal government in the constitution (with everything else either being an individual right, or being subject to state law). The most standard way to get around this and keep the law from being struck down by the supreme court is to lean on the specific enumerated power of regulating interstate commerce (so-called the "commerce clause"). The supreme court _loves_ legal arguments that laws are valid under the commerce clause.
So, in terms of jurisdiction (does the Fed have the power to prosecute in this case?), wire fraud is an absolute slam dunk. It's very unlikely (and difficult to show) that an electronic message never crossed state lines in the course of being transmitted or stored, and bam you instantly have interstate activity (even if the fraudster and the victim might be residents of the same state), meaning the Fed has jurisdiction. In terms of nailing the bad guys and/or filing subpoenas, it's just a fantastically applicable and easy route, so it gets used all the time.
Well, at least that's my lay observation. I'm no expert.
Not gonna happen
@@Mr_Walleti have come to the realization that the federal government has one and only one power, to regulate interstate commerce.
I mean, technically there's others, like collecting taxes and providing for national defense, but most of the laws that we think of or even want come down to needing to fit within the commerce clause framework.
Not even 30 seconds in and SBF really said "i'm real happy for you and your little court dates but I have an interview tour to do"
big words from a criminal bound to live in his mother's basement before these court dates.
He, he does realize his existence is just writing memes on their own right now, right? His dismissive reaction to the court case and the interviews is giving plenty of things to work with as he's being sentenced at the end of this.
Congress is not a court
Probably a bit too niche, but I would be very interested to see Devin's take on the current Wizards of the Coast fiasco related to the Open Gaming License.
Will you cover the Gonzales vs google lawsuit
'"About to be indicted. Classic Pisces." Priceless..!
I don’t get it
@@ToutCQJM It's a horoscope joke
I don't get the Classic Pisces reference.
@@leftcoaster67 it's sarcasm. Their actions are unequivocally not Pisces traits from a quick Google search.
@@Lessenjr Thank you!
Why am I looking up SBF and Caroline Ellison's birth month on a throw away Pisces joke?
Better yet, why is no one asking how Caroline decided to cosplay as Olive oyl or whatever her name was from that Popeye cartoon lol.
@@MrHellsing76 holy shit lol
There were quite a few inexplicable moments...
@@MrHellsing76 better yet, who tf are these people, and why should any of us care?
This comment section was high IQ holy shit😂😂😂
Hey LegalEagle!
I LOVE this channel!!!
It really seems like he thought he was the smartest guy in the room, in every room. Like he was raised being told ‘be smarter than the people you’re dealing with’ kind of thing.... the fact he legit didn’t think he was going to jail is amazing
He’s clearly narcicistic so I guess it’s possible he may have believed he wasn’t going to jail. But I think it’s more likely he just didn’t want to say that he thought he was going than a real belief that he wasn’t. But if he did genuinely believe he wasn’t going then that is an incredible level of narcicism that is hard to get yourself to understand being possible.
He was smart, he just got caught.
@@justforrow ngl, i don't know any real smart (in the sense of genius/high iq) person irl, that play league of legends.
Lol the only reason he is going to jail is because the government didn't get their cut and that's assuming the government can convict him. They really don't win these crimes as often as you'd think.
@@justforrow He was not smart.
I choked on my drink when he was doing the "how does it feel to be the youngest billionaire" dance
Live nice for a minute to live like hell for the rest of your life?
@@swans184 it's even worst because he made good money legally in the beginning. He could have lived a wonderful rich life but just kept commiting crimes.
@@themanhimself3 yep reminds me of full tilt poker.
Excellent explanation of the case(s)! But does you hair have it's own youtube channel? 🙂 I know, classic Taurus :-)
You have a great resource here for writers - I just need to find a Canadian Legal Eagle channel.
Oh no, consequences! 😂
Classic Pisces.
Consequences cause he defrauded the rich
@@Khronogi he defrauded the poor, too. And the poor cannot afford that.
SBF deserves to be crushed like a bug.
Only because he stole from rich people.
@@Gg-ij7li Just stop it you bot
imagine taking that excuse to court LOL
i'm sorry your honor, but in my defense, i'm a pisces
Well well well, if it isn't the consequences of my own actions.
I wish Legal Eagle would take a look at Wizards of the Coast changing its OGL. It is a BIG controversy within the Dungeons and Dragons community. I am curious if they can deauthorize the old agreement which has a perpetuity clause and if they will be able to enforce copyright on their new game mechanics.