More on FTX and Sam Bankman-Fried--yes, there's more

We haven't heard much lately on the now defunct crypto exchange FTX demise and its former head, Sam "Chubby Big" Bankman-Fried.

Well it looks like FTX now owes Jimmy Buffett's Margaritaville resort a hair under $600,000, or more than ten times what was previously believed. And just prior to declaring its bankruptcy, they racked up a DoorDash tab of around $400,000, according to court papers.

In November, FTX’s investment affiliate Alameda Research was reportedly sought after by Margaritaville resort in the Bahamas over a $55,319 bar tab, but that wasn't accurate. The court papers showed on Wednesday that the resort is claiming FTX owes them $599,409 according to Insider. 

Bloomberg reported that FTX employees reportedly stayed “for weeks or months” in about 20 suites at One Particular Harbour — a luxury tower connected to the main Margaritaville resort, named after a line in the song "Margaritaville" by Buffett, whose fans are known as "Parrotheads."

Resort staffers said workers from the since-imploded firm would pile into a shuttle bus in the morning and return to Margaritaville after their dizzy workday at the company’s Bahamas-based headquarters, according to reports.

FTX’s officers were located on the other side of the island and the trip reportedly took roughly 30 minutes.

Meanwhile, court filings this week also show that investment arm Alameda Research racked up a $403,765 Doordash bill in the months leading up to the crypto giant’s spectacular implosion. No wonder Sam, et al were so chubby a soft.

Former employees previously told the Financial Times that FTX US was given $200 per day toward DoorDash food delivery, along with free groceries, barbershop pop-up and bi-weekly massages. Two hundred dollars a day? 

These were only 75 employees. What the hell were they eating? And did the bi-weekly massages have 'happy endings,' because the company sure didn't.

Alameda Research still has an outstanding Doordash balance of $46,239, court papers show.

Lawyers handling the Chapter 11 case say Bankman-Fried had a $65 billion line of credit as his “personal piggy bank,” which he used to fund spending on real estate and Democrat donations, meaning FTX could not cover all its customer withdrawals.

Bankman-Fried and his associates also utilized company funds to purchase $300 million in luxury real estate in the Bahamas and several high-end properties in the exclusive Albany community, FTX attorneys revealed. 

Bankman-Fried is now under house arrest at his mommy and daddy's home in Palo Alto, California. He is out on a $250,000,000 bond as he awaits trial on fraud and conspiracy charges while the so-called QAnon Shaman, Jacob Chansley is serving 4 years in prison for being escorted and shown around the Capitol Building by US Capitol Police.

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Will SBF's GF [aka Olive Oyl] rat him out re: FTX collapse?

Alameda Research CEO and Popeye's girlfriend lookalike, Caroline Ellison, has the loyalty of the scorpion to the proverbial frog midstream. She was not present when Sam Bankman-Fried (aka: "Sammy The Bull Thrower") was indicted and she was seen in Manhattan's shopping district. This leads one to believe that her former boyfriend cut a deal with the DOJ. If so, Sammy's fat butt is fried.

If Ellison is not in custody, after her role in the Alameda Research part of the meltdown, it was very probable that she has agreed to a plea deal, and now we know it's true.

Worse, the other partner in the now defunct triad of trash, Gary Wang, a founder of the crypto exchange FTX, is also part of a plea deal that will undoubtedly burn Sammy and maybe even his mommy and daddy, the New York Times reported late last night:

Two former top executives of Sam Bankman-Fried’s crypto trading empire have pleaded guilty to federal charges and are cooperating in the criminal case against the disgraced crypto entrepreneur, the U.S. attorney for the Southern District of New York said on Wednesday night.

The two are Caroline Ellison, who was the chief executive of Mr. Bankman-Fried’s crypto trading company, Alameda Research, and Gary Wang, a founder of the crypto exchange FTX.

The guilty pleas by two-thirds of the trio could force other former executives to spill their guts in the case against SBF. He has been charged with fraud, money laundering and campaign finance offenses, [which benefitted the Democrats in the midterm elections and other woke causes].

Wang's lawyer told the press that his client had "accepted responsibility for his actions" implying that the young scumcrumpet's plea. deal, and probably Ellison's, involve some jail time and hopefully restitution.

And while Sammy owned 90% of Alameda Research, Ellison ran it and the money disappeared into that company, suggesting she played a large role in the clusterfrack that destroyed billions in FTX depositor funds. She also probably knows where the money went [i.e., which drain it circled down into]. If she can't pay back depositors, then her testimony, for her sake, better force butter butt Bankman to do so.

The Securities and Exchange Commission (SEC) filed civil fraud charges against Ellison and Wang on Wednesday. The SEC said that Ellison, 28, misused FTX customer deposits to fund Alameda's trading activity [in other words she gambled with FTX investor's money] and that Wang, 29, created software that allowed the diversion of the funds to take place.

Based on what is known, both Ellison and Wang are going to do time, while "Sammy The Bull Thrower" may do as much as 115 years if convicted on all counts. That will make him 145 years old if he goes into the can today.

Notice how the Republicans are not attacking the Democrats over the campaign donations. That's because they're also involved in accepting Sammy's money. Sure, not as much by a long shot, but some.

Let's hope that what Bankman-Fried knows, gets to be told and that he doesn't get "Epsteined."

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Sam Bankman-Fried arrested in Bahamas, charged with money laundering, fraud

Disgraced FTX scam artist Sam Bankman-Fried [not to be confused with women's baggage thief and now fired Biden appointee, Sam Brinton] had appeared in a Bahama court on Tuesday when he made it clear that he will fight extradition to the United States as he faces a load of federal charges that include fraud, money laundering and making illegal campaign contributions. 

Bankman-Fried, 30, was the second highest Democrat donor.

While in a heavily guarded court in Nassau, Bahamas, the alleged crypto-scammer seemed relaxed and as creepy-nerdy as usual where he made it clear that he would not be waiving his right to an extradition hearing back in the US but it looks like the Democrats are worried about what he might say, so on Monday,  Bankman-Fried was arrested in the Bahamas.

Bankman-Fried is accused of defrauding customers and investors to fund a lavish lifestyle, officials said. Federal prosecutors said that beginning in 2019, he diverted investors' money to cover expenses, debts and risky trades at his crypto hedge fund, Alameda Research, in addition to making lavish purchases and illegal campaign contributions without telling his customers, according to a 13-page indictment. He also gave his Arnold Stang lookalike girlfriend a large sum of money, which should mean that she too must testify on a criminal charge.

Not the grand daughter of Arnold Stang

"All of this dirty money was used in service of Bankman-Fried's desire to buy bipartisan influence and impact the direction of public policy in Washington," Damian Williams, the U.S. attorney for the Southern District of New York, said during a news conference. [H/T Fox News]

He is charged with eight criminal offenses, ranging from wire fraud to money laundering to conspiracy to commit fraud. Williams called the case "one of the biggest frauds in American history."

Bankman-Fried was arrested by Bahamian authorities at the request of the U.S. government, a day before he was slated to testify before the House Financial Services Committee along with FTX's current CEO, John Ray III, not to be confused with the late singer by the same name.

Arnold Stang

FTX filed for bankruptcy on Nov. 11 when the firm ran out of money after the cryptocurrency equivalent of a bank run. Customers tried to withdraw their assets all at once because of growing doubts about the financial strength of the company and Alameda Research. But alas, they were too late.

The criminal indictment against Bankman-Fried and "others" at FTX is on top of civil charges announced Tuesday by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. The SEC alleges Bankman-Fried defrauded investors and illegally used their money to buy real estate on behalf of himself and his family. He allegedly bought his mommy a multi-million dollar mansion in the Bahamas.

He executed "deliberate" transactions designed to cover up his fraud, authorities said.

Bankman-Fried was previously one of the world’s wealthiest people on paper; at one point his net worth reached $26.5 billion, according to Forbes. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns, though he also gave some money to Republicans.

FTX grew to become the second-largest cryptocurrency exchange in the world. The SEC complaint alleges that Bankman-Fried raised more than $1.8 billion from investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets. It was as safe as doing the Pencil Dance in a landmine field.

"Bankman-Fried's entire house of cards started to crumble as crypto asset prices plummeted in May 2022 and as Alameda's lenders demanded repayments on billions of dollars in loans," said Gurbir Grewal, director of the SEC's Division of Enforcement.

At Tuesday's congressional hearing, Ray, the new FTX CEO, bluntly disputed that at the hearing: "We will never get all these assets back."

Some folks are calling for Bankman-Fried to share a cell with Darrell Brooks, the Waukesha serial killer and self-declared sovereign citizen serving 6 life sentences plus more time for other crimes, if Bankman-Fried is found guilty, which is highly possible. 

If so, he faces 115 years in the slammer while Brooks faces about ten times that amount.

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