The FTX mogul turned criminal was arrested in the Bahamas on Monday after criminal charges were filed against him, according to a statement released by the Bahamian government. The Southern District of New York validated his arrest on Twitter saying, “Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US government, based on a sealed indictment filed by the SDNY,” wrote US attorney Damian Williams. “We expect to move to unseal the indictment in the morning and will have more to say at that time.” SBF was taken into custody around 6 pm ET in Nassau, as he complied with authorities without incident. The Royal Bahamas Police Force said in a statement that SBF is set to appear in court Tuesday. After Bankman-Fried was arrested, the Securities and Exchange Commission (SEC) said it had authorized separate but related charges relating to SBF’s “violations of securities laws,” which will be filed publicly in his Tuesday hearing. We still don’t know what SBF will be charged with, but various reports suggest possible charges that will be addressed this week. These potential charges include but are not limited to: wire fraud, securities fraud, wire fraud conspiracy, securities fraud conspiracy and money laundering. Due to the extradition treaty that the United States currently has with the Bahamas allows US officials to return defendants to American soil if the said charges are punishable by imprisonment of at least a year in both jurisdictions. SBF maintains an attitude of confusion and obliviousness, as if he’s just as surprised about FTX filing for bankruptcy as the investigators. “I didn’t knowingly commit fraud,” he told the BBC over the weekend. “I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.” This sounds like a classic story of being in over your head. SBF seems like a clear-cut individual, almost incapable of malice or ill intent towards anyone, but prosecutors have to be cautious of this. SBF claimed to have a philosophy of true altruism. While being altruistic is noble and honorable, it doesn’t come without its flaws. Back in 2019 I wrote an article on my personal blog eluding to being altruistic in a modern society.
11/8/19 9:27 am ET
As defined by the prominent site Quora, when asked: What is an altruistic person, Omar Chad answered this:
[Altruism is a term used to describe a behavior characterized by acts with no apparent benefits for the individual who performs them but that are beneficial to other individuals. Humans may designate a selfless love of others, that is to say the wish that others find happiness and generosity expecting nothing in return.
This is the love to serve mankind neighbors or non-neighbors; and this equation does not take place if the instigator does not lose the wild materialism. There can be no altruism if the man is self-centered, selfish. The examples of altruism are many, there are those who give home care for the elderly, help poor people, volunteers for multiple benefits, rescue people in danger where there are emergencies to bring due to Natural calamities , treat patient populations by doctors without borders .
Unfortunately in these modern times this concept of altruism tends to be scarce thing probably due to the busy schedule of the person that runs the same length of day behind materialism or sometimes he is forced to follow his employer instructions to be all the day busy, and at the end of the day he comes back at home completely exhausted.
What causes the deficiency of it?
Altruism is almost unimaginable in trade. It is incompatible with the profit motive of a corporation. Altruism applies to the whole and not to a private interest. The company will seek mostly perennial customer-supplier relationships. For this, there must have gains for the customer and the supplier. So these are relationships of give that support a limited number of economic agents.]
When speaking about altruism, we are talking about doing things for the better of others, with little or no gain (other than self-fulfillment & satisfaction) to the giver of the product or service. How have we been altruistic in our lives? How has it made us feel? For those of us (like myself) who claim to be spiritual and God-like, being selfless and altruistic are some of the teachings we learn about in the Bible. Being altruistic can be doing something as easy and mundane as holding the door for someone else. The action(s) of being altruistic vary, but for those who believe in good energy and karma, being altruistic can only benefit the giver.
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Throughout the discourse with authorities, SBF has consistently denied any knowledge of how or why consumer funds have mysteriously gone missing. He also aimed to distance himself from the daily tasks of managing Alameda, the hedge fund closely connected to FTX and its executives. Alameda supposedly utilized several risky trading strategies, including one called “yield farming,” where a hedge fund or financial institution will invest in digital tokens that pay rewards in forms of interest, according to the Wall Street Journal. He went on to admit he mismanaged FTX as a whole, claiming he didn’t pay enough attention to risk management. “Look, I screwed up,” he said at the New York Times’ DealBook Summit last month. “I was CEO of FTX…I had a responsibility.” Clearly he took this responsibility for granted. A Reuters report from November claims that SBF built a “backdoor” into FTX’s accounting framework, allowing him to make changes to financial records without limit. The report claimed SBF used this “backdoor” to transfer some $10B in FTX customer funds to Alameda, the affiliated hedge fund. SBF since denied all these claims, saying in a statement “I don’t even know how to code.” Either way you slice it, SBF has found himself in a bit of hot water. Is the soft spoken former FTX CEO innocent, or did SBF singlehandedly attempt to conspire the biggest brokerage scam in the history of public trading? There’s no telling with all the outside influence if something greater is at play here, either way – the investigation into SBF’s business dealings are about to be unraveled. Strap up your seatbelts, this scandal has only just begun.
“There are three classes of men; lovers of wisdom, lovers of honor, and lovers of gain.”― Plato