His only real hope of avoiding many years in prison is to convince people that he did not steal money from FTX’s customers, but rather that he ran a leveraged financial institution that ineptly but innocently ran into trouble. This will be very hard to do! But I am not sure it is impossible . The task, really, is to lay out a reasonable-seeming story of how FTX’s innocent choices led to its insolvency. Eventually he has to do that to a jury, but why not get some practice on Substack?

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FROM:

Matt Levine

Money Stuff: JPMorgan Says Frank Was Fraud

Sam Bankman-Fried (SBF)