Note on Money Stuff: JPMorgan Says Frank Was Fraud via Matt Levine
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?
Sam Bankman-Fried (SBF)