March 27, 2024
Legal Challenge Ahead: Scaramucci's Advice to Sam Bankman-Fried
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Legal Challenge Ahead: Scaramucci’s Advice to Sam Bankman-Fried

Sam Bankman-Fried, co-founder of FTX, should think twice about taking the stand in his criminal trial, as he will face formidable prosecutors who will scrutinize his defense, according to Anthony Scaramucci, founder of SkyBridge Capital. In an October 25 interview on CNBC’s Last Call, Scaramucci expressed his belief that the United States Department of Justice prosecutors will diligently highlight any contradictions in Bankman-Fried’s statements, potentially leading to an extended prison sentence. Scaramucci stated, “He’s gonna get skinned alive; there’s no way to escape. He thinks he’s going to outfox the prosecutors, but they’re very, very well experienced with this stuff.”

Scaramucci noted that there has been a shift in public perception of Bankman-Fried, who, about a year ago, was seen as a “congenial nerd who was going to give all his money away.” However, the testimony of former FTX executives revealed a different side, suggesting malevolence in his actions. Scaramucci remarked, “He thought he was going to take that money, and he was so smart that he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.”

In September 2022, FTX Ventures acquired a 30% stake in SkyBridge, which Scaramucci is currently attempting to repurchase from the now-bankrupt firm. Scaramucci had previously compared Bankman-Fried to “the Mark Zuckerberg of crypto” before allegations of misappropriated customer funds emerged. On CNBC, Scaramucci regretfully admitted that he had introduced Bankman-Fried to heads of state, believing him to be “a smart guy who was well-intended.” However, he cautioned against Bankman-Fried taking the stand in his trial, stating, “It’s a very bad move for him.”

Image by Wikimedia Commons

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