OPINION
We're Breeding Generations of Little Tyrants
By Laura Hollis
Friday, 03 November 2023 11:11 AM EDT
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Sam Bankman-Fried, the former CEO and founder of cryptocurrency exchange FTX, was convicted Thursday following a trial for criminal fraud and conspiracy. Bankman-Fried was accused of bilking investors out of billions of dollars when his company spectacularly collapsed.
His former lover, Caroline Ellison, provided damning testimony against him two weeks ago. Ellison — who has already pleaded guilty to several counts of financial fraud — told the court that Bankman-Fried thought rules like "don't lie" on balance sheets and "don't steal" from customers didn't apply to him. In Bankman-Fried's own emails, he dismisses financial regulations and the officials who enforce them in the most vulgar terms.
He faces decades in prison.
Bankman-Fried is just the latest entrepreneurial wunderkind who thought he was above the law. Elizabeth Holmes, disgraced founder of Silicon Valley blood-testing startup Theranos, was convicted last year of defrauding investors to the tune of hundreds of millions of dollars and sentenced to 11 years in prison.
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READ MORE: https://www.newsmax.com/laurahollis/sam-bankman-fried-rules-principles/2023/11/03/id/1140863/
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