Sam didn't create a bank. If he did, this wouldn't have been fraud and he wouldn't be going to jail. All documentation, marketing, interviews, statements, twee

Sam didn't create a bank. If he did, this wouldn't have been fraud and he wouldn't be going to jail. All documentation, marketing, interviews, statements, tweets, general understanding, and government licensing had FTX implemented as a full custodial trust. FTX promised to hold any funds you deposit in safe, low-interest bank accounts or secured cryptocurrency wallets, ready to withdraw at any time. They explicitly promised to never invest them. And then Sam broke that promise, stole customer funds and invested them. And it's not like he was planning to pay those customers interest fees if the investments paid off. That's fraud.