4 ms·
SBF wasn't convicted for violating financial regulations (such as maintaining capital liquidity, reporting transactions or meeting KYC requirements). He was con
by rgbrenner 3y ago
SBF wasn't convicted for violating financial regulations (such as maintaining capital liquidity, reporting transactions or meeting KYC requirements). He was convicted of fraud and conspiracy.
- hn_throwaway_99 3y agoYes, I know, but the type of fraud and conspiracy SBF committed is much easier when you're at a financial institution that essentially has no regulators or auditors keeping tabs on thing. Just read some of the reports John Ray III, the current "cleanup" FTX CEO, wrote shortly after he was brought in. It was a total clown show, with little to no documentation for things like huge multimillion loans to FTX principals. It's a lot easier to steal money when there is no standardized, auditable paper trail to begin with.