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FTX used corporate funds to purchase employee homes, new filing shows

cnbc.com

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Re: FTX used corporate funds to purchase employee homes, new filing shows

#11

Post by bluedevil2k »

ilrwbwrkhv wrote: post #9
mac3n wrote: post #6

Not that surprising if they had to live in the Bahamas. Just means that they will lose their homes.

Nah. They have already siphoned enough money through shell companies to buy many houses. International money trails are almost impossible to disentangle.

They’re not impossible any more and with this getting so much press and the US government likely looking to make an example of SBF, look to get a very detailed trail of where all the $ went. I mean, do you really think, factoring in that he had no accountants and no compliance at all, that he somehow had some of the best money launderers and embezzlers in the world? I highly doubt it, it was probably as amateur as the rest of the company.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#12

Post by pigeons »

testplzignore wrote: post #7

I would guess that the accounting firm that did the audit will be going the way of Arthur Andersen after the Enron scandal. And how many of their clients also have "interesting" financials?

Can't make this stuff up.

https://www.coindesk.com/business/2022/11/11/meet-the-metave...

Re: FTX used corporate funds to purchase employee homes, new filing shows

#13

Post by bombcar »

bluedevil2k wrote: post #10
55555 wrote: post #4

The new CEO of FTX states that FTX had no accounting department. lol. > “The Debtors do not have an accounting department,” Ray wrote, stating he expected it would be “some time” before reliable financial statements could be prepared.

This shouldn’t be surprising at all after seeing their balance sheet with round numbers like $5,000,000,000 in assets and $12,000,000,000 in liabilities. It looked like SBF made it in Excel while his LoL game was loading.

I want that XLSX file. I want to print out that spreadsheet for my bedsheet. It's a work of art; it should be hung in every office in the country as a reminder.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#14

Post by moralestapia »

ilrwbwrkhv wrote: post #9
mac3n wrote: post #6

Not that surprising if they had to live in the Bahamas. Just means that they will lose their homes.

Nah. They have already siphoned enough money through shell companies to buy many houses. International money trails are almost impossible to disentangle.

Sure, but you only need to solve one or two of those paths to put them behind bars for a while. Then you have, literally, all the time in the world to untangle the whole mess.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#15

Post by unmole »

testplzignore wrote: post #7

I would guess that the accounting firm that did the audit will be going the way of Arthur Andersen after the Enron scandal. And how many of their clients also have "interesting" financials?

> The FTX Group received audit opinions on consolidated financial statements for two of the Silos – the WRS Silo and the Dotcom Silo – for the period ended December 31, 2021. The audit firm for the WRS Silo, Armanino LLP, was a firm with which I am professionally familiar. The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.

https://pacer-documents.s3.amazonaws.com/33/188450/042020648...

Re: FTX used corporate funds to purchase employee homes, new filing shows

#16

Post by foobarian »

This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward?

Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?

Re: FTX used corporate funds to purchase employee homes, new filing shows

#17

Post by foenix »

pigeons wrote: post #12
testplzignore wrote: post #7

I would guess that the accounting firm that did the audit will be going the way of Arthur Andersen after the Enron scandal. And how many of their clients also have "interesting" financials?

Can't make this stuff up. https://www.coindesk.com/business/2022/11/11/meet-the-metave...

Wait... is this the same Prager-prefix as the PragerU folks?

My goodness this stupidity is a conglomerate industry if so.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#19

Post by HDThoreaun »

foobarian wrote: post #16

This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward? Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?

It's really hard to separate FTX's success from alameda. One theory now is that Alameda had recently been losing money hand over fist providing liquidity to FTX. Would FTX have anywhere near the volume without easy Alameda liquidity allowing traders to make tons of money?

Re: FTX used corporate funds to purchase employee homes, new filing shows

#20

Post by _fat_santa »

foobarian wrote: post #16

This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward? Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?

My impression is Coinbase is the thing that FTX was claiming to be, a well run exchange. Looking back, them purchasing the naming rights to Miami's stadium and all the A list celebrities prompting it just added this fake layer of trust.

It's very easy to see the celebrity endorsements, puff pieces and the companies name plastered over a stadium as endorsements of how solid the business is, after all, a bunch of kids living in the Bahama's couldn't just buy all this right?...right?

While FTX tried to gain respectability through all that, seems that Coinbase is taking the tack of just focus on the fundamentals of the business and build trust that way (you know the old school way).

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