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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: EL KABONG!!! who wrote (12418)	12/16/2022 12:03:53 PM
From: Jeffrey S. Mitchell	1 Recommendation Recommended By Zen Dollar Round Read Replies (1) \| Respond to of 12465

Re: 12/14/2022 - Fox Business - FTX paid spox Kevin O'Leary received $18M, previously called Bitcoin 'garbage'; Bitcoin was valued at more than $8,000 at the time Fox Business CRYPTOCURRENCY Published December 14, 2022 1:35pm EST FTX paid spox Kevin O'Leary received $18M, previously called Bitcoin 'garbage' Bitcoin was valued at more than $8,000 at the time Facebook Twitter Comments Print Email By Ronn Blitzer FOXBusiness FTX collapse where people lost billions has 'silver lining,' O'Leary says: Industry is 'culling its herd' Kevin O'Leary, who served as a paid spokesperson for FTX, defended the merits of cryptocurrency despite the company's downfall at a Wednesday Senate hearing, but he was not always a fan. In a 2019 CNBC appearance, the investor known from "Shark Tank" railed against crypto, and Bitcoin in particular. "It is a useless currency," he said. "To me, it’s garbage, because you can’t get in and out of it in large amounts." He illustrated this by giving an example of how he tried – and failed – to buy Swiss real estate with Bitcoin. Commodity Futures Trading Commission sues Sam Bankman-Fried alleging fraud CFTC Commissioner Kristin Johnson discusses the civil lawsuit against Sam Bankman-Fried, telling 'Cavuto: Coast to Coast' the commission will 'aggressively pursue' violators of the Commodities Exchange Act. "They want a guarantee that the value comes back to the U.S. currency," he said. "You have to somehow hedge the risk of bitcoin. That means it’s not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It’s worthless." At the time, Bitcoin was valued at about $8,325. Since then, O'Leary appears to have flipped on crypto. He acknowledged the change of heart during his opening remarks before the Senate Banking Committee. KEVIN O'LEARY SLAMMED FOR RESPONSE TO FTX COLLAPSE WASHINGTON, DC - DECEMBER 14: Investor and television personality Kevin O’Leary testifies during a hearing before Senate Banking, Housing, and Urban Affairs Committee at Dirksen Senate Office Building December 14, 2022 on Capitol Hill in Washington, (Photo by Alex Wong/Getty Images / Getty Images) "In 2017, I was a public critic and skeptic of crypto and blockchain technology. After observing the extraordinary advances in these technologies and watching the amount of intellectual capital that was being invested in them and the innovation they were producing, I completely reversed my position," he said. "I am now of the opinion that crypto, blockchain technology and digital payment systems will be the twelfth sector of the S&P within a decade." O'Leary discussed his personal losses from the FTX collapse. He said that he received $18 million worth of compensation, which included "approximately $10 million in tokens held in FTX wallets" and roughly $1 million in FTX equity. Sen. John Thune calls for more regulation in cryptocurrency market "The equity is now most likely worthless and the accounts have been stripped of their assets and financial records," he said. "I have written them off to zero." Despite, this, he insisted that the FTX collapse is not indicative of the merits of cryptocurrency or the viability of the industry. He compared it to the falls of Enron and Lehman Brothers, arguing that neither had long-term impacts on their respective industries. foxbusiness.com - Jeff

To: EL KABONG!!! who wrote (12418)	12/16/2022 12:23:15 PM
From: Jeffrey S. Mitchell	4 Recommendations Recommended By HooterHanna Kirk © S. maltophilia Zen Dollar Round Respond to of 12465

So, yes, O'Leary testified he was paid in FTT tokens, plus got equity in FTX. How is that any different from your run-of-the-mill penny stock promoter of what turns out to (also) be a scam company? I say that facetiously as we are clearly in "too big to fail" territory, not to mention an "I was scammed and lost everything as well" defense. If O'Leary is found to have immediately starting cashing out, OK, then I can see him being in hot instead of lukewarm water here. Interestingly, this reminds me of something similar that happened to Marc Cuban. He invested in a company that I suspected of being a scam. This was back in the days he first started his blog, so I wrote him and we exchanged a bunch of emails on it. Sure enough, he determined he was being scammed and sold his stake, then immediately informed his followers why. He then got sued by the SEC for insider trading. This was of course one of those few times I was not on the side of the SEC. What the fk are you supposed to do if -- through your own due diligence -- you think you are being scammed? Had the SEC or some other law enforcement agency informed him the company was under investigation and he then sold, that's a different story. But it was me lol. - Jeff