• SkyBridge founder Anthony Scaramucci recently recounted his experience with disgraced FTX CEO Sam Bankman-Fried during the exchange’s downfall.
• Scaramucci visited Bankman-Fried in the Bahamas and walked in on a “war room” of FTX executives who were desperate and despondent about the pending collapse.
• He compared FTX’s alleged fraud to that of Bernie Madoff, noting that financial crimes often occur when a small group of people plot together.
Scaramucci Recounts Harrowing Final Days of FTX
SkyBridge Capital Founder and Managing Partner Anthony Scaramucci recently discussed his relationship with FTX founder and CEO Sam Bankman-Fried, recounting his trip to the Bahamas in November as the exchange unraveled. During this visit, he walked into a “war room” filled with desperate and despondent FTX executives.
Visit to Bahamas to See Sam Bankman-Fried
The now-disgraced Bankman-Fried had been a business partner and mentor to the SkyBridge founder prior to the fall of his company. Scaramucci had been coordinating fundraising trips for him in North America and the Middle East before it all came crashing down. Furthermore, FTX had purchased a 30% stake in SkyBridge Capital further solidifying their ties.
Implications for Financial Crime
Scaramucci compared FTX’s alleged fraud to that of infamous Ponzi schemer Bernie Madoff, noting that financial crimes often happen when a small group of individuals plot among themselves. He warned investors against trusting those too closely connected or associated with one another as this can lead to criminal activity or misappropriation of funds due to lack of oversight or accountability.
Investor Caution
The SkyBridge founder also urged investors to be cautious when investing their money as there is no guarantee that any investment will turn out as planned or anticipated. He expressed sympathy for those affected by FTX’s collapse but noted that it was important not just to focus on recouping losses but also learning from mistakes so they don’t repeat them in future investments.
Lessons Learned
Ultimately, Scaramucci emphasized how important it is for investors to do their own due diligence before making any decisions regarding investments, regardless if they are crypto related or not. It is essential for everyone involved in investing activities to understand fully what they are getting into before committing any capital so as not to suffer similar fates as those caught up in the downfall of firms like FTX