It may be difficult to parse what happened as an outsider, but for those who work in or near finance it is clear that Sam engaged in wildly unethical and illegal behaviour.
At a minimum, Sam played a reckless game with customer deposits and gambled with money that was never his. At the worst, Sam had suffered massive losses in his hedge fund and tried to use FTX deposits to survive (creating a form of Ponzi scheme). At the moment it appears a mix of the two of is true. It’s horrific fraud either way.
The hole he has dug is very, very deep (billions of dollars deep) and a redemption arc is not forthcoming.
It may be difficult to parse what happened as an outsider, but for those who work in or near finance it is clear that Sam engaged in wildly unethical and illegal behaviour.
At a minimum, Sam played a reckless game with customer deposits and gambled with money that was never his. At the worst, Sam had suffered massive losses in his hedge fund and tried to use FTX deposits to survive (creating a form of Ponzi scheme). At the moment it appears a mix of the two of is true. It’s horrific fraud either way.
The hole he has dug is very, very deep (billions of dollars deep) and a redemption arc is not forthcoming.