The fallen crypto mogul is fighting off accusations he followed a similar playbook to Madoff – and deceived investors in the process
Authorities claim the wrongdoing started at the very beginning. A parallel lawsuit filed by the Commodity Futures Trading Commission, said the method by which Bankman-Fried siphoned FTX customer funds into the coffers of his trading firm, Alameda Research, was installed into the structure of the operation from the day it opened in 2019.
We have yet to see a full list of who lost money on FTX but the fallout has taken in big names. American footballer Tom Brady and former wife, model Gisele Bündchen, were listed as equity investors and starred in ads for the business, according to documents seen by the Guardian. Eric Schiffer, a crypto investor at the Patriarch Organization, a private equity firm, said Bankman-Fried “built authority in political circles, with the celeberati, and showed a value system of utilitarian idealism that [was] not orientated toward money, all of which caused investors to let down their due diligence guard.”
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