'Don't invest it in these kinds of promises.'
FTX founder and Bay Area native Sam Bankman-Fried was slapped with eight-count indictment for charges of fraud and conspiracy.The U.S. indicted former CEO of FTX, Sam Bankman-Fried on eight-counts of fraud on Tuesday. The crypto-owner was arrested in the Bahamas on Monday, at the request of the U.S. Government.
"Don't ever put your savings, your education, whatever- your retirement... Don't invest it in these kinds of promises," Banafa warned. "Because if somebody is promising you high returns, you have to understand that comes with high risk." "It's exactly what happened with Enron in the 2000. It's exactly what happened with Bernie Madoff in 2008," Banafa added.Tuesday's development comes one month after Bankman-Fried filed for a $32-billion bankruptcy, and only weeks after he sat down with ABC's George Stephanopoulos to address the fall of FTX.
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