‘Shark Tank’ Star Says FTX’s SBF Should Be ‘Afraid of Going to Jail for a Long Time’

Mark Cuban, a billionaire investor, and entrepreneur says FTX co-founder and former CEO Sam Bankman-Fried (SBF) should worry about jail time.

Cuban is a “shark” on “Shark Tank” and the majority owner of the Dallas Mavericks (which is aired on the ABC television network).

New York Times columnist and DealBook founder and editor at large Andrew Ross Sorkin hosted the DealBook Summit in New York City on November 30, 2022.

“Clearly, I made a lot of mistakes or things I would give anything to be able to do over again,” SBF told CoinDesk earlier today. I never cheated anyone. I never mixed money. Again, margin trading customers borrowing from each other is part of this. Alameda is one. I was surprised by Alameda’s size, indicating another oversight error. Failure to appoint a leader. I wasn’t mixing funds. I first noticed a problem on November 6. FTT was tweeted on Nov. 6. By late Nov. 6, we were assembling all the data and information that should have been assembled earlier and included in the dashboards I was always looking at.

“Compliance drained us. Licensure regulation consumes a lot of energy. We’re licensing in dozens of jurisdictions. I’m giving up everything. One credit card works. I think it might be $100,000 or something like that in that bank account. I reinvested everything even my loans in the businesses. I invested everything in FTX.

Cuban, who owns the Dallas Mavericks NBA team, told CNBC that the former FTX CEO should be “afraid of going to jail for a long time.”

“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time,” Cuban told TMZ last month. He seemed smart when we spoke. I didn’t know he’d steal other people’s money.

Galaxy Digital CEO Mike Novogratz expects SBF to go to prison. “It was delusional,” he told Sorkin on CNBC’s “Squawk Box” on December 1, 2022. Clarify. Sam is delusional about what happened and his responsibility. Prosecute him. Jail awaits him. They committed massive fraud. One person cannot do this. I hope the authorities solve this faster, not just for crypto markets but for all markets. Markets depend on trust, and this breaks it. Black Swans are sought everywhere.”