Description: Sam Bankman-Fried has been found guilty of fraud for his actions around cryptocurrency company FTX. The jury deliberated for three days after a trial that lasted about a month. U.S. attorney Danielle Sassoon characterized Bankman-Fried as using customers money as a “personal piggy bank.” For his part, Bankman-Fried testified in his own defence that he did not commit fraud.
Date: November 2, 2023
1) Have you or any of your classmates invested in a cryptocurrency? If so, how was your experience?
2) Have you ever been the victim of a fraud?
3) Illustration 7.2 of Wiley’s Financial Accounting: Tools for Business Decision-Making discusses the fraud triangle. What are the three factors present in the fraud triangle?