How Sam Bankman-Fried’s FTX being in the Bahamas alone was a massive red flag
To be sure, both scoundrels were adept at parting fools and their money – lots of it. But Mr. Madoff’s victims might elicit some sympathy for being taken in by his carefully crafted façade of respectability. Mr. Bankman-Fried’s willing dupes should get no such leniency. They should have seen trouble coming.
History tells us this is nothing new for the island nation a few miles off the east coast of Florida. This is where piracy was a core business, and where Civil War smugglers and Prohibition-era bootleggers found safe haven. The Mafia laundered money through its casinos there, and drug lords followed suit.
It is perhaps no coincidence FTX’s offices are on Bay Street in Nassau, the capital. And the allegations against Mr. Bankman-Fried align with the culture of loose regulatory control that is the Bahamian legacy.
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