American investor and hedge fund manager Martin Shkreli, who was convicted for fraud, gave some advice to FTX founder Sam Bankman-Freed about surviving in a federal prison on the Unchained podcast.
Shkreli spent about four years behind bars, from 2018 to 2022. According to him, the ex-CEO of FTX should shave his head, make his voice rougher and learn to understand gangster culture and rap.
He also advised Bankman-Freed to change his name because “being a rich white guy from a nice neighborhood doesn’t sound great.” Shkreli also believes that it is not necessary to mention his place of study – Stanford University.
The former prisoner opines that “Sam is definitely not the right person for prison” as the place is “just full of testosterone”.
“He knows nothing about street and criminal culture. My advice is to learn these things as soon as possible, listen to more rap. He must do everything to learn everything he can about the gangs. It sounds funny, but it could save a life,” Shkreli said.
At the time of writing, the court has released Bankman-Fried on $250 million bail. He has been released from custody into the custody of his parents. The terms also include a ban on financial transactions in excess of $1,000, house arrest and wearing an electronic bracelet.
Former head of Alameda Research Caroline Ellison and FTX co-founder Gary Wang pleaded guilty to charges related to the collapse of the Bankman-Freed business empire and agreed to cooperate with the investigation.
Against this backdrop, Sam Antar, the former co-founder and CFO of the Crazy Eddie electronics chain, who was convicted of fraud, gave his advice to him:
“Drop the bail and run! It is better to lose $250 million to gain freedom than to spend two decades or more in prison.”
Memo to Sam Bankman Fried @SBF_FTX: I have just one piece of advice for you.
JUMP BAIL AND RUN!
Better to lose $250 million to gain your freedom than spend two decades or more in prison. I’ll give you the same advice my criminal lawyer gave me, “They can only hang you once.” https://t.co/FtOES1oaUW
— Sam E. Antar (@SamAntar) December 23, 2022
He also recalled the words of his own lawyer that “they can hang only once.”
Recall that after his release from prison, Shkreli announced the launch of a clone of the Uniswap decentralized exchange called Albumswap.
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