Investing.com UK - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

'Rich Dad Poor Dad' Author Claims These Two Famous Investors Were Wildly Misled By FTX's Bankman-Fried: 'Are We A Ship Of Fools?'

Published 29/10/2023, 15:17
© Reuters. 'Rich Dad Poor Dad' Author Claims These Two Famous Investors Were Wildly Misled By FTX's Bankman-Fried: 'Are We A Ship Of Fools?'

Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

On Friday, Robert Kiyosaki, the renowned author of "Rich Dad Poor Dad," shed light on two high-profile investors who, he claims, were misled by FTX's former CEO, Sam Bankman-Fried.

What Happened: Kevin O’Leary, famously known as "Mr. Wonderful" on the TV show "Shark Tank," and Jim Cramer, the host of CNBC’s "Mad Money," were the two investors who were deceived by Bankman-Fried's actions, Kiyosaki said in a post on X.

Furthermore, Kiyosaki drew parallels between Bankman-Fried's actions and those of Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen.

He provocatively asked if Bankman-Fried would attempt to deceive the jury in his ongoing trial in the same manner he believes Powell and Yellen are misleading the global populace.

“Are we a ship of fools, or is it time we wake up, get smart, and say, ‘Our World is in financial trouble because of your incompetence. Keep your hands off our money,'" he added in the post.

Also Read: FTX's Bankman-Fried Under Spotlight As Ether Holdings Show Unusual Activity

In a statement last year, Kiyosaki had compared Bankman-Fried and the infamous Bernie Madoff, suggesting a similarity in their alleged deceptive practices. This criticism starkly contrasted with O’Leary and Cramer's earlier praises of Bankman-Fried, whom they had likened to esteemed investor Warren Buffett, according to Kiyosaki.

Bankman-Fried has admitted to certain lapses, especially in risk management, but firmly denies any intentional wrongdoing.

He is facing accusations of misusing over $100 million of customer funds for personal and political endeavors. A conviction could result in a significant prison sentence.

Now Read: Sam Bankman-Fried Denies Defrauding Investors: 'We Thought We Could Build The Best Product On The Market'

Join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Gage Skidmore via flickr

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.