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Re: janice shell post# 205083

Tuesday, 11/15/2022 6:26:09 PM

Tuesday, November 15, 2022 6:26:09 PM

Post# of 219471
John Reed Stark. Re:Kevin Leary - 3 days ago
President, John Reed Stark Consulting | Former Chief, SEC Office of Internet Enforcement | First in Incident Response
3d Edited

Famed Shark Tank investor Kevin O'Leary, who has suffered FTX-related losses, blames the SEC for the FTX debacle and vowed to “fly to Washington DC” to lambaste the SEC for its negligence. Instead of a plane ticket, O'Leary should buy a mirror and take a good hard look at it.

Just last month, O’Leary brazenly shilled FTX, proudly declaring, "If there's ever a place I could be that I'm not gonna get in trouble, it's gonna be at FTX."

Talk about Alice in Wonderland.

O'Leary's pivot to the tired and toothless refrain of berating the SEC after a dumpster fire like the FTX grift is not just a dubious deflection, it's farcical and a flat-out ruse.

It's like Holmes or Balwani blaming the FDA for bogus blood test results from Theranos' counterfeit blood test machines; like Hannibal Lecter blaming the FBI for his killing spree; or like Oswald blaming the US Secret Service for JFK's assassination.

The SEC has been the sole US regulator to battle Big Crypto and lean-in. The SEC, who I often criticize (see saved millions, perhaps even billions, in investor crypto-losses. Despite mammoth political opposition and rogue defendants with infinite financial resources, the SEC:

-Stopped Telegram from defrauding investors with an emergency enforcement action.;

-Stopped BlockFi from doing to its investors what Celsius did to theirs (and fined them $100M).;

-Stopped Coinbase from selling a crypto-lending product.

-Refused to allow US financial marketplaces to peddle bitcoin ETF's to investors;

-Brought 100+ crypto-cases and won all of them. and

With respect to digital assets, never in its history has the SEC so aggressively shared their views through speeches/Investor Alerts/a rare Section 21(a) Report of Investigation/Congressional testimony/and many SEC statements/proclamations.

Former SEC Chair Jay Clayton engaged in an unprecedented multi-year crypto-tour, always speaking bluntly/thoughtfully about the dangers in the digital asset marketplace. SEC Chair Gensler has been even more active regarding the perils of crypto, even warning crypto-exchanges that they were squarely within his sights.

Yes, the SEC must do more and has redoubled its efforts, even creating a specialized crypto unit.

But O’Leary knew all too well that he was trusting an anarchical industry with no insurance/regulatory oversight/consumer protections/examinations/licensure/cybersecurity standards/fiduciaries/segregation of customer assets/ insider trading or market manipulation prohibitions/etc. Yet, he still touted FTX like it was magical financial elixir.

Leave the spin and PR in the Shark Tank studio Kevin, no one’s buying into it — especially those who got duped because they trusted your judgment.
Watcher.Guru on Twitter
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