Martin Shkreli, the American investor and hedge-fund manager who served time for fraud, spoke on the Unchained podcast and offered several tips to FTX founder Sam Bankman-Fried about surviving in federal prison.
Shkreli spent roughly four years in prison—from 2018 to 2022. He says the former FTX CEO is not the type who belongs in prison, because the place “is simply filled with testosterone.”
He also advised Bankman-Fried to change his name, because “being a rich white guy from a good neighbourhood — that doesn’t sound healthy.” He also thinks you shouldn’t mention where you studied—Stanford University.
A former inmate believes that “Sam is definitely not the type who belongs in prison,” because the place “is simply filled with testosterone.”
“He knows nothing about street and criminal culture. My advice, to learn these things as quickly as possible, is to listen to more rap. He should do everything to learn all that he can about gangs. It may sound funny, but it could save a life,” said Shkreli.
The court released Bankman-Fried on bail of $250 million. The conditions also include a prohibition on financial transactions above $1,000, house arrest and wearing an electronic bracelet.
Former Alameda Research head Caroline Ellison and FTX co-founder Gary Wang pleaded guilty to charges related to the collapse of Bankman-Fried’s business empire, and agreed to cooperate with the investigation.
In this context, a piece of advice came from fraud-convicted former co-founder and chief financial officer of Crazy Eddie electronics chain Sam Antar:
“Drop bail and run! Better to lose $250 million to gain your freedom than 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 reminded of his own lawyer’s words that “they can only hang you once.”
As a reminder, after leaving prison Shkreli announced the launch of a clone of the decentralised exchange Uniswap named Albumswap.
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