EXCLUSIVE: SBF - 'Idiot Or Fraudster?' O'Leary, Scaramucci Discuss What Happens To FTX Next

FTX founder Sam Bankman-Fried proved to be a hot topic at Benzinga’s Future of Crypto event on Dec. 7.

Kevin O’Leary and Anthony Scaramucci discussed their relationship with the disgraced entrepreneur during a panel moderated by GRIT Capital's Genevieve Roch-Decter. Here's what they said:

Investing in FTX: O’Leary said he feels fortunate that he never put his partners, or LPs, into now-bankrupt FTX. “There isn’t a single cent of their money,” he added, explaining that he invested his own money in FTX. “I can go on my own journey to find what happened, but it’s all on me.”

See Also: O'Leary, Scaramucci Answer Tough FTX Questions At Future Of Crypto Event

'I Have An Army Of Lawyers'

The money O’Leary invested with FTX has been swept away and he is bound and determined to get it back.

Recall last month when it was revealed that FTX used deposits and assets (worth billions) without customer approval to fund the firm's sister company, Alameda Research.

Bankman-Fried denied being aware of any wrong doing.

“I have an army of lawyers, phasers on stun for now until we get where the money went," O'Leary told the capacity crowd.

But without regulation, O’Leary said he’s limited in what he can do to get his money back right now.

“When I find out where my money went, I’m going to get it,” he added. When everything is over, "we’ll know exactly what happened... It might take three, four, five or six years.”

For O’Leary, "this is not the end of the story" and he plans to get the data and "follow the path of the money."

“We all look like idiots, let’s call it like it is," he said.

Scaramucci, for his part, actually went to the Bahamas on Nov. 8 to meet with Bankman-Fried (two months after FTX bought a 30% stake in his firm, SkyBridge Capital).

“I knew there was a very serious problem,” Scaramucci said.

'One Pissed Off Cowboy'

If Bankman-Fried and others broke the law they should face the consequences, O'Leary said.

“I’m just one person," he added. "I’m one pissed off cowboy.”

As for whether Bankman-Fried is guilty of fraud remains to be seen.

“I’m a big fan of our legal system and everyone is innocent until proven guilty,” Scaramucci said.

O’Leary said in the end we’ll know who’s a bad guy and who’s a good guy from the events of FTX.

'Catastrophic Failures'

Roch-Decter also asked O'Leary about comments he made on Nov. 15, in which the "Shark Tank" host indicated he would invest in Bankman-Fried again if he had the chance.

“I have made more money investing in people that have gone through catastrophic failures, but not criminals," O'Leary clarified.

Scaramucci scrutinized Bankman-Fried's current media tour, as well as the Twitter Spaces that he is doing, and said his lawyers are likely advising against it.

“I think he thinks he’s a smarty pants and the smartest person in the room. He’s creating a lot of inconsistencies and he’s hurting himself,” Scaramucci said.

“I was 6’5” when I started working for Donald Trump, I was 6’1” when I started with Sam Bankman-Fried and look at me now,” Scaramucci joked with the crowd.

Scaramucci added that it might take a long time for the legal system to play out, referencing the years it took for Theranos founder Elizabeth Holmes to be indicted.

O’Leary pointed out that Bankman-Fried might be motivated to clear his family name.

“His defense is 'I’m an idiot' ...[that's] one defense, the other is he’s a fraudster,” O’Leary said. “Does everyone have the right to be presumed innocent until proven guilty?”

"Yes," Scaramucci replied, saying he will leave it up to the regulators and the prosecutors to decide what happens to Bankman-Fried.

“I’m so looking forward to 2023," Scaramucci added. "This has been a shitty year.”