Anthony Scaramucci, who is known for his short stint as the White House communications director under Donald Trump, has opened up about his professional setbacks, including a significant loss due to a fraudulent act by Sam Bankman-Fried.

What Happened: Scaramucci’s professional journey has been marked by several setbacks. He was first dismissed from his job at Goldman Sachs, and later from the White House.

However, the most substantial setback came when he discovered that his business partner, Sam Bankman-Fried, was involved in fraudulent activities.

"I think the worst day I had professionally was discovering that Sam Bankman-Fried was a fraud. I mean, getting fired from the White House, okay--it's politics. I'm a big boy, you know, get over it, it'll be fine. But when he got exposed as a fraud, that was a blow to me because I trusted the guy. I liked him," Scaramucci told Fortune.

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"The assets turned out to be extremely valuable, but he's going to be in jail for a very, very long period of time because he had a bad set of morals. He probably didn't have a good guidance system," he added.

In 2021, Scaramucci and Bankman-Fried became business partners when the latter purchased Scaramucci’s early investment, the crypto exchange LedgerX. Scaramucci sold a 30% stake of his investment management firm, SkyBridge Capital, to Bankman-Fried, who was later found guilty of fraud.

Despite a significant loss from his $10 million investment in FTX and a legal battle to regain his company stake, Scaramucci has shown remarkable resilience. He emphasizes the importance of integrity and learning from mistakes, stating, “You can never play the victim in life.”

Why It Matters: Scaramucci’s experience serves as a cautionary tale for investors in the volatile cryptocurrency market. Despite his past experience with Bankman-Fried, Scaramucci remains open to new investment opportunities, including in cryptocurrency.

He continues to seize opportunities, launching a podcast, writing a new book, and maintaining an active social media presence. His resilience and ability to bounce back from setbacks offer valuable lessons for investors and entrepreneurs alike.

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