Anthony Scaramucci, whose SkyBridge Capital has gotten caught up in the implosion of, said he did a thorough background check on its founder Sam Bankman-Fried, but it wasn’t enough to protect himself from “misrepresentations.”

“I was doing a lot of due diligence on him, but clearly not enough,” Scaramucci said at the Bloomberg New Economy Forum on Tuesday about the fallout from his firm’s partnership with Bankman-Fried’s crypto exchange, including negotiations to buy back FTX’s 30% stake in SkyBridge. “It’s very hard to protect yourself against that sort of misrepresentation.”

FTX’s stake in SkyBridge can’t be transferred to anybody “without my permission” even in liquidation, Scaramucci said.

--With assistance from Michelle Jamrisko.

This article was provided by Bloomberg News.