FTX/Sam Bankman-Fried

[bitchstewie]

The Trial of Sam Bankman-Fried, Explained

[bitchstewie]

Sam Bankman-Fried is going to talk himself right into jail

[EddieSteadyGo]

Guilty.

https://techcrunch.com/2023/11/02/sam-bankman-frie...

[skwdenyer]

EddieSteadyGo said:

Guilty.

https://techcrunch.com/2023/11/02/sam-bankman-frie...

Remarkable how quickly this has all been wrapped up. Compare and contrast with the British legal system…

[Petrus1983]

skwdenyer said:

Remarkable how quickly this has all been wrapped up. Compare and contrast with the British legal system…

This has been very American. There's currently 400,000 people in American penitentiaries awaiting trial.

The American system has always come down hard on these things - Enron and Madoff spring to mind.

I'm predicting a 15 year sentence and out in 7. Although it wouldn't surprise me if it was considerably longer.

[easytiger123]

One question I have if there are any experts in the house: why is he not being sentenced until March next year? Why is there such a significant gap between verdict and sentencing for these type of crimes in the US?

[trickywoo]

Petrus1983 said:

I'm predicting a 15 year sentence and out in 7. Although it wouldn't surprise me if it was considerably longer.

Elizabeth Holmes got 11 years. Madhoff got 150.

Somewhere in that range I’d say.

[StevieBee]

easytiger123 said:

One question I have if there are any experts in the house: why is he not being sentenced until March next year? Why is there such a significant gap between verdict and sentencing for these type of crimes in the US?

I believe it's down to the appeals process being much more difficult and expensive to the state compared to the UK. So the defence and prosecution will argue over appropriate sentencing until agreement is reached to avoid lengthy and costly sentencing appeals further down the line.

[bitchstewie]

skwdenyer said:

Remarkable how quickly this has all been wrapped up. Compare and contrast with the British legal system…

Same I was expecting it to take weeks or months.

Stick a fork in him he's done.

[Bonefish Blues]

I really don't understand the psyche of this guy and others of his ilk - he was wealthy beyond virtually anyone's aspirations and yet he wants lots more and takes it in a very obvious way, despite being a particularly intelligent individual.

Now goes to jail for a very long time.

[Hilts]

Petrus1983 said:

skwdenyer said:

Remarkable how quickly this has all been wrapped up. Compare and contrast with the British legal system…

This has been very American. There's currently 400,000 people in American penitentiaries awaiting trial.

The American system has always come down hard on these things - Enron and Madoff spring to mind.

I'm predicting a 15 year sentence and out in 7. Although it wouldn't surprise me if it was considerably longer.

Most people locked up awaiting trial are in county jails or one of the federal holding prisons like Brooklyn MDC.

County jails are actually worse than any prison, the federal places are much better unless you end up in Florence.

Any sentence he gets he will have to do 85% of, unless he loses any good time as this is a federal and not a state case.

I think he's looking at something like 22-25 years.

It was a fast easy trial for the govt. as all his co-defendants took deals to testify against him.

[pquinn]

bhstewie said:

skwdenyer said:

Remarkable how quickly this has all been wrapped up. Compare and contrast with the British legal system…

Same I was expecting it to take weeks or months.

Stick a fork in him he's done.

Sounds like the judge blocked quite a lot of defense arguments & witnesses which will have helped it all rattle along.

Also helped by the defendant being an idiot and having lots of witnesses against him.

I don't think the verdict was ever really in doubt as guilt was sort of obvious...

[bitchstewie]

Yeah it seemed open and shut from all the stuff I'd read but just the speed of the "process" alone surprised me.

Then again I suppose fraud can be "simple" even if the amounts are staggering.

Wonder how long he'll get.

[easytiger123]

StevieBee said:

easytiger123 said:

One question I have if there are any experts in the house: why is he not being sentenced until March next year? Why is there such a significant gap between verdict and sentencing for these type of crimes in the US?

I believe it's down to the appeals process being much more difficult and expensive to the state compared to the UK. So the defence and prosecution will argue over appropriate sentencing until agreement is reached to avoid lengthy and costly sentencing appeals further down the line.

Thank you StevieBee. Makes sense.

[Caddyshack]

Bonefish Blues said:

I really don't understand the psyche of this guy and others of his ilk - he was wealthy beyond virtually anyone's aspirations and yet he wants lots more and takes it in a very obvious way, despite being a particularly intelligent individual.

Now goes to jail for a very long time.

I am sure he had a few quid to spend but wealthy can just be numbers on a spread sheet until you can liquidise units in a fund…so, often they don’t actually have much cash flow.

I know a chap "worth’ about £300million but he would struggle to access more than £30m of it.

[Fckitdriveon]

Caddyshack said:

Bonefish Blues said:

I really don't understand the psyche of this guy and others of his ilk - he was wealthy beyond virtually anyone's aspirations and yet he wants lots more and takes it in a very obvious way, despite being a particularly intelligent individual.

Now goes to jail for a very long time.

I am sure he had a few quid to spend but wealthy can just be numbers on a spread sheet until you can liquidise units in a fund…so, often they don’t actually have much cash flow.

I know a chap "worth’ about £300million but he would struggle to access more than £30m of it.

Reminds me of an ex girlfriends dad from many moons ago, worth millions in property but would struggle to cobble together a few k if needed , was always complaining about being poor, when he was anything but ! Maybe it was a generational thing aswell where people seemed to downplay what they had .

[fourstardan]

I wonder what SBF's knockout girlfriend is going to get....

[Bluedot]

Caddyshack said:

Bonefish Blues said:

I really don't understand the psyche of this guy and others of his ilk - he was wealthy beyond virtually anyone's aspirations and yet he wants lots more and takes it in a very obvious way, despite being a particularly intelligent individual.

Now goes to jail for a very long time.

I am sure he had a few quid to spend but wealthy can just be numbers on a spread sheet until you can liquidise units in a fund…so, often they don’t actually have much cash flow.

I know a chap "worth’ about £300million but he would struggle to access more than £30m of it.

How on earth does he get by ?

[Evercross]

fourstardan said:

I wonder what SBF's knockout girlfriend is going to get....

Probably nothing as she was the leading witness against him, testified (with evidence) that he conned her into acting illegally and then tried to blame her.

Bankman-Fried is a piece of work. A classic sociopath.

[z4RRSchris]

will be some serious sweetheart deals for those who plead and turned whiteness, they wont get jail time i suspect and SBF will get a monster sentence.



Ryan Salame - pleaded guilty to one count of conspiracy to operate an unlicensed money transmitting business and one count of conspiracy to make unlawful political contributions and defraud the Federal Election Commission. He faces a maximum of 10 years in prison. Forfeited 1.5bn

Nishad Singh 27, pleaded guilty to one count of wire fraud, three counts of conspiracy to commit fraud, one count of conspiracy to commit money laundering and one count of conspiracy to defraud the United States by violating campaign finance laws. 75 years max sentence.

Caroline Ellison, the former chief executive of the FTX sister company Alameda Research, has agreed to plead guilty to seven offences including wire fraud, securities fraud and money laundering, according to a newly unsealed agreement with prosecutors. The combined maximum sentence for the offences is 110 years, but Ellison’s cooperation with the investigation means she is likely to receive a substantially reduced punishment.

Gary Wang, co-founder of FTX, pleaded guilty to four conspiracy and fraud-related counts. He faces up to 50 years in prison.