Well then.. A jury has found Sam Bankman-Fried guiltyof all seven criminal counts against him. The former FTX CEO faces a maximum sentence of 115 years in prison. Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. He had pleaded not guilty to all charges. The trial, which began in early October, pitted the testimony of Bankman-Fried’s former close friends and top lieutenants against the sworn statements of their former boss and ex-roommate. The jury returned a swift verdict after receiving the case at around 3:15 p.m. on Thursday and breaking for dinner at around 6 p.m. The government’s key witnesses included Caroline Ellison, Bankman-Fried’s ex-girlfriend and the former head of Alameda, and FTX co-founder Gary Wang, who was Bankman-Fried’s childhood friend from math camp. Both pleaded guilty in December to multiple charges and cooperated as witnesses for the prosecution. The central question for jurors to consider was whether Bankman-Fried acted with criminal intent in taking customer funds from FTX and using that money to pay for real estate, venture investments, corporate sponsorships, political donations and to cover losses at Alameda. Assistant U.S. Attorney Nicolas Roos told the court in his closing argument on Wednesday, there was “no serious dispute” that $10 billion in customer money that was sitting in FTX’s crypto exchange went missing. The issue, he said, is whether Bankman-Fried knew that taking the money was wrong. “The defendant schemed and lied to get money, which he spent,” Roos said. In the absence of a successful appeal, Bankman-Fried now awaits sentencing. His case has been compared to that of Elizabeth Holmes, the founder of medical device company Theranos, which ceased operations in 2018. Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense. She was sentenced to more than 11 years in prison, and began serving her punishment in May at a minimum-security facility in Bryan, Texas.
No more party for SBF. Anyway, he doesn't have to worry about accommodation, food, and medical costs. It will be free. How many liars and cheaters are there in this world? I guess it is in millions (or billions). How many gullible people? Also in millions.
This is the real reason TPTB want Mr Bankman behind bars. He failed to understand the major Banks do not like competition. https://www.forbes.com/sites/mariag...ling-out-the-crypto-industry/?sh=290645aa50b7 Bankman-Fried started handing out lines of credits to seemingly any firm that was on the brink of collapse, totalling around $750 million between FTX and his quantitative-research firm Alameda.
We seem to be in one of those phases where a lot of prominent people are going to be going to jail. SBF is just the first of what looks like it will be a long list. The last time I saw this was when a whole buch of people from the West Wing of the White House plus a lot more were all on their way to jail. The only thing that kept Tricky Dick Nixon out of the slammer was Gerry Ford's Pardon. I'm not anticipating a pardon for Trump from Biden this time around.
phluidity "So you give me the ramen packets, and I will turn them into double the ramen in a month. It works because you showing faith in me makes the others show faith, and creates value. Then when you want to get your ramen back, I'll give you this secure ramen token that points to your ramen's position in the stack. And if you want, you can trade the ramen token, so it works like ramen, but is more convenient, and doesn't have the guards taking their 10%."
Next should be BOTH his parents. Charged and convicted of collusion in this criminal scheme. They both greatly benefitted with full knowledge of what went on.
Except that this statement is fraud because ramen packets don't multiply simply because you gave them to someone else for storage. People saying gibberish like this is a giant red flag. * * If the resource was loaned out to a productive venture it could create more resources, but if that was the case, a storage receipt for something that has been loaned out and is no longer in storage is still fraud.