Nice unsupported assumption. Interestingly, I haven't even heard about this Act until this sentencing and I followed Theranos and other similar cases. So I kinda doubt if that halving (pun very much intended) is a given. You forgot to answer the question, how much time would you give for a thief of 1,10,100 and 1000 million bucks?
Sam Bankman-Fried’s Hallucinations of Grandeur https://www.thenation.com/article/economy/sam-bankman-frieds-hallucinations-of-grandeur/
Looks like FTX has 5 billion bucks leftover AFTER paying back everybody with interest. https://finance.yahoo.com/news/ftx-billions-more-needed-pay-231400349.html "Once it finishes selling all of its assets, FTX will have as much as $16.3 billion in cash to distribute, according to a company statement. It owes customers and other non-governmental creditors about $11 billion." Very similar case to Shkreli's... Although: "Although all debts will be paid in full, plus interest, nothing will be leftover for equity holders, according to court documents filed Tuesday evening in federal court in Wilmington, Delaware, where the FTX case is being handled. FTX’s major equity holders include Sequoia Capital, Thoma Bravo, Singapore’s Temasek Holdings Pte and the Ontario Teachers Pension Plan, according to a court filing last year. Individuals including Tom Brady and Gisele Bündchen also hold common shares."
C’mon, incidental to Anthropic’s valuation. Would you be happy if FTX was debit? SBF was raiding FTX because he knew the commish would bail him out, eventually. Then Armageddon happened.
Sam Bankman-Fried files appeal nearly a year after FTX fraud conviction https://www.cnn.com/2024/09/13/business/sam-bankman-fried-appeal-ftx-fraud/index.html Lawyers for Sam Bankman-Fried, the convicted former CEO of crypto exchange FTX, filed an appeal Friday, claiming he was denied a fair trial last fall and seeking new proceedings under a different judge. Bankman-Fried, 32, was sentenced to 25 years in prison after a jury convicted him on multiple federal counts of fraud and conspiracy in November. The charges stem from what prosecutors described as a yearslong scheme to siphon money from FTX customers’ accounts without their knowledge while lying to investors and lenders and spending lavishly on real estate, private jet trips and political donations. Two years after FTX collapsed in the midst of a cash crunch, Bankman-Fried is arguing that he didn’t get a fair shake in his trial. “He was presumed guilty — before he was even charged,” his lawyers said in an appeal brief. Nearly two years since FTX collapsed, “a very different picture is emerging—one confirming FTX was never insolvent, and in fact had assets worth billions to repay its customers.” They argue the judge in the case, Lewis Kaplan, erred in “undermining the defense and defense counsel, even deriding the defendant’s own testimony during the preview hearing and in front of the jury.” The appeal, much like the arguments made ahead of Bankman-Fried’s sentencing this spring, focus on FTX customers’ financial losses. The court, they say, prohibited Bankman-Fried from introducing evidence of solvency for FTX and its sister firm, Alameda. At the same time, prosecutors were allowed to offer evidence of loss. “Throughout the proceedings the district court made little pretense of objectivity or even-handedness … The judgment should be reversed, and the case remanded for a new trial before a different judge,” said Bankman-Fried’s attorneys. Separately this week, lawyers for Bankman-Fried’s ex-girlfriend and former colleague, Caroline Ellison, asked the court to spare her from a prison sentence for her role in the alleged scheme. Ellison pleaded guilty in cooperation with the government and became a star witness against Bankman-Fried during his trial. Ellison was one of several former colleagues who turned on Bankman-Fried and cooperated with prosecutors in the hopes of securing a lighter punishment.
100% as I had originally called it. What's interesting, is she was also 'on-the-run' and evading authorities. It was only by the FBI tracing her cell that they busted her hide-out. Seems everyone forgets this, and even the virgins on EliteTrader keep trying to paint her up as some innocent victim. The irony is she lost lots of money from these sort of simps. And lived up like a billionaire queen while doing so.
Just making a personal note here about the upcoming sentencings: Caroline's coming up next Tuesday. My guess is that no more than 2 years, maybe even no jail time, if they consider she was short of a patsy and rated out everyone quickly enough. But paying restitution for sure. "Nishad Singh’s sentencing is October 30 and Gary Wang’s is November 20. Former FTX CEO Ryan Salame has also been sentenced to 7.5 years for his role."
https://www.cnbc.com/2024/09/24/sam-bankman-fried-caroline-ellison-sentenced-ftx-.html FTX fraudster Caroline Ellison sentenced to 2 years in prison, ordered to forfeit $11 billion