Bankman got fried, will he do time?

Calahonda52

https://www.rte.ie/news/2023/1103/1414417-sam-bankmanfried-ftx/

His defence lawyers, who objected to several rulings by Judge Kaplan before and during the trial, are expected to appeal the verdict.

However he is still locked up

Bobson Dugnutt

He will get 40+ years.

They are coming for Binance and Tether next.

Cryptocurrency is a way for conmen to extract real money from stupid people (mostly men) in exchange for worthless entries on an inefficient database.

Total house of cards.

Penn

https://www.boards.ie/discussion/2058320905/bankman-got-fried-will-he-do-time

He'll almost definitely do a good chunk of time. From what I read his defence mostly consisted of "I didn't know it was illegal". He'll never have money to pay any kind of fines/damages, and his parents who were both law professors, are also in legal trouble of their own due to their involvement in trying to help him out. They're both being sued by FTX.

https://www.npr.org/2023/10/02/1200764160/sam-bankman-fried-sbf-parents-ftx-crypto-collapse-trial-stanford-law-school

Who would have thought a finance system with less oversight and fewer regulations would be open to abuse? Absolutely shocker.

kippy

You gotta be wary of guys with as much hair as that.

Hangdogroad

https://www.boards.ie/discussion/comment/121320616#Comment_121320616

Did you get burned yourself Doc?

UsBus

A maximum of 115 years. Can't see him getting anything near that though. Amazing to have gotten so deep into something at a young age

JayRoc

I honestly thought a fella had gotten elecrocuted on a building site while on to his crane driver on a walkie-talkie

taxAHcruel

https://www.boards.ie/discussion/comment/121320731#Comment_121320731

weird al yankovic wants a word on line 2

SEPT 23 1989

“Bankman”

the computer simulation is always hopeless with original names to fit the story

clampedusa

https://www.boards.ie/discussion/comment/121322181#Comment_121322181

Fawkin home run chippah.

Bobson Dugnutt

Crypto is the gift that keeps on giving.

maninasia

Yes for me it has been.

Bored Ape NFTS will regain some of their allure in future , that's good info you provided.

Bobson Dugnutt

https://www.boards.ie/discussion/comment/121332909#Comment_121332909

Hopefully some of the attendees regain their sight.

silliussoddius

https://www.boards.ie/discussion/comment/121332919#Comment_121332919

It might be worse if they see what they actually bought.

Brendan Bendar

I believe you ‘took a bath’ Bobby?

Have you a ‘go fund me’ vehicle set up?

hoodie6029

His constant comments after the FTX collapse are what made this a slam dunk for the Prosecution.

’Did you say x?’

’I don’t recall’

’Here’s the tweet/NBC interview where you did’

Anyone else would have shut up and taken a private jet to Mexico a couple of days before it all blew up.

About 6 months before he said that they printed as much FTT token as they wanted and manipulated the price when needed. This was on an open conference call. Coffeezilla (YouTube) called him out then. How there wasn’t a run on it then and there, I’ll never know.

Who would have thought putting a kid in his 20’s with no experience in charge of billions of dollars with no oversight and all his mates in his management team was going to end in disaster?

maninasia

The thing is he built this himself so it wasn't really 'put a kid in charge'. He had the skills and ideas to move quickly but not ethics and also was reckless with risk Management.

Of course the venture capital and existing players who funded him got greedy and didn't want to miss out on a good thing.

he should not have marketed to US citizens either, not sure what he was thinking in that regard. Many crypto companies ban US customers from using their platform. They created FTX US but that didn't save him .

Vast majority of the money has been recovered it should be considered in his sentencing at least.

mode1990

The 110 year sentence being bandied about is draconian , madoff died in prison , I'd like to think that a 26 Yr old who didn't kill anybody has the same fete , Jesus Anders Brevik is going to be a freeman soon after murdering 170 kids ! Sam was a good kid who made very costly mistakes , I read that in his first wall street job for "janes" high FQ trading he gave a substantial amount of his salary to good causes , yes he should do a custodial term , 10/15 years , at least give him something of a life to look forward too ! Our own Mr Quinn & family weren't jailed and enjoy a generous stipend !

silliussoddius

I for one would like to welcome Michael Lewis to boards.

mode1990

https://www.boards.ie/discussion/comment/121335493#Comment_121335493

? Who is Michael Lewis ??

circadian

https://www.boards.ie/discussion/comment/121335454#Comment_121335454

He destroyed countless lives. You can't compare Brevik because they're completely different justice systems.

mode1990

https://www.boards.ie/discussion/comment/121335505#Comment_121335505

As somebody who'll never have the wealth to really care about the price of bitcoin , something that you can't buy a burger & chips with but in the ether makes you a billionaire leaves me devoid of any sympathy for the quick buck investors , these people who invested in a "commodity " largely used by criminals , pushers & pornograhers took a punt and were burned ! Unless it was the IRISH government who honoured every failed banks bonds !

m2_browning

https://www.boards.ie/discussion/comment/121335514#Comment_121335514

You actually could buy burger and chips and other fast junk

just eat used to accept it few years back

costliest pizza ever for me it turned out

MakersMark

This one is flying under the radar.

No public trial for bribery and Campaign Fund violation charges against the biggest ever donor to the Democratic Party...

Hmmmmm....

https://www.bbc.com/news/world-us-canada-67846711

Flaneur OBrien

https://www.boards.ie/discussion/2058328836/bribery-and-campaign-fund-violation-charges-dropped-against-cryptoking

What's the point? He'll be jailed for decades regardless. He also gave the republican party loads of money as well.

Boggles

https://www.boards.ie/discussion/2058328836/bribery-and-campaign-fund-violation-charges-dropped-against-cryptoking

This one is flying under the radar.

Is it?

It was announced a few hours ago and every news outlet I looked at this morning is carrying the story.

Jim_Hodge

https://www.boards.ie/discussion/2058328836/bribery-and-campaign-fund-violation-charges-dropped-against-cryptoking

You need new radar. It's covered all over the place. Another trials not needed as he's going to gaol for a long time anyway. So what point are you trying to make, exactly?

Beasty

Threads merged

The Ging and I

https://www.boards.ie/discussion/comment/121322181#Comment_121322181

Me too !

Mal-Adjusted

This isn't that uncommon. They have him on so much that there really isn't any point. Hell spend decades behind bars. They also have the option of charging him later on if for some reason the ones they are putting him on trial for don't stick.

Gussoe

No he won't.

"The government told US District Judge Lewis Kaplan in a letter Friday that in the interest of expediency it would drop plans to try Bankman-Fried for conspiracy to bribe foreign officials, commit bank fraud and operate an unlicensed money transmitting business, among other charges."

source: https://www.businesspost.ie/news/sam-bankman-fried-spared-second-trial-on-remaining-charges/#:~:text=Fallen%20cryptocurrency%20king%20Sam%20Bankman,month%2C%20prosecutors%20told%20a%20judge.

Who benefits from an interest in expediency? Well, his backers in the DNC do. They want to put the story behind them as quickly as possible.

I should add: YES he'll go to 'jail'. One of those hotel/leisure centre type places for the uber wealthy. But he'll get a lenient sentence.