NY - Samuel Bankman-Fried (FTX), Alleged Fraud, Money Laundering, 2019-2022 *Arrest*

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Gemmie said:
Bah. It's subscription only. Googing didn't work either. Sometimes I can find the same article that's not PFV. :(
Click to expand...
Weird. I was able to read it without a subscription, but now when I revisit the link, it is behind a paywall. Maybe they changed it.

The three documents were 1) SBF’s documentation of the FTX/Alameda line of credit, 2) an expert witness’s financial analysis of FTX, and 3) SBF’s tweet that “FTX is fine. Assets are fine.”
 
Gemmie said:
Yes! Now what? Any idea how much time he might get? And not time like he got when he was allowed to live at mommie and daddy's house. *eyeroll* REAL time. In a REAL jail.

Is his father being looked at for having his fingers in the pie?
Click to expand...

He will be sentenced on March 28, 2024 and faces up to 110 years in prison.

There are no charges against his father at the moment that I am aware of, but if the guilty verdict is upheld through appeals, I wouldn’t be surprised if more charges are on the way for those who did not cooperate in the investigation.

www.cnn.com

Live updates: Sam Bankman-Fried found guilty in fraud trial

Jurors in the criminal trial of former crypto king Sam Bankman-Fried have reached a verdict. Bankman-Fried, 31, faces seven counts of fraud and conspiracy and could spend the rest of his life in jail if found guilty of all charges.
www.cnn.com www.cnn.com

www.businessinsider.com

A jury found Sam Bankman-Fried guilty in his Manhattan criminal trial

A Manhattan jury found Sam Bankman-Fried guilty of seven financial crimes stemming from his time at the helm of FTX, the now-defunct cryptocurrency exchange.
www.businessinsider.com www.businessinsider.com
 
Countem said:
www.cnn.com

Live updates: Sam Bankman-Fried found guilty in fraud trial

Jurors in the criminal trial of former crypto king Sam Bankman-Fried have reached a verdict. Bankman-Fried, 31, faces seven counts of fraud and conspiracy and could spend the rest of his life in jail if found guilty of all charges.
www.cnn.com www.cnn.com
Click to expand...
RSBM
The CNN link gave me an update notification while I had it open. For those wondering where he will go in the meantime, the update answers it (sorry, I can't de-bold it):

He is expected to remain in a federal jail in Brooklyn while he awaits sentencing.​

 
To find him guilty on all seven counts it took the jury about 4 1/2 hours of deliberation. Seems like the jury pretty much all saw things the same way and not too much discussion was necessary.

Which I suppose isn't that surprising considering the strength of the government's case and the rather anemic defense put forth by SBF's lawyers.
 
We are not done yet!

[A] second trial on five additional charges that were severed from these proceedings is scheduled for March, though Judge Kaplan asked prosecutors to decide by February 1 whether that will proceed.
Click to expand...

www.cnn.com

Live updates: Sam Bankman-Fried found guilty in fraud trial

Jurors in the criminal trial of former crypto king Sam Bankman-Fried have reached a verdict. Bankman-Fried, 31, faces seven counts of fraud and conspiracy and could spend the rest of his life in jail if found guilty of all charges.
www.cnn.com www.cnn.com
 
There's also a new crypto company in the government crosshairs.

finance.yahoo.com

SafeMoon Executives Charged by SEC for Fraud and Money Laundering, Execs Arrested by DOJ

The Securities and Exchange Commission (SEC) has filed civil charges against SafeMoon and its executives, while the DOJ has revealed an indictment against SafeMoon execs.
finance.yahoo.com finance.yahoo.com

The Safemoon token collapsed last year and yesterday some of the company execs were arrested by the Feds and charged with fraud and money laundering.
 
www.dailymail.co.uk

FTX's customers could recoup almost ALL of their $16 billion losses

FTX customers who lost a staggering total of $16 billion when the crypto exchange collapsed could recover their losses, although the IRS is claiming it is owed $44 billion from the firm.
www.dailymail.co.uk www.dailymail.co.uk

  • [SBF’s] victims could be set to recoup almost all the $16 billion that was lost when FTX collapsed in November 2022
  • However, the IRS could swoop in and take the lot as it claims FTX owes $44 billion that could precede client recovery funds
Click to expand...
 
Another crypto billionaire falls...

  • Changpeng Zhao, the billionaire founder and CEO of Binance, has stepped down after pleading guilty to federal criminal charges of violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement.
  • The plea is part of a $4.3 billion settlement with the Justice Department, according to court documents.
In the case of Binance, there are no allegations that the company looted customer funds like FTX did.

CZ will be sentenced in February, but it's not yet clear if he will be facing jail time. He may just get probation along with a substantial fine.
 
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A surprisingly candid interview from SBF's lead attorney.

www.bloomberg.com

SBF’s Lawyer Says His Client Was the ‘Worst’ Ever Under Cross Examination

Stanford Law Professor David Mills, who led defense for FTX’s Sam Bankman-Fried as favor to his parents, now fears ‘unwinnable’ case has ended their friendship.
www.bloomberg.com www.bloomberg.com

It's behind a paywall, so I can't quote from it directly, but here's a quick summary.
  • David Mills is a high-flying attorney and investor who's a Stanford law professor and friend to SBF's parents. He took on the case as a favor to them.
  • SBF may have had done the worst cross-examination Mills has ever seen. SBF ignored the defense team's strategy while he was on the stand.
  • Mills thinks the case was un-winnable anyways because of pre-trial rulings and the testimony of SBF's coworkers. He does claim that he thinks SBF is innocent. (But I would expect his lawyer to say that.)
  • Sam insisted that his version of events was correct even with multiple witnesses contradicting him. He wouldn't listen to Mills who wanted him to admit to what the witnesses claimed and testify that his actions were a good-faith effort to save the firm.
 
ch_13 said:
A surprisingly candid interview from SBF's lead attorney.

www.bloomberg.com

SBF’s Lawyer Says His Client Was the ‘Worst’ Ever Under Cross Examination

Stanford Law Professor David Mills, who led defense for FTX’s Sam Bankman-Fried as favor to his parents, now fears ‘unwinnable’ case has ended their friendship.
www.bloomberg.com www.bloomberg.com

It's behind a paywall, so I can't quote from it directly, but here's a quick summary.
  • David Mills is a high-flying attorney and investor who's a Stanford law professor and friend to SBF's parents. He took on the case as a favor to them.
  • SBF may have had done the worst cross-examination Mills has ever seen. SBF ignored the defense team's strategy while he was on the stand.
  • Mills thinks the case was un-winnable anyways because of pre-trial rulings and the testimony of SBF's coworkers. He does claim that he thinks SBF is innocent. (But I would expect his lawyer to say that.)
  • Sam insisted that his version of events was correct even with multiple witnesses contradicting him. He wouldn't listen to Mills who wanted him to admit to what the witnesses claimed and testify that his actions were a good-faith effort to save the firm.
Click to expand...
This link of Bloomberg's is free as I can access it just fine, but I can't from your link so I thought I'd share one that's available to all. For whatever reason, bloomberg.com isn't accessible without a sub, but news.bloombergtax.com is. *shrug*

news.bloombergtax.com

SBF’s Lawyer Says Client Was ‘Worst’ Witness He Has Ever Seen (1)

Sam Bankman-Fried went off-script when he took the stand. That’s the view of David Mills, the behind-the-scenes architect of the FTX co-founder’s defense at trial. The once high-flying crypto mogul repeatedly veered away from his lawyers’ strategy, including on how to handle prosecutors’ tough...
news.bloombergtax.com news.bloombergtax.com

And from the article... a crazy looking SBF. It looks like someone might have tugged on his arm for his coat to be that way, and then there's that look on his face. :eek:

1702518925260.png
 
Gemmie said:
....
news.bloombergtax.com

SBF’s Lawyer Says Client Was ‘Worst’ Witness He Has Ever Seen (1)

Sam Bankman-Fried went off-script when he took the stand. That’s the view of David Mills, the behind-the-scenes architect of the FTX co-founder’s defense at trial. The once high-flying crypto mogul repeatedly veered away from his lawyers’ strategy, including on how to handle prosecutors’ tough...
news.bloombergtax.com news.bloombergtax.com
....
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snipped for focus @ch_13 and @Gemmie Thx for your post w link w story about David Mills* "the behind-the-scenes architect of the FTX co-founder’s defense at trial...."

"He says the grueling trial... caused him to rethink his future in criminal law."

Rethink his future? This 76 y/o atty must be the Energizer Bunny of the criminal defense bar. ;) Still going and going.

________________________________
* More from bloombergtax.com
"a Stanford Law School colleague and a close friend of Bankman-Fried’s parents..."
Worked white collar defense "in sprawling 1980s securities fraud case against Michael Milken and Drexel Burnham Lambert..."
 
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www.bbc.com

Sam Bankman-Fried: Convicted 'Crypto King' will not face second trial

Sam Bankman-Fried is already facing decades behind bars on fraud and money laundering charges.
www.bbc.com www.bbc.com
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Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency exchanges and is facing decades in jail, will not face another trial, US prosecutors say.

[...]

Prosecutors said the "strong public interest" in a resolution of their case against the former billionaire outweighed benefits of a second trial.

He had faced six charges that had been separated from his first trial.

These included campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business.
 
After a tumultuous period, cryptocurrencies are staging a big recovery.

Crypto had been rocked since the collapse of several major companies in 2022, including FTX, which had become one of its biggest and best recognized players.


Its failure deepened a so-called "crypto winter" that sent bitcoin to around $16,500, a sharp decline from its record high of around $68,000 on Nov. 8, 2021.

But something remarkable has happened since FTX CEO and founder Sam Bankman-Fried was convicted in November: bitcoin and other cryptocurrencies have staged an impressive comeback. Bitcoin, for example, has surged to above $43,000.

"There has been tumult," says Helen Gugel, a partner at the law firm Ropes & Gray. "But I think that there is also reason for optimism."

Here's a look at crypto's turbulent period — and why things appear to be looking better.


DECEMBER 26, 20235:00 AM ET
 
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