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

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I just caught writer-cartoonist Dave Barry's annual satirical year end column in Miami Herald.

"Another NYC trial ends with FTX founder Sam Bankman-Fried facing up to 115 years in prison after a jury finds him guilty of styling his hair with a defective Roomba."

If you missed pic of Sam w this style, scroll back to post 377 posted Dec. 22. TYVM @Gemmie :)

Or Sam may have styled his hair w a factory-second Black & Decker hedge trimmer, IDK. ;)


Editted last sentence.
 
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www.bloomberg.com

FTX’s Missing $400 Million Were Stolen in SIM-Swapping Hack, DOJ Says

Three people have been charged with orchestrating a SIM-swapping scam that siphoned more than $400 million from FTX as the cryptocurrency exchange spiraled into bankruptcy.
www.bloomberg.com www.bloomberg.com

Three people have been charged with orchestrating a SIM-swapping scam that siphoned more than $400 million from FTX as the cryptocurrency exchange spiraled into bankruptcy.
Click to expand...
 
www.coindesk.com

FTX Expects to Fully Repay Customers but Won't Restart Defunct Crypto Exchange

An initial surge in the FTT token after the news turned negative, leaving FTT plummeting 15% today.
www.coindesk.com www.coindesk.com

FTX, the bankrupt cryptocurrency exchange that was run by Sam Bankman-Fried, said it expects to fully repay its customers, according to a court hearing.
Click to expand...
The defunct exchange has shifted its focus to making its former clients whole as it abandons its plans to relaunch its platform due to a lack of buyers, according to the court proceedings.
Click to expand...
 
Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last week that they expect to fully repay customers and creditors with legitimate claims. Bankruptcy attorney Andrew Dietderich, who works with FTX's new leadership team, said "there is still a great amount of work and risk" ahead in getting all the money back to clients, but that the team has a "strategy to achieve it."

It's a welcome development for the many thousands of customers (reportedly up to a million) who collectively lost billions of dollars in FTX's collapse 15 months ago, when the crypto exchange spiraled into bankruptcy in a matter of days. Given the lightly regulated and unsecured nature of FTX — and the crypto industry at large — those clients faced the real possibility that the vast majority of their money had evaporated. Plenty of failed hedge funds and lenders lost virtually everything during the 2022 crypto winter.
www.nbcnewyork.com

As Sam Bankman-Fried awaits prison sentence, FTX customers await a surprise: full repayment

Fifteen months after FTX filed for bankruptcy, customers are being told they could be repaid in full.
www.nbcnewyork.com www.nbcnewyork.com
 
www.dailymail.co.uk

First photo of Sam Bankman-Fried in jail posing with gangsters

The former billionaire, 31, is seen in the newly surfaced photo taken at New York's Metropolitan Detention Center alongside fellow inmates.
www.dailymail.co.uk www.dailymail.co.uk

  • Sam Bankman-Fried has been pictured inside New York's Metropolitan Detention Center for the first time since being found guilty of fraud last November
  • One inmate pictured alongside the 31-year-old has also described him as being 'a good guy', but added he was 'strange as s***'
  • Bankman-Fried could face 115 years behind bars when he is sentenced late next month
Click to expand...
 
Is anyone here surprised?

From Daily Mail link to story, Feb 28.
"'I'd change places with him' says crypto crook Sam Bankman-Fried's mother as lawyer seeks just five years.
".... But in a last-ditch bid for clemency ahead of sentencing next month, Sam Bankman-Fried’s parents and legal team are begging the judge to show mercy.
"Branding him a ‘selfless’ and ‘altruistic’ man who has ‘committed his life to philanthropy’, his lawyer Marc Mukasey said..."
;) Just about what some ppl thought-> ;)
".... he should get as little as five-and-a-half years and no more than six-and-a-half."

www.thisismoney.co.uk

'I'd change places with him' says crypto crook Bankman-Fried's mother

In a bid for clemency ahead of sentencing next month, Sam Bankman-Fried's parents and legal team are begging the judge to show mercy.
www.thisismoney.co.uk www.thisismoney.co.uk
 
al66pine said:
Is anyone here surprised?

From Daily Mail link to story, Feb 28.
"'I'd change places with him' says crypto crook Sam Bankman-Fried's mother as lawyer seeks just five years.
".... But in a last-ditch bid for clemency ahead of sentencing next month, Sam Bankman-Fried’s parents and legal team are begging the judge to show mercy.
"Branding him a ‘selfless’ and ‘altruistic’ man who has ‘committed his life to philanthropy’, his lawyer Marc Mukasey said..."
;) Just about what some ppl thought-> ;)
".... he should get as little as five-and-a-half years and no more than six-and-a-half."

www.thisismoney.co.uk

'I'd change places with him' says crypto crook Bankman-Fried's mother

In a bid for clemency ahead of sentencing next month, Sam Bankman-Fried's parents and legal team are begging the judge to show mercy.
www.thisismoney.co.uk www.thisismoney.co.uk
Click to expand...

I really dislike this guy and hope he spends the rest of his life behind bars. I also think the parents (and especially the father) should be investigated for their own roles in perpetuating FTX.

Having said that, I can't really blame a mother for writing to the judge and pleading for leniency. I'm sure most parents would do the same in their position.

I will say that for the attorney to call SBF selfless and altruistic is laying it on a bit thick. I don't see the judge buying that for one second. But I guess lawyers write this stuff because their client expects it, not because they think it will have any influence on the sentencing.
 
puck.news

S.B.F.’s Sentencing Game Theory

Bankman-Fried’s lawyers appear to be setting the stage to appeal his sentence—and potentially redefine the definition of fraud, itself.
puck.news puck.news

I am not a subscriber, but this article looks interesting for those who are!
 
Countem said:
puck.news

S.B.F.’s Sentencing Game Theory

Bankman-Fried’s lawyers appear to be setting the stage to appeal his sentence—and potentially redefine the definition of fraud, itself.
puck.news puck.news

I am not a subscriber, but this article looks interesting for those who are!
Click to expand...

I don't have access to the whole article, but I can see the first few paragraphs. It looks like they are saying the 100+ year prison term recommended in the presentencing report was miscalculated. That's because the report takes into account the total losses at FTX. But it looks like the investors are going to get almost all their money back, so the prison term should be much, much less. Basically, "no harm, no foul."

And although the judge may not buy this argument, they think they may win on appeal. And it may even go to the Supreme Court because the sentencing guideline is defined in a statute.

From a different article:
arstechnica.com

SBF asks for 5-year prison sentence, calls 100-year recommendation “grotesque”

Bankman-Fried argues for 63 to 78 months, says he "is already being punished."
arstechnica.com arstechnica.com

The $10 billion loss asserted in the PSR is "illusory" because the "victims are poised to recover—were always poised to recover—a hundred cents on the dollar" in bankruptcy proceedings, SBF's filing said. The filing urged the court to "reject the PSR's barbaric proposal" of 100 years, saying that such sentences should only be for "heinous conduct" like terrorism and child sexual abuse.
 
Best Comment, MSM Article
ch_13 said:
....
From a different article:
arstechnica.com

SBF asks for 5-year prison sentence, calls 100-year recommendation “grotesque”

Bankman-Fried argues for 63 to 78 months, says he "is already being punished."
arstechnica.com arstechnica.com
....
Click to expand...
snipped for focus @ch_13 Thx for your postw link.
Responding to the defense's "no harm, no foul" angle for shorter sentence, at link, this comment--->

"You can't express remorse for the damages caused and then turn around and argue that your sentence is too harsh because nobody was damaged."

Nailed it. imo
arstechnica.com

SBF asks for 5-year prison sentence, calls 100-year recommendation “grotesque”

Bankman-Fried argues for 63 to 78 months, says he "is already being punished."
arstechnica.com arstechnica.com
 
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Federal prosecutors said on Friday that Sam Bankman-Fried, the disgraced cryptocurrency mogul, should receive a 40 to 50-year prison sentence for his conviction on fraud charges.

The prosecutors outlined the sentencing recommendation in a filing in U.S. District Court in Manhattan. Mr. Bankman-Fried’s sentencing hearing is scheduled for March 28, during which Judge Lewis A. Kaplan will decide his fate. He faces a maximum possible penalty of 110 years.

www.nytimes.com

Prosecutors Recommend 40- to 50-Year Prison Sentence for Sam Bankman-Fried

Mr. Bankman-Fried, who was convicted of seven counts of fraud and conspiracy, faces a maximum penalty of 110 years.
www.nytimes.com www.nytimes.com
 
al66pine said:
".... But in a last-ditch bid for clemency ahead of sentencing next month, Sam Bankman-Fried’s parents and legal team are begging the judge to show mercy.
"Branding him a ‘selfless’ and ‘altruistic’ man who has ‘committed his life to philanthropy’, his lawyer Marc Mukasey said..."
Click to expand...
It's easy to be a generous philanthropist when giving away other people's money. Same deal with the Enron crooks and ditto Charles Keating during the 1980s Lincoln Savings and Loan fraud. Tons of flouncing about to black tie galas until the house of cards came down.

Also, "committed his life to philanthropy" SRSLY? He was just a young punk still in his 20s when this all went down, so he had what? maybe 5 or 6 years as a philanthropist?
 
Why am I skeptical about this "donated one percent of all fees" claim?

"Funded mainly by Bankman-Fried and other FTX executives, "the FTX Foundation donated one percent of all fees collected by FTX" and "donated roughly $150 million to charities working on issues such as pandemic prevention, animal welfare, and funding anti-malarial mosquito netting in Africa," the filing said." *

______________________
* SBF asks for 5-year prison sentence, calls 100-year recommendation “grotesque”
 
al66pine said:
Why am I skeptical about this "donated one percent of all fees" claim?

"Funded mainly by Bankman-Fried and other FTX executives, "the FTX Foundation donated one percent of all fees collected by FTX" and "donated roughly $150 million to charities working on issues such as pandemic prevention, animal welfare, and funding anti-malarial mosquito netting in Africa," the filing said." *

______________________
* SBF asks for 5-year prison sentence, calls 100-year recommendation “grotesque”
Click to expand...

If $150 million is 1% of their fees, then that suggests they legitimately made 15 billion dollars. That's clearly not the case, so I think you're very justified in being skeptical of these claims.

Either they donated stolen money or they are just straight-up lying and only gave a fraction of what they claim.
 
arstechnica.com

SBF repeatedly lied to get out of “supervillain” prison term, FTX CEO alleges

FTX CEO: "The harm was vast. The remorse is nonexistent."
arstechnica.com arstechnica.com

From the letter to the judge from the current FTX CEO:
Vast sums of money were stolen by Mr. Bankman-Fried, and he was rightly convicted by a jury of his peers. That things that he stole, things he converted into other things, whether they were investments in Bahamas real estate, cryptocurrencies or speculative ventures, were successfully recovered through the enormous efforts of a dedicated group of professionals (a group unfairly maligned by Mr. Bankman-Fried and his supporters) does not mean that things were not stolen. What it means is that we got some of them back. And there are plenty of things we did not get back, like the bribes to Chinese officials or the hundreds of millions of dollars he spent to buy access to or time with celebrities or politicians or investments for which he grossly overpaid having done zero diligence. The harm was vast. The remorse is nonexistent.
 
Sam Bankman-Fried faces decades in prison as he’s sentenced today for multi-billion-dollar fraud

nypost.com

Sam Bankman-Fried faces decades in prison as he’s sentenced today for multi-billion-dollar fraud

The 32-year-old convicted fraudster will learn his fate at a Manhattan federal court hearing set for 9:30 a.m., capping an epic and swift fall from grace.
nypost.com nypost.com

The feds asked Kaplan to sentence Bankman-Fried to 40-to-50 years in prison after his conviction on seven counts of fraud and conspiracy.

…

Hope it’s 50 years.
 
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