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

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One such update:

While locked up in the Metropolitan Detention Center since August, Bankman-Fried has been tutoring fellow inmates who are pursuing their GEDs, his lawyer told the court during SBF's sentencing hearing.

Bankman-Fried's mother also noted in pre-sentencing letter to the court that he has also "helped two inmates who are facing close to a lifetime in prison for crimes they likely did not commit to find competent counsel prepared their case."

She added: "The mother of one of the inmates reached out to me about three months ago to ‘ask me to pass along her gratitude to Sam, who she said has given her son a reason to live for the first time since his arrest four years ago."

Gemmie again - Sounds like he found his calling. lol NOW he can do some good. In prison. For LIFE.
 
Gemmie said:
One such update:

While locked up in the Metropolitan Detention Center since August, Bankman-Fried has been tutoring fellow inmates who are pursuing their GEDs, his lawyer told the court during SBF's sentencing hearing.

Bankman-Fried's mother also noted in pre-sentencing letter to the court that he has also "helped two inmates who are facing close to a lifetime in prison for crimes they likely did not commit to find competent counsel prepared their case."

She added: "The mother of one of the inmates reached out to me about three months ago to ‘ask me to pass along her gratitude to Sam, who she said has given her son a reason to live for the first time since his arrest four years ago."

Gemmie again - Sounds like he found his calling. lol NOW he can do some good. In prison. For LIFE.
Click to expand...
@Gemmie Thanks for your post w ^ quotes.
SBF's mother's letter to ct. said another inmate's mother wrote to her to ask (Sam's) mother to pass along gratitude to Sam for helping that inmate.

Once in the slam w time on his hands, Sam decided to expend a negligible amt of effort for Brownie points at sentencing. A rather insipid argument for a mitigating circumstance as a reformed man?

ETA. IDK about "outside communications" procedures, but seems imo that inmate's mother could have "reached out" DIRECTLY to Sam to "express her gratitude."
Was that letter intended to prompt someone to nominate SBF's female parent as "Mother of the Year" or Decade, for raising him? /s
Well, as another poster noted, being Mother is a life time job.
 
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(bbm)

25 years.

That's how long crypto wunderkind Sam Bankman-Fried was sentenced to prison on Thursday after being convicted of seven counts of fraud over the collapse of a crypto exchange that was once seen as a key players in the world of finance.

The sentence was delivered by Judge Lewis Kaplan in a Manhattan courtroom, who cautioned that Bankman-Fried "will be in a position to do something very bad in the future, and it's not a trivial risk."

Kaplan also chided Bankman-Fried for not showing remorse, according to CNN.

If interested, more at link...


UPDATED MARCH 28, 202411:55 AM ET
 
FWIW. Some Perspective on SBK's Sentence?

UPDATED: 19:46 EDT, 28 March 2024
"How SBF's 25 year prison sentence stacks up against other notorious fraudsters: The term pales in comparison to Bernie Madoff's 150-years but is five more than Theranos founder"

"Sam Bankman-Fried was facing up to 110 years in jail for stealing $8 billion from FTX customers
His sentence of 25 years is lenient compared to the likes of Bernie Madoff and Allen Stanford's
But other scammers such as Elizabeth Holmes and notorious Charles Ponzi got off more lightly"

www.dailymail.co.uk

How SBF's 25 year prison sentence stacks up against other fraudsters

Sam Bankman-Fried has finally learned his fate following his conviction for stealing $8 billion from his cryptocurrency customers, but how does it compare to other infamous scammers?
www.dailymail.co.uk www.dailymail.co.uk
 
Good to Hear Judge's Words at Sentencing.

08:27 EDT | UPDATED: 17:23 EDT, 28 March 2024
'Mr. Bankman-Fried has the right to plead not guilty…but at the end of the day he knew it was wrong. He knew it was criminal,' Judge Lewis Kaplan said as Bankman-Fried showed little reaction. 'He regrets that he made a very bad bet about the likelihood of getting caught but he’s not going to admit a thing.'

Kaplan also ripped Bankman-Fried saying he perjured himself three times during the October trial.

www.dailymail.co.uk

Sam Bankman-Fried's parents spotted at the Manhattan courthouse

Sam Bankman-Fried's parents Fried have arrived at court as the fraudster is set to face justice over stealing $8 billion from investors.
www.dailymail.co.uk www.dailymail.co.uk
 
www.theverge.com

Sam Bankman-Fried is still gambling

One of the key skills in gambling is knowing when to cut your losses.
www.theverge.com www.theverge.com

“In the head of this mathematical wizard, his own counsel tells us, in substance, that he was viewing the cost of getting caught, discounted by probability or improbability, against the gain of getting away without getting caught, given the probabilities,” Kaplan said. “That was the game. It started at least as early as Jane Street [the Wall Street firm Bankman-Fried joined straight out of college], and it continued to the very end. It’s his nature. And you don’t have to take my word for it — everybody has said that.”
 
ch_13 said:
www.theverge.com

Sam Bankman-Fried is still gambling

One of the key skills in gambling is knowing when to cut your losses.
www.theverge.com www.theverge.com

“In the head of this mathematical wizard, his own counsel tells us, in substance, that he was viewing the cost of getting caught, discounted by probability or improbability, against the gain of getting away without getting caught, given the probabilities,” Kaplan said. “That was the game. It started at least as early as Jane Street [the Wall Street firm Bankman-Fried joined straight out of college], and it continued to the very end. It’s his nature. And you don’t have to take my word for it — everybody has said that.”
Click to expand...
Maybe he messed up on the placement of the decimal point. ;)
 
In a nutshell (pardon the pun), for anyone confused about crypto currency, how it works, how it trades etc.
The conviction was a victory for the U.S. Justice Department and Damian Williams, the top federal prosecutor in Manhattan, who made rooting out corruption in financial markets one of his top priorities.
"The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it," Williams told reporters outside the courthouse.
 
SBF Post Sentencing Interview.
Countem said:
abcnews.go.com

FTX founder Sam Bankman-Fried speaks out after sentencing: 'I'm haunted, every day, by what was lost'

Former crypto entrepreneur Sam Bankman-Fried told ABC News in an exclusive interview that he is remorseful for his actions.
abcnews.go.com abcnews.go.com
An exclusive interview of SBF post-sentencing.
Click to expand...
@Countem Thx for this link.*

¶ 1. "In a court filing last year, Bankman-Fried accused Sullivan & Cromwell, the law firm representing FTX's new ownership, of working with prosecutors." He said "he had a right to see the FTX documents the company shared with prosecutors.... [ he ]suggested... he was not given a fair trial."
Q 1. I'm curious if you (or anyone here) has more specific info about doc's SBF claims he should have been able to review.

¶ 2. SBF also referred to "the defense's inability to get in critical evidence at trial."
Q 2a. So, what evd which he thought should have been admitted, was instead ruled inadmissible?

Q 2b. Was it the "mystery" evidence which SullCrom produced for fed prosecution (per ¶ 1)?

Q 2c. If SBF had not seen it, why would he think it was critical evd and its exclusion would be a basis for reversible error on appeal?

SMH, but interview seems to be par for the course w financial fraud conviction post-sentence interviews.

* FTX founder Sam Bankman-Fried speaks out after sentencing: 'I'm haunted, every day, by what was lost'
 
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www.bloomberg.com

FTX Investors Settle With Sam Bankman-Fried to Pursue Promoters

A group of FTX investors and customers has agreed to drop their claims against co-founder Sam Bankman-Fried in exchange for his cooperation against other defendants in a sprawling set of lawsuits over the cryptocurrency exchange’s collapse.
www.bloomberg.com www.bloomberg.com

SBF will cooperate in a class-action lawsuit targeting celebrities who promoted FTX with the aim of resolving current and future civil claims.
 
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