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Sam Bankman-Fried found guilty on all seven counts

Sam Bankman-Fried found guilty on all seven counts | TechCrunch

https://techcrunch.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-counts/

Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts

Sam Bankman-Fried found guilty on all seven counts | TechCrunch

Sam Bankman-Fried found guilty on all seven counts::Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts

34 comments

CobblerScholar

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Well yeah he fucked with rich people and their money, it was a foregone conclusion

stevehobbes

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He mostly made rich people a lot of money. They are probably up overall on FTX.

ImFresh3x

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I was told by a lot of people he’d get away with it. It was obvious from the get go they were gonna bury this clown.

EvilBit

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Ooh, ooh, now do consequences for hurting non- rich people!

myster0n

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Wish granted : he doesn't have to go to prison, gets a billion dollars and becomes an influential politician. At least that's how this usually plays out.

quackers

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Nah, if it was a normal banker, sure. This is a crypto guy, cant have those guys roaming around

EvilBit

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NVariable

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Five week trial and a 4 hour jury verdict? That’s insane. The jury listened to a month plus of evidence and came to a verdict before they bothered to order food.

fluxion

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It was a month plus of "yep, that's fraud"

eestileib

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The 4 hours actually included a dinner break.

He was fuuuuuucked in that jury room, they apparently know bullshit when they hear it.

Gratifying.

Gregorech

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Is one of the counts his haircut?

cheese_greater

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I think he got that one either dismissed or ~~Alfred~~ Alford-pleaded that one out

Edit: maybe a directed verdict like the moment he was charged and was arraigned

Thetimefarm

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Afro plea

ohlaph

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He kind of deserves to spend his days in prison. What an absolute sociatal skid mark.

Buffalox

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But why does it take another 5 months to give the actual sentence? That's a ridiculous amount of time, and apparently quite common!!

Croquette

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Because judgment on previous similar cases must be researched (jurisprudence) and then each charge refers to a law that has a specific range of sentence length.

Then, the judgement usually also accounts for different factors(good or bad) to determine the length of the sentence for each charge within the range determined by the laws.

There is also determining if the sentences are concurrent or not. And there is probably a lot of other stuff.

This is what I can think of from the top of my head.

The judge must also write the judgement in legalese, referencing all that was taken into account for the judgement.

And this isn't the only case that the judge has to complete. They have multiple going on at the same time.

Telodzrum

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This is a federal case there isn’t any standing law with regard to sentencing that needs to be researched. The guidelines are clear and known by all parties and the court. The delay is consistent with similar matters. The court will now hold sentencing conferences and hearing wherein both parties can present sentencing evidence such as testimony and mitigating factors that are not admissible during criminal proceedings or were not admissible to that particular proceeding. There are also a great deal of scheduling concerns and conflicts with regard to court staff and attorneys on both sides.

People should never be upset that due process is deliberate.

Croquette

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Thanks for the clarification, I am not that versed in the judiciary procedures and your comment gave me a better understanding.

I agree with you, 5 months to wait for a potential life in prison isn't too slow.

MotoAsh

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Due process is deliberate? I don't think anyone is arguing about that.

It's about what is 'due' to the non-guilty. WE are 'due' a justice system that doesn't take LITERALLY YEARS to put white collar criminals behind bars.

Do NOT forget that there is a miscarriage of justice with too slow of a system as well, and we are ABSOLUTELY there.

Telodzrum

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Nah, go seek your pound of flesh elsewhere you fucking ghoul.

MotoAsh

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What is ghoulish about recognizing that a system that simultaneously takes YEARS to put literal traitors and millionaire thieves behind bars, but will throw a poor petty theif in jail same day, is actually NOT a "just" system?

Your inability to observe reality is the truly ghoulish thing here. Fucking pathetic defense of a failed system you have, "fucking ghoul". Sure proved me wrong.

KevonLooney

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Calm down. The bail system needs work and has been revamped in many states. People shouldn't be sitting in jail unless they are a current danger or after they have been sentenced.

The length of time involved in court cases is due to the limited number of judges, lawyers, court clerks, etc. All of these are skilled workers who work more than 50 hours per week.

Are you going to law school to help move these cases along? Paralegal school? Advocating for more court funding? Advocating for UBI?

MotoAsh

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I advocate for a great many things. It is not my personal responsibility to fix every problem I rightfully complain about. Are you seriously so pathetic that you're going to use the logic of climate change deniers?

"If you're so worried about it, why don't you stop driving your car?" Yea sorry, asshole, dismissing my valid complaints doesn't magically fix the system.

Buffalox

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Sounds a lot like doing an essay for school, where you have a week, and at the same time must do all your other school work.
I'd say this is unacceptable, and practices need to be streamlined for quicker judgements. Of course that may cost a bit more money, but 5 months is still ridiculous IMO.

Croquette

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This is just like most jobs. Many things to do at the same time. I think 5 months for such a big case isn't that much of a time considering he is facing 110 years

Joker

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Judges have clerks and a staff that will compile all the research and even draft orders. It’s not all on one person.

Buffalox

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Both prosecutor and defense usually have recommendations for punishment, based on circumstances and previous practices. Having help checking that out, should not make it take longer.

Joker

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He’s going away for a long time. There’s a whole process to it beyond just the decision on the length of the sentence. He has to go through a psychological evaluation, physical exams, there’s a process to figure out where he will serve his sentence, etc. His attorneys will try to get him into an easier prison. Recent convicts are often afforded the opportunity to get their affairs in order. There will also be appeals.

It seems a long way off, but there’s a lot to do and there could be other factors. Maybe the judge’s schedule is a little backed up. There are holidays coming up. Who knows. SBF is already locked up anyway. There’s no way he’s getting less than 10-15 years so there’s not a huge sense of urgency to rush through this.

Diprount_Tomato

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Bro got fried for scamming the banks

SpaceNoodle

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Sam Bankman-Fried, bank man, fried

dyathinkhesaurus

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Scam Bankrun-Fraud

autotldr

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This is the best summary I could come up with:

Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts related to fraud and money laundering.

The decision was handed down on Thursday, following a five-week trial that dug deep into how one of the biggest crypto exchanges and its sister trading company collapsed about a year ago.

Bankman-Fried fell quickly from the top of the crypto totem pole after a faulty Alameda balance sheet was unveiled by CoinDesk in November 2022, which resulted in industry-wide panic and concern around FTX and its liquidity.

As the story unraveled, we learned that the problem was much, much bigger than many originally thought: The executives behind the now-bankrupt FTX and Alameda allegedly stole over $8 billion in customer funds.

Prosecutors argued Bankman-Fried made false promises and was responsible for the loss of billions of dollars for thousands of investors on FTX.

The DOJ’s December 2022 indictment stated Bankman-Fried knowingly defrauded FTX customers by misusing their deposits to invest in other companies and pay off lenders and expenses.

The original article contains 345 words, the summary contains 178 words. Saved 48%. I'm a bot and I'm open source!

rbesfe

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Shoulda taken a plea

Hobbes

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Haircut?

Zuberi

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Can’t wait to see how the 1:1 GME tokens are resolved