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Sam Bankman-Fried Convicted

nytimes.com

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Re: Sam Bankman-Fried Convicted

#681

Post by raverbashing »

buitreVirtual wrote: post #113
AustinDev wrote: post #9

Well... this is justice. Sadly, we don't get to see justice very often. This is life in prison, correct? I know he hasn't been sentenced but all counts is easily several life sentences at the federal level. When do the parents go on trial? I can't see how they make it out of this without at least having all their ill-begotten assets stripped.

How did the other FTX kids get away with it so easy? It feels like prosecutors gave them deals too generous just to get SBF convicted more easily.

They took the advice of their lawyers. That's some 90% of it

Re: Sam Bankman-Fried Convicted

#682

Post by bambax »

tptacek wrote: post #362
constantly wrote: post #244

For anyone curious, Ken White has a good and entertaining article breaking down maximum sentences in print (here, 110 years) and what people actually serve. It's worth a read: https://www.popehat.com/2013/02/05/crime-whale-sushi-sentenc... A takeaway: "1. Maximum sentences have very little relation to actual sentences in federal law. When the government quotes the maximum sentence, they are trying to scare you. When…

The opposite thing is going to happen in this case, and I'm sure you'll hear Ken on Serious Trouble saying the same thing next week (you can get Andrew McCarthy, another former AUSA, saying the same thing in the National Review today if you want that with a dash of anti-woke conservative racial politics). In basic economic crimes, sentences scale primarily with dollar losses, and FTX lost billions. He's going to do s…

> He's going to do something resembling the statutory max

I don't think you're right, but in any case, even if he receives the statutory max, it's unlikely he'll do it and stay in jail for 115 years.

Re: Sam Bankman-Fried Convicted

#683

Post by bengale »

berniedurfee wrote: post #670

So what’s the final outcome? A long prison sentence or a few years hanging out on appeal followed by a few years in a low security federal penitentiary and a long career doing speaking engagements and appearances? Holmes got 9 years, but her actions had severe real world effects on people. Is that the ceiling for SBF?

> Holmes got 9 years, but her actions had severe real world effects on people.

My understanding is she was convicted for financial bits, not harming people.

Re: Sam Bankman-Fried Convicted

#684

Post by diydsp »

flanked-evergl wrote: post #668
randycupertino wrote: post #320

I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…

> You’d think this MIT graduate would wise up, but he never did. After interacting with professional managers with degrees from supposedly illustrious institutions for years during my career, I don't see a good basis for this expectation. What is more fascinating is how the professional management class, as incompetent as they are, have managed to gain the reputation of wisdom and competence in the collective subcons…

That is an invite to an interesting conversation about fame, media, publication, status, hierachy, "alpha"-ness, reproduction, entitlement, culture, etc!

Re: Sam Bankman-Fried Convicted

#685

Post by SSLy »

raverbashing wrote: post #595
_adzo wrote: post #533

Earlier quoted context omitted.

Worked in crypto and I got that vibe so left. Regret it. For every SBF there are hundreds who get away with it. Tons of talentless crypto millionaires still roaming free. Look at the Axie Infinite guys plundering a whole country. Token could collapse, but there’ll be no justice and they’re sitting on at least 8 figures individually

Unless you're in on the schema (and even then!) you'd be the first in line to be the fall guy if things went south

scheme, schema is something to do with your RDBMS

Re: Sam Bankman-Fried Convicted

#686

Post by pityJuke »

saeranv wrote: post #474

I sure hope all the HN commentators confidently predicting this would never happen because of his large donations to the democrats see this.

If you like HN commentators being wrong, you’ll love this initial thread on Alameda being insolvent [0]. I post only in jest, as hindsight makes much of this hilarious.

[0]: https://news.ycombinator.com/item?id=33464494

Re: Sam Bankman-Fried Convicted

#688

Post by TacticalCoder »

berniedurfee wrote: post #670

So what’s the final outcome? A long prison sentence or a few years hanging out on appeal followed by a few years in a low security federal penitentiary and a long career doing speaking engagements and appearances? Holmes got 9 years, but her actions had severe real world effects on people. Is that the ceiling for SBF?

In a way, who cares? People who had funds there should get about 0.5:1 back (which isn't too bad) and, hopefully, investors are now going to do at least five minutes of due diligence before investing in such people (five minutes of googling / searching on Twitter was all that was needed to see SBF was a ponzi scammer: the info was all out there but nobody wanted to listen. Maybe now they will).

I don't care if he does zero year, one year or 100 years. It's not as if he was a killer representing a serious menace on society. With what he did nobody will want to hire him, not even as an accountant for a small town's tennis table club.

Sure, he's a despicable person who was using stolen money to rent private jets to have amazon shipments sent to him in the Bahamas and he didn't hesitate to lie in court by pretending it was all the fault of his co-conspirators (co-conspirators who pleaded guilty btw) but all that counts is that now he's not going to scam people anymore.

The two private jets he bought, the luxury houses in the real estate in his parents name (another trial coming for his parents btw), his scamming company all have been seized.

The supposedly "billionaire kid genius", his parents, and his effective altruism guru (who bought a $15m mansion using stolen funds donated by FTX and who was part of the Alameda scam) all got exposed.

The true color of these people has been revealed.

It's game over.

Re: Sam Bankman-Fried Convicted

#689

Post by user3939382 »

IMHO our whole country is run by criminals and financial crime. Remember when HSBC knowingly laundered millions for cartels and no one went to jail? The President is a criminal. SBF is either a patsy or didn’t grease the right palms.

Re: Sam Bankman-Fried Convicted

#690

Post by birracerveza »

user3939382 wrote: post #689

IMHO our whole country is run by criminals and financial crime. Remember when HSBC knowingly laundered millions for cartels and no one went to jail? The President is a criminal. SBF is either a patsy or didn’t grease the right palms.

He certainly lost the wrong people's money, that's for sure...
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