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Sam Bankman-Fried sentenced to 25 years in prison

cnn.com

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Re: Sam Bankman-Fried sentenced to 25 years in prison

#871

Post by ponector »

bearjaws wrote: post #360
segasaturn wrote: post #31

For those wondering, prosecutors asked for 50 years in prison, defense asked for 5 years. So this sentence is right down the middle. 50 years in prison would have been way too long IMO.

Stole 1% from the pension fund for Ontario's teachers. Stole unknown amounts of peoples retirement. Ruined many peoples lives. How is 50 years too long? The literal largest fraud case in history doesn't even have a life sentence... We are sending a clear message, grift and steal your way to the top and then get out just in time to retire with all your stolen goods. You know when he gets out he is gonna go unlock a de…

His cellmate, ex president of Honduras got 40 mandatory years. I think 25 years is not enough for such a massive crime.

>>On 8 March 2024, Hernández was convicted of three counts of drug trafficking and weapons conspiracy and faces mandatory minimum sentence of 40 years in prison.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#872

Post by literallycancer »

tim333 wrote: post #811
goalonetwo wrote: post #690

Earlier quoted context omitted.

As someone who lost a little bit through this whole debacle I think it is because we willingly gave our money to FTX. We wanted to believe in this story that was too good to be true. We got fooled and we are slightly ashamed. When you get mugged you have no choice on what is happening. The actions are being forced physically on you. With FTX We chose to go that way so it somehow feels like we are as much to blame as…

I deposited some money with FTX and expected them not to steal it in the same way you expect a bank not to steal your deposits. I didn't gift to them or expect anything too good to be true. If a bank manager steals customer deposits to pay his gambling debts I put the blame 100% on the manager 0% on the customers.

Bank deposits are usually insured, aren't they?

Re: Sam Bankman-Fried sentenced to 25 years in prison

#873

Post by nilamo »

triceratops wrote: post #669
shookthrowaway wrote: post #656

Earlier quoted context omitted.

[flagged]

> The median American in the 45–54 age bracket has merely seven thousand dollars more saved for retirement than you had thrown into crypto. You should take those headlines with a grain of salt because they grossly misrepresent the studies they are reporting on. Quoting directly from your article: "The median 401(k) balance is just $35,345." Most people who have a 401(k) work at more than one company in their career a…

Sure, sure, sure, but why are there so many retirees working at groceries/greeters? Are their multiple 401Ks not enough, for some reason?

Re: Sam Bankman-Fried sentenced to 25 years in prison

#874

Post by smcin »

adolph wrote: post #664
compiler-guy wrote: post #309

Earlier quoted context omitted.

Lewis also soft-sells the polyamorous relationships and complications that caused around SBF's relationship with Caroline Ellison. Caroline wants to go public, and why that would be a much bigger deal in the polyamorous world they were living in. It's similar in many of Lewis's other analysis of SBF's relationships. Lewis avoids context that makes SBF look much worse.

What does an IPO (or ICO?) have to to with “polyamorous world?”

No, parent means "going public [about their polyamorous relationship]".

Re: Sam Bankman-Fried sentenced to 25 years in prison

#875

Post by roguas »

freedomben wrote: post #504
publius_0xf3 wrote: post #449

It's funny. I lost tens of thousands of dollars thanks to this individual, yet his sentence brings me no joy or arouses any emotion at all. I'm utterly indifferent to his fate for some reason and I don't know why. Yet if he had been a mugger who stole a much smaller amount of money from me on the street, I think I would've been far more vengeful. Should I feel vindictive? Or is it healthy to forget about it and move…

Purely speculation on my part, but I tend to feel similarly, and I think the reason is that the mugger includes a physical threat of violence. Evolutionarily, the emergence of an economy with capital at modern-day scales are so new that we haven't had time to really adjust emotionally. It kind of reminds me of the various birds on previously untouched-by-humanity islands that had no fear of humans and would just sit…

> we haven't had time to really adjust emotionally.

I think we adjusted, but we just apply broader context. No one would recommend going all-in on FTX with your life savings. Likely no one involved is really poor and this affected his life strongly. People lost money for their retirement retro vehicle, it's fairly easy to adjust to that.

This not saying it's ok, but its annoyance in effects mostly or should be(I think likely there are may be people, who put too much money, but then again internet financial advisory board all appears and says: HA! Told ya not to do it!).

Re: Sam Bankman-Fried sentenced to 25 years in prison

#876

Post by roguas »

redox99 wrote: post #867
publius_0xf3 wrote: post #449

It's funny. I lost tens of thousands of dollars thanks to this individual, yet his sentence brings me no joy or arouses any emotion at all. I'm utterly indifferent to his fate for some reason and I don't know why. Yet if he had been a mugger who stole a much smaller amount of money from me on the street, I think I would've been far more vengeful. Should I feel vindictive? Or is it healthy to forget about it and move…

If you get mugged, you feel it was outside your control. If you get scammed, you feel it was partly your fault that you were fooled.

or internet consortium of financial advisor will tell you: it is a bit of your own fault, you should always diversify

Re: Sam Bankman-Fried sentenced to 25 years in prison

#877

Post by manquer »

AI_beffr wrote: post #768

prison is such an interesting concept. violent people need to be physically separated for the safety of the population. but for a crime like this maybe it would be better to just give him 5-10 years in prison but never let him deal in finance again. i would rather have him on a road crew tying re-bar than using up tax payer money in prison...

Prison is also a deterrent for future offenders, if everyone is knows/feels all they will loose is their license to practice finance then you will have lot more financial crime than there is.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#878

Post by [deleted] »

j0hnyl wrote: post #603
rgbrenner wrote: post #338

Earlier quoted context omitted.

FTX was one of the biggest frauds in history.. and you're showing us averages. Madoff received a 150 year sentence, and that was with leniency for pleading guilty.

Propotional to the size of Madoff's ponzi, SBFs sentence is heavy.

[deleted]

Re: Sam Bankman-Fried sentenced to 25 years in prison

#879

Post by sob727 »

kolbe wrote: post #644
tptacek wrote: post #596

Earlier quoted context omitted.

The problem with Lewis's book is that it was pretty clear it was an on-a-dime pivot from the original story he had planned to tell, about a wunderkind revolutionizing finance and trying to save the world at the same time.

And Lewis was into the original plot less than this one. Lewis is clearly on board with the progressive inclination to say that their cause is more important than operating within traditional bounds on behavior. Lewis was on board with SBF's irresponsible approach to risk management and regulatory oversight, because unlike Wall Streeters taking excessive risk for personal gain, SBF doing it for the sake of "improving…

Where is the omelette?

Re: Sam Bankman-Fried sentenced to 25 years in prison

#880

Post by sob727 »

Aeolun wrote: post #833
gizmo wrote: post #406

Earlier quoted context omitted.

I very much agree. "Number go up" by Faux is the better book in many respects, but Lewis's book contains much background info not reported elsewhere. Lewis's book is damning about SBF as you said. About how unapologetic and manipulative he is. About his willingness to gamble with other people's money. About his complete lack of ethical boundaries. About the casual way SBF ignored all laws he didn't like. About SBF's…

> About how unapologetic and manipulative he is. About his willingness to gamble with other people's money. This describes most bankers? They’re generally smarter in that they work for an organization that dillutes responsibility for their crimes.

If you're aware of a financial crime, please report it to the SEC or one of the other financial regulators through their whistleblower hotline. You may be in for a big payday.
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