171–180 of 204 posts
*remotely testify. https://www.reuters.com/legal/ftxs-sam-bankman-fried-says-he...
Because of the paparazzi, mind you.
They can be quite annoying, or so I've heard.
Earlier quoted context omitted.
It is complex, but that doesn't mean it's not malicious. Let's use a simpler example. Sam runs a horse racing operation and allows you to place bets on horses. Before the race begins, Sam collects $1,000,000 from various people placing bets on the race. During the race, Sam runs across the street to the casino and puts the $1,000,000 he's holding on black at the roulette table. If he wins the bet, Sam plans to take t…
Sure. This is a reasonable analogy. I simply think that he started from an a priori belief that a) he is brilliant, and therefore b) ideas he comes up with are similarly brilliant, thus c) this idea is brilliant. It wasn't. That said, I don't think it should matter whether or not he came into this plan with an intent to defraud or if he mistakenly thought this was a foolproof investment strategy. The man is guilty as…
I think it's impossible he didn't know he was committing fraud. Now he's playing dumb, but I've know at least two people in situations like this. One was doing super risky real estate stuff which blew up in a surprisingly similar way - maniacal plans for world domination, mansions, lots of cocaine and adderall, sex with the co-workers, tons of leveraging, the whole thing. He was absolutely thrilled by the schemes and knew they were illegal. Ways to increase and manipulate the leverage was the daily conversation!
I know it's just an example, but this is all SBF would be doing all day besides press - talking about the funds and what they're doing with them. People imagine CEO's as being insanely busy and it's true, but there wouldn't be a day that passed that he wouldn't be making decisions with the finances - where they're going, what to do, etc. He's lying about dashboards and not knowing.
Smart sociopaths will convince even themselves it didn't happen when caught. Don't buy it.
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> Him just disappearing would force his parents/siblings to also have to become fugitives How is that? Are they involved somehow? I’ve been following this somewhat closely and the only time I’ve seen his family mentioned is that he should have known better given his parents’ expertise, but that doesn’t imply they were involved.
No, I'm saying if he took the route of cashing out and going into hiding. He would never talk to his parents/siblings again. Or, they will be in serious legal trouble if he does. Helping a fugitive evade governments is illegal everywhere. And even if he goes with the "never talk to his parents/siblings again" route. It's basically impossible for you to show your face in public anywhere if your son is on the FBI top 1…
- Ruja Ignatova - disappeared in 2017, $3-4 billion missing - https://en.wikipedia.org/wiki/Ruja_Ignatova
- Gerald Cotten - declared dead in India under mysterious circumstances in 2018, $850 million missing - https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions
- Paul Vernon - disappeared in 2016, rumored to be hiding in China, ~$8 million missing - https://news.bitcoin.com/vanished-cryptsy-ceo-big-vern-order...
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No, I'm saying if he took the route of cashing out and going into hiding. He would never talk to his parents/siblings again. Or, they will be in serious legal trouble if he does. Helping a fugitive evade governments is illegal everywhere. And even if he goes with the "never talk to his parents/siblings again" route. It's basically impossible for you to show your face in public anywhere if your son is on the FBI top 1…
The counterpoint is people have disappeared and not been caught yet who ran smaller crypto exchanges: - Ruja Ignatova - disappeared in 2017, $3-4 billion missing - https://en.wikipedia.org/wiki/Ruja_Ignatova - Gerald Cotten - declared dead in India under mysterious circumstances in 2018, $850 million missing - https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions - Paul Vernon - disappeared in 2016, rumored to be…
Maybe I'll try and hop on the next Twitter spaces Sam does and ask him why he decided not to go the international fugitive route.
Or yeah idk. I guess he has strong belief that he can spin the story into an "accident" and get away with 5-10 years of jailtime? That's probably better than spending the rest of your life in hiding.
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I agree. It wasn't very complex, he made a bunch of basic mistakes that nobody with even a passing familiarity with finance should have made, and to say that he should have done better is an understatement of almost comical proportions. I just also think that these things were (at least initially) due to absurd levels of hubris and incompetence rather than outright malicious intent. The guy thought his shit didn't st…
I just also think that these things were (at least initially) due to absurd levels of hubris and incompetence rather than outright malicious intent. Is there really that much of a difference between these two in this financial context?
The fact that this guy has not been arrested just goes to show how completely f*cked America is.
Once SBF gets arrested, the clock on trying him in court begins. The "clock" varies by jurisdiction; it can be a short as 30 days or as long as 6 months, and they have to gather all of the evidence they will be using before the trial begins.[1] Once the trial has concluded, he cannot be re-tried on the same or related charges even if new evidence comes to light. Or IOW: prosecutors get one shot at the apple. They're…
* Note per below the sacrificial offense would be a Bahaman offense while the superseding offense would be in US jurisdiction.
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Once SBF gets arrested, the clock on trying him in court begins. The "clock" varies by jurisdiction; it can be a short as 30 days or as long as 6 months, and they have to gather all of the evidence they will be using before the trial begins.[1] Once the trial has concluded, he cannot be re-tried on the same or related charges even if new evidence comes to light. Or IOW: prosecutors get one shot at the apple. They're…
He can be imprisoned on one "sacrificial" offense for which they have probable cause but don't care much about.* Then reset the clock with a superseding indictment. * Note per below the sacrificial offense would be a Bahaman offense while the superseding offense would be in US jurisdiction.
A superseding indictment does not "reset" the clock. The speedy trial clock begins with the first indictment, regardless of whether there is a subsequent or superseding indictment. See e.g., U.S. v Black (2nd Cir. 2019), or US v. Young (11th Cir. 2008, available at https://caselaw.findlaw.com/us-11th-circuit/1425888.html). The Young opinion is a good primer on the history of the speedy trial case law.
The following U.S. Circuits have ruled similarly to the 2nd and 11th Circuits on speedy trial rights and superseding indictments: D.C, 3rd, 5th, 7th, 8th, 9th.
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He can be imprisoned on one "sacrificial" offense for which they have probable cause but don't care much about.* Then reset the clock with a superseding indictment. * Note per below the sacrificial offense would be a Bahaman offense while the superseding offense would be in US jurisdiction.
That's not how it works, at all. A superseding indictment does not "reset" the clock. The speedy trial clock begins with the first indictment, regardless of whether there is a subsequent or superseding indictment. See e.g., U.S. v Black (2nd Cir. 2019), or US v. Young (11th Cir. 2008, available at https://caselaw.findlaw.com/us-11th-circuit/1425888.html ). The Young opinion is a good primer on the history of the spee…
Edit: SBF has been arrested by Bahaman authorities.
The fact that this guy has not been arrested just goes to show how completely f*cked America is.
The question of jurisdiction is interesting. Technically FTX was not operating in the US or for US citizens but, as I understand, there were many workarounds. FTX US did operate in the US, but I'm not sure how fucked they are relative to the main FTX exchange. It's also notable that FTX customers (at least the "in-crypto-for-the-ideology" ones) and investors wanted this. They wanted a financial system that was out of…
I'm going to go out on an amputated limb here and say...right well fucked.
The fact that this guy has not been arrested just goes to show how completely f*cked America is.
Once SBF gets arrested, the clock on trying him in court begins. The "clock" varies by jurisdiction; it can be a short as 30 days or as long as 6 months, and they have to gather all of the evidence they will be using before the trial begins.[1] Once the trial has concluded, he cannot be re-tried on the same or related charges even if new evidence comes to light. Or IOW: prosecutors get one shot at the apple. They're…
..thought that was the only situation in which double Jeopardy doesn't apply. Can you explain a bit? Is this condition specific to violent crimes or something? If not, seems like there should be a stronger consideration for the magnitude of harm done.