The fact that this guy has not been arrested just goes to show how completely f*cked America is.
welp - that was fast, they just arrested him lol
SBF scheduled to testify tomorrow at US House hearing on FTX collapse
191–200 of 204 posts
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#192Earlier quoted context omitted.
They did not "forget to hire an accountant". They took customer funds and did whatever they wanted with it. Just look at that hilarious "balance sheet" that was leaked, it's not even on the same planet as a balance sheet of an exchange. It worked until the funds ran out. In a sense this is worse than a pyramid scheme because in a pyramid scheme at least a good portion of the "profits" is actually paid out. Here the f…
Did I really need air quotes around "forget"?
Yeah, the point is this was much more than some accounting problems - looks like the intent (to defraud) was there as well. On a massive scale.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#193Earlier quoted context omitted.
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…
| Once the trial has concluded, he cannot be re-tried on the same or related charges even if new evidence comes to light. ..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.
Double-jeopardy applies once the charges have been resolved, such as when a verdict has been reached, charges dismissed with prejudice (whether voluntarily by the prosecutor or unilaterally by the judge), a plea deal has been accepted, or if the speedy trial window has passed.
The last bit is why prosecutors wait to try defendants in complex cases.
(Note that there is no right to speedy sentencing...any time spent in jail/prison after conviction but before sentencing is credited against the incarceration sentence.)
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#194Earlier quoted context omitted.
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…
Looks like you're right, thanks. Gonna be a long time before he goes to jail then. Maybe Bahamas will charge him first to get him in jail and then US would be able to extradite as I doubt Bahaman charges would count toward US speed trial. Edit: SBF has been arrested by Bahaman authorities.
Maybe Bahamas will charge him first to get him in jail and then US would be able to extradite as I doubt Bahaman charges would count toward US speed trial.
Edit: SBF has been arrested by Bahaman authorities.
!!!
That's correct, double-jeopardy applies at the jurisdictional level (meaning, double-jeopardy from a state court trial wouldn't prevent a trial at the federal level, or vice versa), so charges in the Bahamas would not trigger double-jeopardy protection against charges filed in the U.S. at the state or federal levels.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#195Earlier quoted context omitted.
Did I really need air quotes around "forget"?
Yeah, the point is this was much more than some accounting problems - looks like the intent (to defraud) was there as well. On a massive scale.
Of course.
But the SBF story is "man, I dunno, maybe I forgot to reconcile those ledgers? It's complicated I think.".
My guess: He knew exactly what was happening but believed he could outlast the crisis and everyone would be whole on the other side. That risk would probably have paid off about 50% of the time. And I think the Binance guy called SBF's bluff and killed FTX for fun.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#196Earlier quoted context omitted.
> I don't expect too many tough questions. Wanna bet? He's super unpopular across the aisle and politicians are quick to turn on donors if they are dead in the water.
Cory Booker had no problem putting in a good word for Elizabeth Holmes.
Good counterpoint, I hadn't been aware of that.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#197Earlier quoted context omitted.
What are the odds that Bahamas authorities were previously partners in his scheme, and now want to keep him in the Bahamas simply so they can loot the corpse of FTX before anybody else can?
They just arrested him on behalf of the US and say they plan on processing his extradition quickly once it is formally requested. I don't think they like the spotlight. https://twitter.com/tier10k/status/1602446984090107905
Excellent news.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#198Earlier quoted context omitted.
| Once the trial has concluded, he cannot be re-tried on the same or related charges even if new evidence comes to light. ..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.
Double-jeopardy applies once the charges have been resolved, such as when a verdict has been reached, charges dismissed with prejudice (whether voluntarily by the prosecutor or unilaterally by the judge), a plea deal has been accepted, or if the speedy trial window has passed. The last bit is why prosecutors wait to try defendants in complex cases. (Note that there is no right to speedy sentencing...any time spent in…
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Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#199The fact that this guy has not been arrested just goes to show how completely f*cked America is.
Given that he's been arrested, I guess America is not that fucked?
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#200I met someone who claimed they lost money in FTX when I was taking four figures in winnings from boomers at the poker room yesterday. (Could have been just table talk -- you can't trust anything you here in that context, just like you should take psudoanonymous internet comments from some guy named "Greg" with a grain of salt.) I didn't have a ton of sympathy for him or her, since this is the flip side of engaging in…
Cool story, bro.