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I fear this too.
Sam Bankman-Fried Convicted
381–390 of 1001 posts
Re: Sam Bankman-Fried Convicted
#382I 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…
Yeah. And I find it quite contemptuous for SBF to often use "Yup" instead of yes.
Re: Sam Bankman-Fried Convicted
#383Anyone know where to get good details? Specifically: do they know where the money went? If not, how did they prove intent (I assume they proved intent)? Edit: another thing I'm wondering is about jurisdiction, since most of this occurred offshore and didn't involve US customers.
The intent is that it was customer money. There is a fiduciary duty. They have separate custodial accounts for customer funds. They did not separate funds. It was clear as day.
Re: Sam Bankman-Fried Convicted
#384Earlier quoted context omitted.
There’s a second trial around the same time for all the illegal political donations he made.
Is there a trial for that? I thought that he wouldn’t be tried for that due to the terms of his extradition.
yes, in early march https://x.com/innercitypress/status/1720228112695189509?s=20
Re: Sam Bankman-Fried Convicted
#385More like Sam Bankman-Fraud, amirite?
The Bankman was Fried when he did business with Sam.
Re: Sam Bankman-Fried Convicted
#386Charles Ponzi also forgot to run with the money. But Ponzi only got 12.5 years.
Re: Sam Bankman-Fried Convicted
#387What was the exact moment the fraud began? What should he have done instead?
I'm sure there was a long slippery slope to more and more brazen fraud, but for what he should have done instead that's a very very simple question to answer. He shouldn't have committed fraud. All the illegal stuff he did with comingling funds and stuff? Just - don't do that.
Re: Sam Bankman-Fried Convicted
#388I 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…
With or without testifying he cut a remarkably unlikeable figure. Smug, aloof, arrogant and condescending, honestly much more so than a typical white collar defendant. I suppose his fatal flaw, though was not having anyone else to blame.
> Smug, aloof, arrogant and condescending, honestly much more so than a typical white collar defendant.
At least he wasn’t playing League of Legends on the stand. That’s a small win, I guess?
Re: Sam Bankman-Fried Convicted
#389I'm curious how the sentencing goes, not only for SBF but those around him that took deals.
In my limited view of US cases, it often seems prosecutors let off lightly anyone that will testify in return for their whale. Sometimes feels it's more symbolic justice that way than real.
Re: Sam Bankman-Fried Convicted
#390For 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…
It's worth noting that the mechanism is still different. In this case, "the upper end of the range when you math out the sentencing guidelines" and "the amount you get if you take all the base charges and add them up and assume they're sequential" start to blend together because of the sheer scale.
But it's not like when the scale gets big enough, the whale sushi hypothetical math starts becoming the real way we calculate sentences. It's just that the guidelines really do try to account for super villain levels of crime.