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Sam Bankman-Fried Convicted

nytimes.com

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Re: Sam Bankman-Fried Convicted

#41

Post by ozim »

candiddevmike wrote: post #17
matheusmoreira wrote: post #13

Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.

Pretty sure banks get audited to prevent this exact scenario from happening.

Kind of see the point of parent poster “if it would be real crypto, it would never happen”.

He is not wrong technically but it happened so he obviously isn’t correct either.

Re: Sam Bankman-Fried Convicted

#42

Post by pr0crastin8 »

Like many of his strategies at FTX, his high risk approach to this trial for a high value payout (taking no plea deal and getting out with no charges) hasn’t worked out.

I wonder if he himself is accepting of the outcome and isn’t already scheming or relying on another all-in gamble.

Re: Sam Bankman-Fried Convicted

#43

Post by tempsy »

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.

I think no less than 20 years but not sure about life either.

SBF did not do himself any favors with his smug attitude that caused the judge himself to scold him several times during his examination. If he was a little more remorseful I could’ve seen some more leniency but the Judge did not like his attitude from what I could read following his testimony.

Re: Sam Bankman-Fried Convicted

#44

Post by pbj1968 »

idlewords wrote: post #28

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

Give him a chance to wrap things up. He’s not going anywhere in the interim.

Re: Sam Bankman-Fried Convicted

#45

Post by matheusmoreira »

favorited wrote: post #21
matheusmoreira wrote: post #13

Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.

> This guy created a literal bank No he didn't. He created a hedge fund and a crypto exchange.

If it does fractional reserve banking, it's a bank. If you can deposit currency in it and collect some "interest" from those holdings, it's pretty much a bank. Every cryptocurrency exchange you can find does that. They even offer loans and everything. Therefore they are banks.

Re: Sam Bankman-Fried Convicted

#46

Post by [deleted] »

idlewords wrote: post #28

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

[deleted]

Re: Sam Bankman-Fried Convicted

#47

Post by wmf »

munchinator wrote: post #32

I'm not too familiar with the American system, could someone please explain how after the verdict does the sentencing work? The judge is the one who will now decide the sentence? And how long does that decision take, so when will we know what the consequences of the guilty verdict actually are? (For example, how many years in prison, or not).

Sentencing on March 28th. https://twitter.com/innercitypress/status/172022864264133049...

Re: Sam Bankman-Fried Convicted

#48

Post by bagels »

munchinator wrote: post #32

I'm not too familiar with the American system, could someone please explain how after the verdict does the sentencing work? The judge is the one who will now decide the sentence? And how long does that decision take, so when will we know what the consequences of the guilty verdict actually are? (For example, how many years in prison, or not).

Typically decided by the judge. There is a table of different degrees of crimes that have sentencing guidelines for minimum/maximum sentence.

The judge will choose where on that spectrum the sentence lies.

edit: From Ars Technica

The five charges related to wire fraud and money laundering carry maximum sentences of 20 years each, while the two securities and commodities fraud charges have maximum sentences of five years each.

Re: Sam Bankman-Fried Convicted

#49

Post by minedwiz »

munchinator wrote: post #32

I'm not too familiar with the American system, could someone please explain how after the verdict does the sentencing work? The judge is the one who will now decide the sentence? And how long does that decision take, so when will we know what the consequences of the guilty verdict actually are? (For example, how many years in prison, or not).

Disclaimer: not American either, but it does seem like the judge does it from what I read. Sentencing is 28 March so seems he’ll have quite some time.

Re: Sam Bankman-Fried Convicted

#50

Post by Vicinity9635 »

eep_social wrote: post #34
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.

115 years maximum. I haven’t been following the judge closely enough to have a feel for how much they’re going to throw the book vs let him off but I have to imagine it’ll be the book given his attitude throughout. But that one rapist, Brock Turner, did like a year of community service so you never know. edit: Also seeing 110 years, TechCrunch said 115 here: https://techcrunch.com/2023/11/02/sam-bankman-fried-found-g…

Brock Turner got probation.

I'd rather go to prison than go on probation. I know a cop that feels the same way.

The people that think he got off easy don't know how awful probation is.

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