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Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

nytimes.com

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Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#61

Post by timmytokyo »

HN_is_for_gemes wrote: post #37
77pt77 wrote: post #33

Earlier quoted context omitted.

Kind of. One-coin fits your description better.

SBF would have scammed with anything instrument, only the media and gov wants you to believe it had anything to do with crypto

Cryptocurrency is, in many ways, especially useful for fraud. It's relatively anonymous, which makes transactions between individuals more difficult to track. It's unregulated, so there are fewer safeguards against fraud. It's complex, so scammers are able to prey on more people who don't fully understand it. And it's unprotected, in the sense that consumers usually have no recourse in the event that they are scammed.

Can traditional financial instruments (like cash, securities or commodities) be used for fraud? Absolutely. But it's not as easy.

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#62

Post by monero-xmr »

moralestapia wrote: post #23

I hope they get much more than a slap on the wrist, even though they're cooperating now. They're as much liable as SBF in this whole scheme. Also, where's Sam Trabucco?

Ryan Salame took out $60 million in “loans” from FTX, donated tens of millions to republicans, and bought up a bunch of restaurants in the Berkshires. How are all these guys not being arrested?

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#63

Post by yewenjie »

77pt77 wrote: post #31
neilv wrote: post #22

> Both were involved in effective altruism — a community focused on using data to maximize the long-term impact of charitable donations. > She got into crypto, she explained on another episode, because she was hoping to make lots of money to give away as part of her commitment to effective altruism. Should the term be capitalized, as Effective Altruism ? It seems to be a new, branded definition, and not in common usa…

There are audio recordings of Fried saying that it was something he needed to say in order to fit in with the right crowd. There were never any philanthropic objectives. It was always a scam from the get go. Also look into one-coin and Ruja Ignatova.

Are those recordings publicly available or any source?

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#64

Post by djmips »

jcampbell1 wrote: post #30

In previous discussions, I said there was a 0% chance she got some sort of deal. I was downvoted to hell, but this guilty plea shows how it works in real life, not TV. The deal is you cooperate voluntarily and the court is allowed to provide sentencing leniency. The only thing she gets is the prosecution agrees to tell the court she cooperated.

Don't crow some kind of victory until the show is over.

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#65

Post by ceejayoz »

monero-xmr wrote: post #62
moralestapia wrote: post #23

I hope they get much more than a slap on the wrist, even though they're cooperating now. They're as much liable as SBF in this whole scheme. Also, where's Sam Trabucco?

Ryan Salame took out $60 million in “loans” from FTX, donated tens of millions to republicans, and bought up a bunch of restaurants in the Berkshires. How are all these guys not being arrested?

> How are all these guys not being arrested?

This article is about precisely the process in which that happens.

They now have cooperating witnesses with significant internal visbility into what went on, and more importantly, people who can speak to the intention behind what went on.

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#66

Post by jychang »

yewenjie wrote: post #63
77pt77 wrote: post #31

Earlier quoted context omitted.

There are audio recordings of Fried saying that it was something he needed to say in order to fit in with the right crowd. There were never any philanthropic objectives. It was always a scam from the get go. Also look into one-coin and Ruja Ignatova.

Are those recordings publicly available or any source?

Not audio recordings, they were screenshots of a twitter conversation

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#67

Post by rippercushions »

moab wrote: post #10
infrawhispers wrote: post #3

SEC Complaint with more details. https://www.sec.gov/news/press-release/2022-234 I have read more SEC complaints this year than in all of my previous years combined. —- Edit 1 Caroline’s guilty plea: https://www.documentcloud.org/documents/23495436-crypto-coop...

110 years! I wonder how many she'll get out of that for being the first out of the woodwork.

110 years, fine of up to 2x the "pecuniary gain" of the fraud, and last but certainly not least, a "$100 mandatory special assessment" for each of the seven counts. Gotta pay for those Federal investigators somehow!

Also, I like how the they're very clear that restitution must be made as "a sum of money in United States currency", as opposed to, say, FTT tokens or Bored Ape NFTs. However, the section on forfeiting the proceeds of the crime does explicitly include "property including but not limited to" USD, meaning the Feds may end up with a pile of shitcoins and monkey JPGs after all!

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#69

Post by cma »

lordfrito wrote: post #58
dmix wrote: post #32

Earlier quoted context omitted.

I also can’t think of Effective Altruism without thinking of the inverse radical Objectivism. I don’t agree with Ayn Rand’s amateur philosophizing [1] but it’s a great example of using the Rational vs Altruistic dichotomy for extreme ideological ends. Both just happen to be able to justify the acquisition of infinite capital without typical counter-weights that society puts forward… and inversely to justify authorita…

Interesting insight. Sometimes it seems like the ultra wealthy need some sort of story to tell themselves (and others) as to why they are different, why they have earned and deserve these vast richest, etc. Philosophy more and more seems to be a rich mans game. Wonder if it has anything to do with Imposter Syndrome? As if preaching a philosophy can somehow make up for the ruthlessness (and I have to believe some empt…

The Effective Altruists bought two castles. Why? The ambiance helps them think clearer and hold better events of course! Since they are the main character (ironically Rand-ish), the castles are a better use of donations than cheap mosquito nets, famine relief, etc.

Re: Caroline Ellison and Gary Wang are cooperating in the criminal case against SBF

#70

Post by elliekelly »

jcampbell1 wrote: post #49
ceejayoz wrote: post #40

Earlier quoted context omitted.

> The only thing she gets is the prosecution agrees to tell the court she cooperated. That is the deal. It's a cooperating plea deal; prosecutors will accept a much smaller sentence (out of the very wide ranges available) if they follow through on the coperating part.

Exactly. People were throwing out potential immunity, or other complete nonsense for cooperation. There weren’t even discussions about recommended prison time as that can blow the prosecutions case against SBF. The idea that there is some agreement for say 5 years recommended is not on the table in this type of situation.

> The idea that there is some agreement for say 5 years recommended is not on the table in this type of situation.

That is absolutely the situation. That’s why you take the deal. They got her to plead to seven counts! There’s almost certainly an agreed-upon recommended sentencing.

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