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SBF Arrested by Bahamian Authorities

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Re: SBF Arrested by Bahamian Authorities

#71

Post by ender341341 »

beambot wrote: post #45
throw_m239339 wrote: post #23

Earlier quoted context omitted.

> Maybe this was the only way to ensure he testified Nope, it doesn't make any sense to arrest him if the goal was to force him to testify in front of congress. Once he is placed under arrest then I'm pretty sure the house cannot make him testify if he is in custody, he becomes at the mercy of a judge and I imagine bail conditions will not allow him to talk in public about the case either.

If Congress issued a subpoena, why would any judge reasonably withhold a willing detainee? Also, it what universe would bail make sense for such an obvious flight risk?

He wasn't arrested by the US government (or US state government), the Bahamas arrested him after the DOJ said they were pressing charges and likely to request extradition.

As for flight risk the Bahamas had previously confiscated his passport and he wasn't able to get himself smuggled out in the last 2 weeks so he doesn't appear hugely flighty, but then again knowing that he's being formally charged may change that.

Re: SBF Arrested by Bahamian Authorities

#72

Post by jeffdn »

llanowarelves wrote: post #59
jeffdn wrote: post #53

Earlier quoted context omitted.

He supported Zelensky’s political campaign, that doesn’t make them friends. Zelensky also stripped him of his Ukrainian citizenship.

Quoted post unavailable.

Considering Zelensky has only been president for three years, you’ve just made very clear what your agenda is.

Re: SBF Arrested by Bahamian Authorities

#74

Post by JumpCrisscross »

DabbyDabberson wrote: post #27
mardifoufs wrote: post #7

Why did he stay in the bahamas? Was he allowed to travel?

I can't imagine why he wouldn't flee. If i was committing ~9 figures worth of fraud, I would have huge stashes of 1oz gold bars buried in countries without extradition like Vietnam and venezuela. He seems like he had no exit plan thought up. Madoff got 150 years in prison, and i dont see any reason why SBF would get any less.

> can't imagine why he wouldn't flee

He lost the locals' money too [1]. They weren't letting him go anywhere.

[1] https://www.bloomberg.com/news/articles/2022-12-12/bahamas-p...

Re: SBF Arrested by Bahamian Authorities

#75

Post by 323 »

LudwigNagasena wrote: post #46
magic_man wrote: post #19

Earlier quoted context omitted.

Maybe he was scared he was going to get arrested in the US?

Is it a good reason to stay in a country that has an extradition treaty with the US?

The only places safe from US are China, Russia, North Korea, Iran.

FTX had a lot of customers in Hong Kong. So where do you go?

Re: SBF Arrested by Bahamian Authorities

#76

Post by ksherlock »

esturk wrote: post #43

Now we'll see if having both parents who are Stanford Law Professors, and possibly many other legal minded connections, will save him from going to jail.

Per today's WSJ article, they're currently in the Bahamas with him.

https://www.wsj.com/articles/sam-bankman-frieds-parents-were...

Re: SBF Arrested by Bahamian Authorities

#77

Post by neonate »

pkaye wrote: post #48
throw_m239339 wrote: post #12

Just one day before the hearing at the US house? very interesting. Why not let him talk if he was going to incriminate himself more? Somebody sure didn't want him to talk tomorrow...

Apparently he was not going to testify. https://www.cnbc.com/2022/12/12/former-ftx-ceo-sam-bankman-f...

That article says he was scheduled to testify before the House ("Bankman-Fried is scheduled to appear at a House Financial Services Committee hearing on Tuesday that will focus on his company's collapse") while refusing to testify before the Senate.

Re: SBF Arrested by Bahamian Authorities

#78

Post by siftrics »

Gigachad wrote: post #62

Time to put all these frauds in jail and wrap up the crypto saga. Good practical demonstration why regulation and traditional finance work the way they do.

He could not have stolen the deposits in the manner he did if this was on-chain and the users self-custodied.

Yes, DEXs exist.

Re: SBF Arrested by Bahamian Authorities

#79

Post by mccorrinall »

DabbyDabberson wrote: post #27
mardifoufs wrote: post #7

Why did he stay in the bahamas? Was he allowed to travel?

I can't imagine why he wouldn't flee. If i was committing ~9 figures worth of fraud, I would have huge stashes of 1oz gold bars buried in countries without extradition like Vietnam and venezuela. He seems like he had no exit plan thought up. Madoff got 150 years in prison, and i dont see any reason why SBF would get any less.

> Madoff got 150 years in prison, and i dont see any reason why SBF would get any less.

I actually see one: SBF mostly mishandled unregulated magic beans on an unregulated exchange (FTX.com).

The unregulated magic beans on the regulated exchange FTX.US are still there, waiting for withdrawal, according to his tweets.

US customers weren’t even allowed to register on FTX.com, which was outside the US.

Anyway, he still kinda defrauded Sequoia and friends, who didn’t buy magic beans but actual shares of the FTX exchanges (not sure about whether .com, .us or both)! But maybe he still gets less than 150 years..

Re: SBF Arrested by Bahamian Authorities

#80

Post by paulusthe »

FormerBandmate wrote: post #26
323 wrote: post #22

Earlier quoted context omitted.

SBF literally stole billions from a bank account. Not a very subtle crime.

He commingled bank accounts for two separate companies. It didn’t all go to him buying Lamborghinis

He didn't commingle accounts. He stole from customers to keep Alameda afloat. This is why the money never got converted into actual crypto, and why there are no assets: the money got used, by Alameda, in what must have been some truly cataclysmic trading.

It also sounds like alameda's job was to market make the FTX coin, which they presumably did with that money in part. And likely kept doing until they blew up.

He's a fraud. He knows he's a fraud, and his PR campaign is an attempt to prove he's not a fraud but instead just really really dumb and stuff. Because being dumb isn't illegal, but running a fraud is.

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