United States v. BANKMAN-FRIED (FTX collapse/fraud)

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Sam Bankman-Fried's Parents Ask Court to Dismiss FTX's Lawsuit Seeking to Recover Funds

Bankman and Fried, both professors at Stanford Law School, argued that Bankman did not have a fiduciary relationship with FTX .

www.coindesk.com

 

[pmbug]

Ain't that some shit.

 

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Appeals court reverses judge's ruling, orders appointment of independent examiner in FTX bankruptcy

A federal appeals court has ordered the appointment of an independent examiner in the bankruptcy case of FTX .

apnews.com

 

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Sam Bankman-Fried Shifts From Trading Canned Mackerels To Offering Crypto Tips To Guards: Report​

Incarcerated FTX founder Sam Bankman-Fried has reportedly provided cryptocurrency investment advice to prison guards at a Brooklyn facility, including promoting Solana.

What Happened: Despite his incarceration at the Metropolitan Detention Center in Brooklyn, Bankman-Fried has reportedly been offering investment tips to prison guards, as per an unnamed source cited by The New York Times on Tuesday.

Bankman-Fried, who has been in the Metropolitan Detention Center since August, is facing significant challenges, including the lack of internet access for inmates.

More:

MSN

 

[CiscoKid]

 

[pmbug]

FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund.

The sentence in Manhattan federal court was significantly less than the 40 to 50 years in prison that federal prosecutors wanted for Bankman-Fried, and much more than the five to six-and-a-half years that his lawyers had suggested.
...

https://www.cnbc.com/2024/03/28/live-updates-ftx-founder-sam-bankman-fried-sentencing.html

also (from Financial Times):

 

[Goldhedge]

bets on how many years he really gets....? Out in 5? Pardoned by Biden??

Sam Bankman-Fried sentenced to 25 years in prison​

Updated 3:29 p.m. ET, March 28, 2024

March 28 2024: Sam Bankman-Fried sentenced to 25 years in prison

Sam Bankman-Fried returns to Manhattan federal court Thursday for sentencing that could land him in prison for the next half-century. Follow here for the latest live news updates.

www.cnn.com

 

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How Sam Bankman-Fried’s ex-girlfriend and early recruit helped put the FTX founder behind bars for 25 years​

• Caroline Ellison was the prosecution’s star witness in its case against FTX founder Sam Bankman-Fried, who was sentenced on Thursday to 25 years in prison.
• Ellison, who ran FTX’s sister hedge fund Alameda Research, pleaded guilty in December 2022 and has yet to face sentencing.
• Ellison was one of Bankman-Fried’s earliest recruits when he entered the crypto market.

In sentencing FTX founder Sam Bankman-Fried to a 25-year prison sentence on Thursday, Judge Lewis Kaplan cited testimony from Caroline Ellison, an ex-girlfriend of the defendant and early recruit into his crypto enterprise.

“I keep coming back to Ms. Ellison’s testimony that he knew it was wrong,” Kaplan said at the sentencing hearing in downtown Manhattan. “He knew it was criminal.”

Ellison was the star witness for the Department of Justice in its prosecution of Bankman-Fried. She agreed to a plea deal in December 2022, a month after FTX spiraled into bankruptcy.

As part of her testimony at the criminal trial late last year, Ellison supplied the government and the jury with text messages, documents and secret recordings that ultimately helped lead to Bankman-Fried’s conviction on all seven charges against him.

More:

https://www.cnbc.com/2024/03/28/caroline-ellison-sbf-ex-girlfriend-helped-put-ftx-founder-in-prison.html

 

[pmbug]

Of course he knew it was wrong. He thought he was going to get away with it too. Hubris.

 

[Casey Jones]

What he stole is a nice tidy little pile. So he goes to Club Fed for 25 years, comes out, digs up his bitcoin, and he's richer than most white-collar worker-savers at similar ages.

We've all known someone who chooses a different route - working on an oil platform, or going into the coal mines, for huge money. Work 25 years there, then retire, with a pile of money and a pension, also.

Some people did very well that way, retiring at 50 or so and living like country squires; but Bankrupt-Fraud will have it much better. And if bitcoin's value survives, he'll have beat the inflation train-wreck, too.