What's the over under on how long he goes to the slammer for?
Sam Bankman Fried found guilty of all charges
- Thread starter rafterman
- Start date
What's the over under on how long he goes to the slammer for?
Just tossing something out, as I'm not an expert in mega fraud: - 15 years.
If I was BF, I'd be scooping together as much money as I could to present compensation to the victims. Jail is going to be nasty for a soft, fat loser like him.
IIRC, Singh fled the operation first and contacted the cops and sang. So he could get off with a light hit.
Based on the 7 guilty counts, he is staring at 115 years of getting his a-hole abused. But given his involvement in funneling money to Ukraine, he could be a candidate to get "Epsteined" in jail pretty quick. Not sure which one of these two options would be the better one.
Ignoring the Ukraine conspiracy stuff and so on, he isn't facing 115 years.
Federal sentencing guidelines mean all the charges don't get added up linearly and just stacked like that.
I'd say 20-25 years is likely. It might go a bit higher just because of how much money is involved, but that's the range I would bet on.
For the amount of millions he has stashed...taking it up the ass twice daily isn't that big of a deal....
who trusted un unregulated market to a bunch of yahoo in their 20’s?? there are still plenty of dude like SBF in the crypto world. The perspective to fuck people in a free and open market is way too high.
OK I see. Not familiar with how the U.S. justice system applies multiple sentences. But Madoff got 150 years for similar fraud convictions and approx. $15 billion sized scam. I believe FTX is in the $ 9 billion range. If the Madoff case is any kind of precedent, the 115 years seem to be in line.
That's an interesting precedent.
I'm not sure the guidelines existed then, though.
But it's a good point.
EDIT: Looked it up.
The guidelines were in place then as well.
It seems the government, and the judge, decided to ignore the guidelines and go with all sentences fully stacked not just for the sheer size of the amount (in the billions) but also for how long it went on.
So it was a deliberate break with the guidelines by the judge for a specific reason.
That does definitely give room for this judge to go that route, but I'm still thinking it is more likely to be 20-25.
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Actually, the sentence he receives is not the most important thing. He might be better off inside because he made thousands of enemies who lost their savings and are ruined for life. SBF's victims get nothing out of the prison sentence.
What was relatively good about the Madoff case was that they set up a team to recuperate money for the victims. I find it strange that so far there has not been much talk about that in the FTX case. I mean, the crypto fund are still somewhere and are much easier traceable than Madoff's money. It is likely that Bitcoin and alt-coins will see significant gains in the coming 1-2 years due to the BTC halving event. If kept into custody until 2025-ish, they could compensate the victims quite significantly. Since SBF must have access to most of the wallet keys, I would not be surprised of he holds that out as a bargaining chip once he knows his final sentence.
Probably won't see a dime of what he got unless it's hidden in some Swiss bank account under a different t name....waiting for his release...or he dies in prison...
His lawyers might of held off playing that card with the DA's office until they knew he was going down for sure.
It is possible that the three underlings will serve little or no time at all. Justice must only seem to be served to satisfy the public. More important is the conviction of SBF. The three underlings can get a sweet deal for their dirty deeds but they will have to pay as well. They can do a short sentence in a minimum security facility and then do house arrest for the remainder. They must surrender all assets to make it seem like are reformed and remorseful. These three must have some ability with stocks, crypto and forex. After their prison time they can live with a friend or relative and offer them their expertise and make them wealthy. At the same time they can live under their roof, eat their expensive food and drive their exotic cars, but in reality they have given their host the ability to make these things available to them. After prison they will have to declare bankruptcy and have near to nothing in name. After they are discharged from bankruptcy they can use their abilities to earn for themself.
Was there actually "missing coins" where the money supposedly is?
I know there was a hacker who stole a bunch of the crypto right as they declared bankruptcy, but are there coins that went missing otherwise?
I thought the fraud was primarily paper shuffling and loans from one thing to another and any actual wallets are accounted for. There weren't coins that "went missing".
I wasn't following the original collapse very much, so I don't know.
But my impression was not that there were missing or inaccessible coins that SBF might secretly hold the keys to.
You mean after they testify against SBF and get stripped of all their assets they become useless U-men ( and U-woman )?...........Gee, talk about cruel and unusual punishment.
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The scam was largely as follows: user opens an account with FTX, user sends money to FTX bank account, screen will pop up for user with money amount which can be used for buying crypto, FTX takes a commission on every trade. So far so good. But at some point FTX has bags of user's money and cryptos in custody, which should be sitting there at all times so users can withdraw. What SBF did was founding another company (Alameda), put his ex-girlfriend "in charge" of it and then give FTX user custody money and crypto to Alameda to make risky crypto gambles. The ex-girlfriend was so bad at it that she lost fortunes. During this trial it was confirmed that FTX and Alameda were the same: all controlled and instructed by SBF. So basically SBF was grabbing FTX's treasury (user's funds) to gamble on Alameda, buy real estate in the Bahamas, give money and real estate to his parents, give donations to politicians etc. The "missing funds" that you hear about (mix of old fashioned currencies and crypto currencies) is what SBF "stole" from the FTX treasury. Alameda could not pay back FTX, FTX went bankrupt, SBF was thrown out and replaced by a caretaker CEO. This CEO has been working to get as many funds back to FTX treasury. Old fashioned money can be retrieved by seizing and selling the real estate, seize SBF parents illegal acquired property, retrieve politician's donations (Biden got the largest bag
) etc. The cryptos have been moving around and can be traced to crypto wallets. The problem is, who owns which wallet and has the keys to access them. Given SBF's overlord level of control, it is almost certain he holds most of these wallets and/or the keys.The "hacker" you mentioned was most likely literally SBF himself shifting crypto from company managed wallets to personal ones. He was one of few that knew bankruptcy was coming and that he was to be thrown out (and lose access to the company's wallets). The same time the "hacker" was active (a day before the bankruptcy), about $30 million was returned to Bahama's politicians who closed their accounts "just in time".
Lets hope that SBF still has these crypto wallets and will return funds in exchange for reduced sentencing. Who cares whether he gets 30 or 115 years in jail? For many users it might mean a life changing difference if they can get a chunk of their money back.
No.You mean after they testify against SBF and get stripped of all their assets they become useless U-men ( and U-woman )?...........Gee, talk about cruel and unusual punishment.
I'm saying that since they were hired, from what I understand, because they were fellow Effective Altruism members, part of a complicated polycule, and basically there as cut outs for SBF to tell what to do, thinking they actually have skills in any of those things isn't that great a bet.
