Submitted 1 year ago by L4s@lemmy.world [bot] to technology@lemmy.world
https://techcrunch.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-counts/
Sam Bankman-Fried found guilty on all seven counts::Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts
Ooh, ooh, now do consequences for hurting _non-_rich people!
Wish granted : he doesn’t have to go to prison, gets a billion dollars and becomes an influential politician. At least that’s how this usually plays out.
Nah, if it was a normal banker, sure. This is a crypto guy, cant have those guys roaming around
:(
Five week trial and a 4 hour jury verdict? That’s insane. The jury listened to a month plus of evidence and came to a verdict before they bothered to order food.
It was a month plus of “yep, that’s fraud”
The 4 hours actually included a dinner break.
He was fuuuuuucked in that jury room, they apparently know bullshit when they hear it.
Gratifying.
Is one of the counts his haircut?
I think he got that one either dismissed or Alfred-pleaded that one out
Afro plea
He kind of deserves to spend his days in prison. What an absolute sociatal skid mark.
But why does it take another 5 months to give the actual sentence? That’s a ridiculous amount of time, and apparently quite common!!
Because judgment on previous similar cases must be researched (jurisprudence and then each charge refers to a law that has a specific range of sentence length.
Then, the judgement usually also accounts for different factors(good or baf) to determine the length of the sentence for each charge within the range determined by the laws.
There is also determining if the sentences are concurrent or not. And there is probably a lot of other stuff.
This is what I can think of from the top of my head.
The judge must also write the judgement in legalese, referencing all that was taken into account for the judgement.
And this isn’t the only case that the judge has to complete. They have multiple going on at the same time.
This is a federal case there isn’t any standing law with regard to sentencing that needs to be researched. The guidelines are clear and known by all parties and the court. The delay is consistent with similar matters. The court will now hold sentencing conferences and hearing wherein both parties can present sentencing evidence such as testimony and mitigating factors that are not admissible during criminal proceedings or were not admissible to that particular proceeding. There are also a great deal of scheduling concerns and conflicts with regard to court staff and attorneys on both sides.
People should never be upset that due process is deliberate.
a lot like doing an essay for school, where you have a week, and at the same time must do all your other school work.
I’d say this is unacceptable, and practices need to be streamlined for quicker judgements. Of course that may cost a bit more money, but 5 months is still ridiculous IMO.
Bro got fried for scamming the banks
Sam Bankman-Fried, bank man, fried
Scam Bankrun-Fraud
This is the best summary I could come up with:
Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts related to fraud and money laundering.
The decision was handed down on Thursday, following a five-week trial that dug deep into how one of the biggest crypto exchanges and its sister trading company collapsed about a year ago.
Bankman-Fried fell quickly from the top of the crypto totem pole after a faulty Alameda balance sheet was unveiled by CoinDesk in November 2022, which resulted in industry-wide panic and concern around FTX and its liquidity.
As the story unraveled, we learned that the problem was much, much bigger than many originally thought: The executives behind the now-bankrupt FTX and Alameda allegedly stole over $8 billion in customer funds.
Prosecutors argued Bankman-Fried made false promises and was responsible for the loss of billions of dollars for thousands of investors on FTX.
The DOJ’s December 2022 indictment stated Bankman-Fried knowingly defrauded FTX customers by misusing their deposits to invest in other companies and pay off lenders and expenses.
The original article contains 345 words, the summary contains 178 words. Saved 48%. I’m a bot and I’m open source!
Shoulda taken a plea
Haircut?
Can’t wait to see how the 1:1 GME tokens are resolved
CobblerScholar@lemmy.world 1 year ago
Well yeah he fucked with rich people and their money, it was a foregone conclusion
stevehobbes@lemmy.world 1 year ago
He mostly made rich people a lot of money. They are probably up overall on FTX.
ImFresh3x@sh.itjust.works 1 year ago
I was told by a lot of people he’d get away with it. It was obvious from the get go they were gonna bury this clown.