No FTX....I had some Bitcoin, ETH and this shit Stella Lumens that I put $100 in
I made $2K then reinvested some more. Ended up losing $4,400 this year so overall net loss of $2400 for me.
I bailed when BC hit 23,000 so it did get a bit worse.
You must have been in on the peak?
I wish Unsung was here. I know he had a bit wrapped up in it and thought it was the future. Still might be though?
Hard to say....I had a few clients that got in really early. I wonder if they ever bailed when it peaked.
I asked someone when it was at 50K why don't you cash out? Their reply was "leverage". I thought that was a dumb response as I told him there is no leverage at zero but cash value right now. I wonder what he did...
I mentioned I had a chance to buy at $50 a coin years ago. I would have most likely cashed out at 5k, lol!
Associates of FTX founder plead guilty to criminal charges
By KEN SWEET and REBECCA BLACKWELL
40 mins ago
NASSAU, Bahamas (AP) — Two associates of Sam Bankman-Fried have pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange FTX in cooperation deals, a federal prosecutor announced Wednesday as Bankman-Fried was on his way back to the United States from the Bahamas.
Carolyn Ellison, the former CEO of Alameda Research, a trading firm started by Bankman-Fried, and Gary Wang, who co-founded FTX along with Bankman-Fried, pleaded guilty to charges “related to their roles in the fraud that contributed to FTX's collapse,” U.S. Attorney Damian Williams said Wednesday night in a videotaped statement released on social media.
“They are both cooperating with the Southern District of New York,” Williams said, adding that anyone else who participated in the fraud should also reach out to his office because “our patience is not eternal.”
The guilty pleas were announced as Bankman-Fried was being flown to the U.S. from the Bahamas by U.S. law enforcement to answer to charges tied to his role in FTX's failure. He was expected to appear in Manhattan federal court on Thursday.
In agreements signed with prosecutors on Dec. 19, Ellison and Wang agreed to plead guilty to charges including wire fraud, securities fraud and commodities fraud in return for leniency at sentencing if they cooperate fully.
Williams said the guilty pleas and the transfer of Bankman-Fried to New York was in connection with a “sweeping fraud scheme that contributed to FTX's collapse and for a campaign finance scheme that sought to influence public policy in Washington.”
Bankman-Fried was on his way to the United States after waiving his right to challenge the extradition.
Reporters on the scene witnessed Bankman-Fried leaving a Magistrate Court in Nassau in a dark SUV earlier Wednesday.
“The Bahamas has determined that the provisional arrest, and subsequent written consent by (Bankman-Fried) to be extradited without formal extradition proceedings satisfies the requirements of the (extradition treaty between the U.S. and the Bahamas) and our nation’s Extradition Act,” said Bahamian Attorney General Ryan Pinder, in a statement.
Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.
The 30-year-old could potentially spend the rest of his life in jail.
Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, had been held in the Bahamas' Fox Hill prison, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.
Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.
Bankman-Fried was one of the world’s wealthiest people on paper, with an estimated net worth of $32 billion. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns. FTX grew to become the second-largest cryptocurrency exchange in the world.
He has said that he did not “knowingly” misuse customers’ funds, and said he believes his millions of angry customers will eventually be made whole.
At a congressional hearing last week, the new FTX CEO John Ray III, who is tasked with taking the company through bankruptcy, bluntly disputed those assertions: “We will never get all these assets back,” Ray said.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
0
Options
mickeyrat
up my ass, like Chadwick was up his Posts: 35,779
FTX founder heads to court after judge rejects bail request
By LARRY NEUMEISTER
Today
NEW YORK (AP) — FTX founder Sam Bankman-Fried will head to a New York courtroom Thursday to face a federal judge who said his effort to contact a likely trial witness against him seemed designed so they would “sing out of the same hymn book.”
On Tuesday, Judge Lewis A. Kaplan rejected Bankman's-Fried's lawyers' request that oral arguments about his bail be cancelled because lawyers on both sides have settled their differences on necessary changes to his bail package in order to prevent inappropriate contact with witnesses or damaging encrypted social media communications.
The arguments, set for Thursday morning, will proceed as scheduled, the judge ruled as he declined to immediately approve new bail conditions that defense lawyers said prosecutors had agreed with, including the exemption of certain individuals from a proposed no-contact list and permission for Bankman-Fried to place audio and video calls.
A spokesperson for Bankman-Fried's attorneys declined to comment.
The hearing was scheduled after prosecutors said Bankman-Fried sent an encrypted message over the Signal texting app on Jan. 15 to the general counsel of FTX US.
“I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other. I'd love to get on a phone call sometime soon and chat,” Bankman-Fried wrote to the FTX general counsel, who isn't named but is dubbed “Witness 1,” in the prosecutors’ letter.
Federal prosecutors told Kaplan that Bankman-Fried’s communications indicate he may be trying to influence a witness with incriminating evidence against him.
Last week, Kaplan wrote that Bankman's-Fried's lawyers appealed to him to interpret the message “in a benign way.” But he said their argument was not persuasive.
“In perhaps more colloquial terms, it appears to have been an effort to have both the defendant and Witness 1 sing out of the same hymn book,” Kaplan said.
The judge said a possible motive was evident from the fact that the general counsel was undisputedly a witness to some events likely to be at issue in the case and Bankman-Fried faces the possibility of a long prison term if he is convicted.
Kaplan said the question of whether further measures should be taken to restrict Bankman-Fried's actions was also raised by allegations that he directed employees in the past to use applications whose communications could be erased and because he had invited a telephonic rather than written response from the general counsel.
The judge said he must decide whether further measures should be imposed to assure the safety of the community from efforts by Bankman-Fried to influence or tamper with prospective witnesses.
Bankman-Fried, 30, has been confined with electronic monitoring to his parents' home in Palo Alto, California, since his December arrest on charges that he cheated investors and that he looted customer deposits on his cryptocurrency trading platform, in part to finance political donations and make risky trades at Alameda Research.
He has pleaded not guilty. A trial has been tentatively set for early October.
Also Tuesday, lawyers for Bankman-Fried appealed Kaplan's decision to make public the names of two individuals who signed Bankman-Fried's $250 million personal recognizance bond. The names, which were ordered revealed at the request of news outlets, will remain secret while the appeal is considered.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
The former crypto mogul who co-founded FTX also was ordered to repay more than $11 billion for his conviction on charges related to fraud and money laundering
NEW YORK — A federal judge sentenced former cryptocurrency mogul Sam Bankman-Fried to 25 years in prison Thursday, less than what prosecutors wanted for what they called his “massive” financial crimes, but far more than defense lawyers sought. He was also ordered to pay more than $11 billion.
Bankman-Fried, co-founder of crypto exchange FTX and investment fund Alameda Research, failed to take responsibility for the disaster he created, U.S. District Judge Lewis Kaplan said in handing down the sentence. “Mr. Bankman-Fried says mistakes were made … but never a word of remorse for the commission of terrible crimes,” Kaplan said.
Jurors in November convicted Bankman-Fried on charges related to wire fraud, conspiracy to commit fraud and conspiracy to commit money laundering. He was accused of misappropriating FTX customer funds to spend lavishly on luxury real estate, investments and political donations.
Before Kaplan handed down the sentence, Bankman-Fried gave a meandering account of events in an attempt to justify some of his actions. “I made a series of bad decisions,” said Bankman-Fried, who spoke for roughly 20 minutes. “They weren’t selfish decisions. … They were bad decisions.”
Prosecutors had argued for a sentence of at least 40 years in prison. Defense attorneys argued for a sentence of five to six years.
Bankman-Fried, 32, turned FTX into a behemoth, with a Super Bowl ad, naming rights to a Miami stadium and glowing publicity for its cryptocurrency exchange. Only when it collapsed into bankruptcy in 2022 did investigators uncover what prosecutors have described as a straightforward fraud dressed up as a breakthrough financial innovation.
Bankman-Fried and his top deputies, prosecutors said, took customers’ money out of FTX and put it into Alameda Research. At the trial, former Alameda CEO Caroline Ellison, who pleaded guilty to conspiracy charges before cooperating with prosecutors, described Bankman-Fried telling her to use FTX funds.
“It’s hard to understand in some ways how a person can be responsible for all of these significant crimes,” prosecutor Nicolas Roos said Thursday. “It’s massive in its scale. It was pervasive in all aspects.”
Before Roos spoke, defense lawyer Marc Mukasey argued that Bankman-Fried did not have harmful intentions.
“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” Mukasey said Thursday. He described Bankman-Fried as a person who “doesn’t make decisions with malice in his heart. He makes decisions with math in his head.”
Kaplan spoke of the financial devastation to victims who invested their life savings in their accounts on the FTX platform. In court filings, Bankman-Fried’s lawyer had argued that victims are likely to be made whole once the FTXbankruptcy process shakes out, a claim that John Ray III, who is leading the company through the bankruptcy process as CEO, criticized in a letter to the court. The defense’s assertion that FTX customers and investors suffered no harm is “callously and demonstrably false,” Ray wrote.
Ahead of Thursday’s hearing, some trial observers wondered whether the Justice Department overreached in asking for at least 40 years in prison. A full recovery of FTX assets could undercut prosecutors’ assertion of “dramatic devastating personal loss” for investors, said Martin Auerbach, a defense lawyer who has been involved in cryptocurrency cases but did not work on Bankman-Fried’s case.
“That is part of the theory for why he should be punished,” Auerbach said before the hearing. “If that will turn out not to be correct because those small investors have been made whole or recovered much of their money, I think the judge has the discretion to say, ‘I’m going to look at the loss in a different way.’”
But Bankman-Fried’s prison term will set an important example, said Sheila Warren, CEO of the trade group Crypto Council for Innovation. “This sentencing is crucial,” Warren said. “What we don’t want to do is incentivize people to say, ‘Oh, you just pay a big fine and do whatever you want.’ No, you go to jail if you lie, if you steal.”
She said she faulted not just Bankman-Fried, but also the many people who lionized him instead of questioning whether he was honest. “There were a lot of institutions that were supporting this kind of wunderkind mythology,” she said.
Comments
I put $2K into Bitcoin through Coinbase last week...worth $2400 right now.
I might throw some at Ethereum.
I admittedly don't understand it at all.
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Chicago; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
Like Gambs said, this won't be worth anything come end of days type things.
I made $2K then reinvested some more. Ended up losing $4,400 this year so overall net loss of $2400 for me.
I bailed when BC hit 23,000 so it did get a bit worse.
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Chicago; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
I wish Unsung was here. I know he had a bit wrapped up in it and thought it was the future. Still might be though?
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Chicago; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
I mentioned I had a chance to buy at $50 a coin years ago. I would have most likely cashed out at 5k, lol!
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Chicago; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
During the pandemic we had a bunch of Pump n Dump people influence the sports card industry. I made it a point to sell whatever they were pumping.
NASSAU, Bahamas (AP) — Two associates of Sam Bankman-Fried have pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange FTX in cooperation deals, a federal prosecutor announced Wednesday as Bankman-Fried was on his way back to the United States from the Bahamas.
Carolyn Ellison, the former CEO of Alameda Research, a trading firm started by Bankman-Fried, and Gary Wang, who co-founded FTX along with Bankman-Fried, pleaded guilty to charges “related to their roles in the fraud that contributed to FTX's collapse,” U.S. Attorney Damian Williams said Wednesday night in a videotaped statement released on social media.
“They are both cooperating with the Southern District of New York,” Williams said, adding that anyone else who participated in the fraud should also reach out to his office because “our patience is not eternal.”
The guilty pleas were announced as Bankman-Fried was being flown to the U.S. from the Bahamas by U.S. law enforcement to answer to charges tied to his role in FTX's failure. He was expected to appear in Manhattan federal court on Thursday.
In agreements signed with prosecutors on Dec. 19, Ellison and Wang agreed to plead guilty to charges including wire fraud, securities fraud and commodities fraud in return for leniency at sentencing if they cooperate fully.
TECHNOLOGY
Musk says Twitter in precarious position, defends cost cuts
Meta CEO Mark Zuckerberg takes witness stand in FTC case
Esports seen as pathway to boost diversity in STEM careers
Cuban artists blocked from once-promising NFT trading sites
Williams said the guilty pleas and the transfer of Bankman-Fried to New York was in connection with a “sweeping fraud scheme that contributed to FTX's collapse and for a campaign finance scheme that sought to influence public policy in Washington.”
Bankman-Fried was on his way to the United States after waiving his right to challenge the extradition.
Reporters on the scene witnessed Bankman-Fried leaving a Magistrate Court in Nassau in a dark SUV earlier Wednesday.
“The Bahamas has determined that the provisional arrest, and subsequent written consent by (Bankman-Fried) to be extradited without formal extradition proceedings satisfies the requirements of the (extradition treaty between the U.S. and the Bahamas) and our nation’s Extradition Act,” said Bahamian Attorney General Ryan Pinder, in a statement.
Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.
The 30-year-old could potentially spend the rest of his life in jail.
Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, had been held in the Bahamas' Fox Hill prison, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.
Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.
Bankman-Fried was one of the world’s wealthiest people on paper, with an estimated net worth of $32 billion. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns. FTX grew to become the second-largest cryptocurrency exchange in the world.
He has said that he did not “knowingly” misuse customers’ funds, and said he believes his millions of angry customers will eventually be made whole.
At a congressional hearing last week, the new FTX CEO John Ray III, who is tasked with taking the company through bankruptcy, bluntly disputed those assertions: “We will never get all these assets back,” Ray said.
___
Sweet reported from Charlotte, North Carolina.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
NEW YORK (AP) — FTX founder Sam Bankman-Fried will head to a New York courtroom Thursday to face a federal judge who said his effort to contact a likely trial witness against him seemed designed so they would “sing out of the same hymn book.”
On Tuesday, Judge Lewis A. Kaplan rejected Bankman's-Fried's lawyers' request that oral arguments about his bail be cancelled because lawyers on both sides have settled their differences on necessary changes to his bail package in order to prevent inappropriate contact with witnesses or damaging encrypted social media communications.
The arguments, set for Thursday morning, will proceed as scheduled, the judge ruled as he declined to immediately approve new bail conditions that defense lawyers said prosecutors had agreed with, including the exemption of certain individuals from a proposed no-contact list and permission for Bankman-Fried to place audio and video calls.
A spokesperson for Bankman-Fried's attorneys declined to comment.
The hearing was scheduled after prosecutors said Bankman-Fried sent an encrypted message over the Signal texting app on Jan. 15 to the general counsel of FTX US.
“I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other. I'd love to get on a phone call sometime soon and chat,” Bankman-Fried wrote to the FTX general counsel, who isn't named but is dubbed “Witness 1,” in the prosecutors’ letter.
BUSINESS
Fed's Powell: Strong hiring could force further rate hikes
Microsoft bakes ChatGPT-like tech into search engine Bing
Here's why this year's Super Bowl beer ads go beyond Bud
Super Bowl gambling surging as states legalize it? You bet
Federal prosecutors told Kaplan that Bankman-Fried’s communications indicate he may be trying to influence a witness with incriminating evidence against him.
Last week, Kaplan wrote that Bankman's-Fried's lawyers appealed to him to interpret the message “in a benign way.” But he said their argument was not persuasive.
“In perhaps more colloquial terms, it appears to have been an effort to have both the defendant and Witness 1 sing out of the same hymn book,” Kaplan said.
The judge said a possible motive was evident from the fact that the general counsel was undisputedly a witness to some events likely to be at issue in the case and Bankman-Fried faces the possibility of a long prison term if he is convicted.
Kaplan said the question of whether further measures should be taken to restrict Bankman-Fried's actions was also raised by allegations that he directed employees in the past to use applications whose communications could be erased and because he had invited a telephonic rather than written response from the general counsel.
The judge said he must decide whether further measures should be imposed to assure the safety of the community from efforts by Bankman-Fried to influence or tamper with prospective witnesses.
Bankman-Fried, 30, has been confined with electronic monitoring to his parents' home in Palo Alto, California, since his December arrest on charges that he cheated investors and that he looted customer deposits on his cryptocurrency trading platform, in part to finance political donations and make risky trades at Alameda Research.
He has pleaded not guilty. A trial has been tentatively set for early October.
Also Tuesday, lawyers for Bankman-Fried appealed Kaplan's decision to make public the names of two individuals who signed Bankman-Fried's $250 million personal recognizance bond. The names, which were ordered revealed at the request of news outlets, will remain secret while the appeal is considered.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Sam Bankman-Fried sentenced to 25 years in prison
The former crypto mogul who co-founded FTX also was ordered to repay more than $11 billion for his conviction on charges related to fraud and money laundering
Bankman-Fried, co-founder of crypto exchange FTX and investment fund Alameda Research, failed to take responsibility for the disaster he created, U.S. District Judge Lewis Kaplan said in handing down the sentence. “Mr. Bankman-Fried says mistakes were made … but never a word of remorse for the commission of terrible crimes,” Kaplan said.
Jurors in November convicted Bankman-Fried on charges related to wire fraud, conspiracy to commit fraud and conspiracy to commit money laundering. He was accused of misappropriating FTX customer funds to spend lavishly on luxury real estate, investments and political donations.
Before Kaplan handed down the sentence, Bankman-Fried gave a meandering account of events in an attempt to justify some of his actions. “I made a series of bad decisions,” said Bankman-Fried, who spoke for roughly 20 minutes. “They weren’t selfish decisions. … They were bad decisions.”
Prosecutors had argued for a sentence of at least 40 years in prison. Defense attorneys argued for a sentence of five to six years.
Bankman-Fried, 32, turned FTX into a behemoth, with a Super Bowl ad, naming rights to a Miami stadium and glowing publicity for its cryptocurrency exchange. Only when it collapsed into bankruptcy in 2022 did investigators uncover what prosecutors have described as a straightforward fraud dressed up as a breakthrough financial innovation.
Bankman-Fried and his top deputies, prosecutors said, took customers’ money out of FTX and put it into Alameda Research. At the trial, former Alameda CEO Caroline Ellison, who pleaded guilty to conspiracy charges before cooperating with prosecutors, described Bankman-Fried telling her to use FTX funds.
“It’s hard to understand in some ways how a person can be responsible for all of these significant crimes,” prosecutor Nicolas Roos said Thursday. “It’s massive in its scale. It was pervasive in all aspects.”
Before Roos spoke, defense lawyer Marc Mukasey argued that Bankman-Fried did not have harmful intentions.
“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” Mukasey said Thursday. He described Bankman-Fried as a person who “doesn’t make decisions with malice in his heart. He makes decisions with math in his head.”
Kaplan spoke of the financial devastation to victims who invested their life savings in their accounts on the FTX platform. In court filings, Bankman-Fried’s lawyer had argued that victims are likely to be made whole once the FTXbankruptcy process shakes out, a claim that John Ray III, who is leading the company through the bankruptcy process as CEO, criticized in a letter to the court. The defense’s assertion that FTX customers and investors suffered no harm is “callously and demonstrably false,” Ray wrote.
Ahead of Thursday’s hearing, some trial observers wondered whether the Justice Department overreached in asking for at least 40 years in prison. A full recovery of FTX assets could undercut prosecutors’ assertion of “dramatic devastating personal loss” for investors, said Martin Auerbach, a defense lawyer who has been involved in cryptocurrency cases but did not work on Bankman-Fried’s case.
“That is part of the theory for why he should be punished,” Auerbach said before the hearing. “If that will turn out not to be correct because those small investors have been made whole or recovered much of their money, I think the judge has the discretion to say, ‘I’m going to look at the loss in a different way.’”
But Bankman-Fried’s prison term will set an important example, said Sheila Warren, CEO of the trade group Crypto Council for Innovation. “This sentencing is crucial,” Warren said. “What we don’t want to do is incentivize people to say, ‘Oh, you just pay a big fine and do whatever you want.’ No, you go to jail if you lie, if you steal.”
She said she faulted not just Bankman-Fried, but also the many people who lionized him instead of questioning whether he was honest. “There were a lot of institutions that were supporting this kind of wunderkind mythology,” she said.
https://www.washingtonpost.com/business/2024/03/28/sam-bankman-fried-sentence-fraud-ftx-crypto/
Libtardaplorable©. And proud of it.
Brilliantati©
Parks and Rec - funny jail scene (youtube.com)