Former FTX (FTT-USD) CEO Sam Bankman-Fried has wrapped up the first week of testimony in his criminal fraud trial. SBF stands accused of defrauding investors and mishandling customer deposits leading to the crypto exchange’s collapse. Prosecutors have charged him with various counts of fraud and money laundering that could potentially result in a maximum sentence of life in prison if convicted. The prosecution has aimed to portray Bankman-Fried as knowingly misleading investors and misappropriating billions in client assets — Bankman-Fried’s defense maintains he never acted maliciously. According to Nick Ackerman, the Former Assistant U.S. Attorney for the Southern District of New York, Bankman-Fried faces an uphill battle against the charges: “Particularly, when you’ve got three high-level executives at the company who have already plead guilty to the same crimes that Bankman-Fried is charged with.” “This was very purposeful, it wasn’t like he was in over his head,” Ackerman tells Yahoo Finance. He argues the defense claiming Bankman-Fried merely made mistakes is undercut by guilty pleas from top FTX officials to similar conduct. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Namaste ma’am good evening 🌆💜💜💜💜💜💜💜💜 Watching from India sir
How about charges against his parents?
The parents have been charged
@Henrik Madsen good point. but one would just loose the item that was stolen, and eat the loss. you would not be charged criminally. so I agree. if the parents did not actively participate in the crime there is no case to be made. The CEO is responsible and therefore accountable for crimes his company is involved in.
@Hobby: liegen Interesting. In Denmark (where I got my education), you will get fined and if it’s very obvious (say, you bought a 100k car for 10k) you can go to jail too.
But in this case, I, of course, do not know. It’s just that the parents were employees alongside the other people being charged, and with the education they have, I do not think they get to say that they didn’t know. But only time will tell, for now, they are not being charged. I believe they are being sued for the money/houses they got from SBF.
@Eyeson For taking part in the fraud or to return the money/house they got from SBF?
@Eyeson. I don’t think they have. They probably will lose assets gained from any improper transactions with SBF and/or FTX if they haven’t already
Oh no
😂😅
@monette1XRP1 not funny, no lol lol lol
but he spent people’s money that’s not right
the best argument is he did stole the $ $ $ off the investors’ account, technically, he did not keep the $$$ to himself or his company, he helped other Crypto fraudsters, so he is the victim??
@Joseph Wallis a big problem, but he is good people
Didn’t SBF offer Trump $1b for him to NOT run for president? 😂
$5 bill
Doesn’t matter. Biden will pardon his party’s second biggest individual donor when convicted…
Gary Gensler needs to be held accountable for his participation in the FTX free pass.
Gary says he is here to protect investors but it’s the total opposite. He and SBF need to be prosecuted to the full extent.
Investors do not gamble money in Crypto
don’t you know the meme of him protecting you from kucoin or whatnots staking while FTX and the others just fall around him? Gensler is as a clear joke as it gets. It seems like dumbing our own selfs just mentioning such obvious things like he is a puppet, he doesn’t care about investors, he lies through his teeth, he changes positions, he defies the Senate and commission etc.
I see you are of the intelligence of those who call you accredited investor if you have tons of cash and invest in their preferred venues @royed31 :)). Best way to see crypto investors is probably like startups investors. Of course, you also have those who completely just gamble, but the way you are putting it is just stupid and/or malicious. Ask Blackrock, better yet, go to what they said, what they did, and what they do now, in terms of crypto. And maybe that alone will make you a bit wiser and help you not put your foot in your mouth.
lying and stealing the parents need to be in jail too
It is a biblical sin, number 5 of the 10 commandements
They will lose everything. Stanford will fire both parents the day after SBF is found guilty.
nope. SBF has friends in high places who will provide a pardon
I always predicted a presidential pardon of both Hunter Biden and SBF Sam on the annual pardon list of Joe the Biden and Joe himself is the top on the list.
You nailed it.
Why would anyone pardon SBF ? His money and influence are gone. He’s a pariah…
@John Doe no. They are going to spin it that people are made whole etc. That news is already out there.
Robbing Peter and Paul to pay Barbara Fried and cronies…..
He stole customer deposits to gamble with. Open and shut.
Aside from that, the main purpose of cryptocurrency is to get around counterfeiting laws by allowing private individuals such as SBF to mint their own currency. The great embarrassment of all this is that even though people were buying SBF’s own newly-created coin, aside from paying him trading commissions, he and his merry band of 20-something mutants still had to resort to theft.
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Sam’s got one thing going for him: his mom Barbara bears a striking resemblance to Keith Richards of the Rolling Stones!
speechless…
they obviously told Sam that he would be fucked either way, plead or not, so he is just gong through the motions at this point
Maybe, I also think that he’s so delusional and entitled that he thinks he can get away with it. Just look at his behaviour after it happened, he wouldn’t shut up
Or he’s just guilty and delusional ?
@DJthis is 100% the answer. Thinks he’s got enough money/mommy daddy can get him off.
I just don’t get it you had a successful exchange why not just let your hedge fund fall
Better to have a failed business than a prison sentence
He could have just legally paid himself millions like all ceo’s do and then run the business legit and if it fails then so be it. But this is just stupid
The defence should concentrate on the conditions of jail sentence for SBF, make sure there is video games & internet & mobile phones & AI for Sam in 115 years with 24 hours, 24×60 minutes security CCTV, single cell jail with all male prisoner guards, double check all the food given to him, make sure there is emergency button & ambulance service.
give him whatever will make him sing, and keep him away from kg and friends
😏
The pled guilty because they got a plea! What a sham!
They pled guilty because they were guilty…
Basically he sold an empty box
Fear SBF! No justice, no peace!
That guy should have cooked/deep Fried with Crisco, you get 95% back
Why the F whould they even give him a plea?! If the government gives him a plea deal?! Ill have no choice but to think the government in on the scam.
Well put sir.
When SBF is found guilty, expect Stanford University to sever ties with both this parents the very next day.
It was better that he take out a loan from the bank and not pay it. It only damages your credit and you wouldn’t have a problem. Wip-wip to good
Oh he’s going to jeel 115 years in the pent
Just think SBF probably thought he was the smartest guy in the room…
Well, he should take the stand and show us!
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wow I didn’t know Hector Salamanca moonlights as a fraud consultant. But makes a ton of sense
SBF thought that we could get away with murder.
Driving an old Toyota, but travelling in private jet, and living in luxury building.
Kevin O’Leary tweeted Free Sam
Good luck in prison SBF!!!!!!!!!!!!!!!!!!!!
Thus scale of fraud is nothing compared to what Citadel and virtu facilitate in the stock market
The most embarrassing thing about this whole thing is that Bankman-Fried created his own brand of cryptocurrency and managed to sell it to people, he was getting trading commissions from customers, and yet he still had to go the extra mile with outright theft. The whole concept of money doesn’t work if private individuals such as SBF are allowed to create their own currency, yet it is astounding that governments of the world (besides China) haven’t made cryptocurrency illegal yet. Regardless, the new crypto”currencies” will devalue the older cryptocurrencies, and it will all devalue itself to zero and suffer a huge crash eventually. Let us hope such a crash doesn’t cause problems for the economy.
So, I vote for Chloë Grace Moretz as Ellison (with a fake nose, of course) and Gaten Matarazzo as SBF.