Crypto conman Sam Bankman-Fried has been found guilty on all seven counts of fraud and conspiracy. The evidence was overwhelming and the three former executives who worked side by side with him testified against him.
Former Alameda CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh, said SBF directed them to commit crimes, including the looting of FTX and lying to lenders and investors about the companies’ finances.
NEW YORK, Nov 2 (Reuters) – FTX founder Sam Bankman-Fried was found guilty on Thursday of defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace.
A 12-member jury in Manhattan federal court convicted him on all seven counts he faced after a monthlong trial in which prosecutors made the case that he stole $8 billion from the exchange’s customers out of sheer greed. The verdict came just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26 billion personal fortune.
The jury reached the verdict after just over four hours of deliberations. Bankman-Fried stood and clasped his hands together as the verdict was read.
Bankman-Fried had pleaded not guilty to two counts of fraud and five counts of conspiracy.
The conviction represented a victory for the U.S. Justice Department and Damian Williams, the top federal prosecutor in Manhattan, who made rooting out corruption in financial markets one of his top priorities. (read more)
…”FTX cofounder Gary Wang, who was FTX’s chief technology officer, revealed in his testimony that Bankman-Fried directed him to insert code into FTX’s operations so that Alameda Research could make unlimited withdrawals from FTX and have a credit line up to $65 billion. Wang said the money came from customers.”… ~ Politico
Bye Felicia 👋
Sam Bankman-Fried didn’t kill himself.
Yet!
Exactly what I was thinking.
Bakeman will explore Biden’s hope of declaring himself incompetent.
He’s wearing a belt? He won’t last long.
Prisoner restraint, handcuffs are attached to it.
Does Joe pardon him? There’s no downside for Joe since he isn’t running again. Does this guy really go to jail for
One upd Bernie Madoff! Cut off his adderall and vegan diet; enjoy your cable tv and coock sandwich.
Like Madoff this guy simply stole millions (hundreds of millions!) from the wrong people otherwise neither of them would have ever been prosecuted!
Yep. I said that years ago.
Madoff would have walked if he had only stolen from those of us outside “The Club” but he got greedy and ripped off those inside.
You would think that SBF would have learned from what happened to Madoff but greed is a powerful drug.
Exactly! The Securities and Exchange Commission was afraid of Madoff and never investigated the complaints made by insiders who told them exactly what was going on.
[video src="https://y.yarn.co/1711b700-9224-407d-81d7-7254a8ab631b.mp4" /]
Now go after all the politicians who laundered money through him.
Oh wait.
Yup, won’t happen- democratic immunity.
Nice one!
UNI-Immunity
Bingo
about the time …..
Bank man fried.
Scam Bank Fraud
FJB, BHO & Asoc…..😉🇺🇸
Deep fried.
He was expendable by the Dems once the money laundering operation started to dry up after the 2022 election and they gobbled up all the money, then it was time to move on to something else and he is now dead meat! God these guys like him are stupid CHUMPS!!!🤨
They pretty much moved on directly to the Ukraine cash kickback cow. The Zeester likely has a pretty short life span ahead of him also.
You have to admire the Clintons, playing the long game and never ever getting caught.
Chumps who made millions?👀
And now have NOTHING!!! 🤪
Where’s his smirky smirk?
Scumbag.
His parents are insufferable dbags.
No worries, Presidential pardon from Biden is on deck.
Get ready!
I doubt he lasts a week. Dead men tell no tales.
The fuzzy hair will get him seconds.
Same in every picture. Guy looks hygenically impaired.
Can almost smell him through the screen.
Now…
Will all those corrupt Congress members, both sides, return the money he “donated” to them?
That’s the question which should be put to each every one of them.
Millions to Democrats and crumbs to Republicans.
if the case against ftx/alameda flies the same path as maddoff, then clawbacks will happen.
WILL it happen?
dunno.
but just to point a fine point on the matter…there are about 1100 people who became millions many times over as investors with FTX/Alameda.
donations and investors were subject to clawbacks on the maddoff case that summed an amount of just over 14 billion.
reports show that ftx/alameda donated upwards of 2 billion in political donations (not just dc, but states, state officials, and world wide political characters)….the estimate is a rather kept secret. I don’t think anyone believes he donated on 2 billion!
then there is the rest of the 10 Billion. let’s call it 10-2, 8. So where exactly did that 8 billion go? I’m pretty sure no one really believes you can make that many bad bets or buy “stuff”. There are secret accounts somewhere…everywhere..
I think (speculative) this is SBF’s ace in the hole..he will ultimately be released when he agrees to say where that money is safed. Of course, it will not be the 8…it never works like that…probably around 3-5…just as with maddoff… maddoff stole nearly 20-50 billion in estimates made by some rather compelling reports. What the “govt” decided on, was clawbacks of just 14 billion…it will be the same with SBF.
God Bless America
Will this guilty verdict have any consequence for him?
I think that would be appropriate, but there’s no reason to assume he will be sentenced or serve time. Is there?
Only if he is connected with maga
the combined maximums equals 110 years in prison.
of course he will not get 110 years, but he will be given a maddoff like sentence..he will be very old before eligible for parole.
he stole from some very very important people! don’t forget that detail. It was the same with maddoff.
rule number one among thieves: don’t steal from very important people.
God Bless America
The sentencing will tell the story. Five years in prison? No years in prison?
fall from grace?
I still think he’s the fall guy and will be sitting pretty somewhere, living large. The smirk, irritates my senses. Doesn’t the gubermint want to monitor bitcoin? What a perfect scenario. Bust the wealthy boy and pass law for 87000 collectors. Just my thoughts
Meet Private Bankman-Fried of the IDF!
Maxine Waters on the verdict: “Peach Foaty Fi”
Now go after his parents.
Why are the coffin dancing guys behind Sam? Do they know something we don’t?
https://x.com/LibertyCappy/status/1720239530282770483?s=20
I get the sense politicians from both sides just want this guy stuffed into a dark hole forever.
And forgotten about.
Curious about victims. Usually those defrauded are eventually heard from on what they lost. So far, I’ve heard nothing.
Maybe they don’t want anyone looking into where the money they lost came from to start with.
The crash of FTX began on November 2, 2022 with the Coindesk article.
The political contributions were made July, August, September 2022.
The total amount contributed to various parties and PACs is $1,009,752.
The total amount contributed to the Heartland Resurgence SuperPAC is $50,000.
Any of that money being returned?
Each politician who received money from him needs to return it and have it go back to the exchange customer’s accounts. If they don’t return it, they go to jail too. It wasn’t a secret he was stealing the money to support the Dems and Rinos. Just another money laundering scheme by the Elites.
This guy and his crypto company absolutely reek of Deep State involvement. I wonder how much of the disappeared investor money is now part of the CIA black budget?
Who knows, maybe the Big Guy got his 10% too.
So if I drive the get away car in a bank heist all I have to say is they made me drive and I get off Scott free?
All of the charges related to his millions in campaign contributions to Democrats using stolen client funds were not so mysteriously dropped by the DOJ before trial!
Yes … it is a massive verdict. But let me remind you of a pardon that PDJT gave to the despicable creep, Junk Bond King Michael Milken …
https://www.cnn.com/2020/02/18/investing/michael-milken-pardon/index.html
Milken was sentenced to 10 years, but served only 22 mos. and when he came out … he mysteriously had enough $$$$$ squirreled away that he became a “philanthropist” *gawwwd* in a scheme to rehabilitate his image from that of a high-degreed white collar thief to that of a generous benefactor. Well, guess what!? Every dime he’s given away to charities … was STOLEN from grandma and grandpa.
Bankman-Fried will serve no more than 5 years and will come out of jail a multi-Billionaire. This conviction is a JOKE. White collar criminals get away with MURDER in America … and … sorry … but Trump made a massive mistake with that scumbag Milken. I wouldn’t put it past Biden to pardon Bankman-Fried as he slips out the back door. But it will have “nothing to do” with Bankman-Fried donating $$millions to Democrat candidates.
These securities fraudsters KNOW they’ll get a weak slap on the wrist for their thievery … so they lie and steal with impunity … and a long term plan. Milken created a template for that plan … massive theft … mild punishment … then $$$$$Jackpot$$$$$!!!!
The house I live in now was owned by Milken. We got it out of receivership when he went to jail. I haven’t seen any weird holes being dug in the night. Maybe I should run a metal detector across the property?
Gets some dogs sniffin to.
I would have an Israeli D9 scraping the place looking for loot.
The “pardon” was a token gesture as Milkin had already served his sentence and was released from prison years ago.
22 mos. for bilking thousands out of their life savings. He knew EXACTLY what he was doing and his sentence did NOT fit the crime. Nor was he disgorged of all his ill-gotten gains. In all honesty … I hope God doesn’t just shrug and say … WELCOME Michael … The Trinity has completely forgotten about all those lives you ruined. No problem … you served 22 mos. in Club Fed … and then PDJT commuted your sentence … so it’s like it never happened. Say 5 Hail Mary’s and you’re good for ETERNITY.
I honestly hope that God’s Grace isn’t quite THAT cheap.
jean Lafitte was pardoned. he was a notorious pirate.
THERE IS A REASON WHY I CHOSE TO MAKE THIS HISTORICAL RELEVANCE.
read the jean Lafitte story..
read FULLY about what milken did also.
I am NOT saying it’s right….but there is more to this story than simply a man stealing money and President Trump giving him a pass.
God Bless America
For ANY of us!
You do know that Trump is not at fault for Michael Milken’s 22 months served, right?
Even a cursory read of Wikipedia would help you pull your head out of your butt
https://en.wikipedia.org/wiki/Michael_Milken
Your comments about Michael Milken are so buffoonish and inaccurate, that you must have spent a good amount of effort deliberately cooking up your screed – bravo, well done!
Perhaps this will be the death-knell to the innocents who believed that a barter system based on a “hard-to-compute number” as a barter token would somehow revolutionize world finance. 🤡
Turns out that it took only one “geek” to “upturn the applecart” upon this entire system. And to siphon his real money gains into the hands of … world politicians.
Yeah. “… and two to take him.”
I wonder how many hours will he get in prison? 4 to 6, I’d guess. So he can be sure to be home for dinner!
I strongly suspect that he has dirt on high-level powerful Democrat and Establishment RINO officials, including Mitch McChina-McKraine. Wonder if he will squeal out of vengeance if for no other reason. Seems to me he was running a money laundering operation in addition to his crypto-con operation.
There is always a fall guy .
He will be pull an Epstein and show up under a different name in a Tel Aviv apartment.
hot dogs aren’t found on the prison menu, but still, pretty boy surely will be eating a few a day
I have the sneaky suspicion the cameras will be “out of order” in his cell wing …
Sacrificial Lamb.
I see three possible outcomes for SBF.
1) He appeals and his conviction is thrown out by a corrupt court
2) He is pardoned without having to serve much, it any, time
3) He gets the Epstein treatment.
There is no way that SBF is put away for 115 years (let alone one year). He knows too much on too many. He might just want to squeal like a stuck pig. So, if options 1 and 2 are not exercised, then he will become – quite literally – a stuck pig. Only, he won’t have the chance to squeal.
He does not know nearly as much as you think; his parents are the real schemers, and they are being warned by this, to keep their own mouths shut…
I figured that SBF would blab for a lighter sentence, like his cave troll g/f did. Hiligula Clinton must have sent him a postcard with the words, “Don’t even think about it.”
Scam
Bankrupt
Fraud
They didn’t charge him with his Real Crimes.
Because that would convict them.
My guess; a machine judge will dismiss everything on appeal and free him. That way, they still get credit for prosecuting him, but don’t have to punish their top Ukrainian Money Launderer.
SBF was a Democrat money launderer. Nothing will come of this.
How much money did james brown waters get for her wigs?
Her and sam look like the big ugly to me in another form.
Sam the sham featuring james brown waters. 👀😂
Sam got fried but has made members of the uniparty rich.
Has a finance committee role and no earthly idea what crypto might be or that this POS and his parents are sleazy, hypocritical, grifting shysters.
He’ll get whacked before he can spill any beans on democrats.
Looks like the Dims want to keel him quiet just like G Maxwell.
All the people he donated money to should be REQUIRED by law to return that money to the rightful owners.
I’m looking at you, Demorats!
I know plenty of Repubs who took the money as well.
Makes the Biden clan look kinda innocent in comparison, no?
\sarc
We make money the old fashion way – we earn (extort) it.
A 30 year old, worth 26 BILLION? How do I get in that game? My worth is closer to 26 hundred 🤷♂️
Marc Molinaro, what are you going to do with the FTX money?
Now there’s the small matter of how DoJ will avoid actually sending him to prison. They already dropped the illegal campaign contributions charges on a transparently, laughably false pretext to allow their masters to keep their loot and now they’ve got to pull a rabbit out of a hat to keep him out of Stoney Lonesome on these charges and those coming next year. They will do it. I just don’t see how.