Topic: SBF arrested in the Bahamas after U.S. files criminal charges (Read 398 times)

I have to keep to doubt this until you will have to provide the information where it was said. If that is so it will be a biase justice and that is not fair but bad way to treat the people. I understand that cryptocurrency has no regulation but doing that is not a solution. If FTX collapse remedy measure will be done it should be general not to select countries to be benefiting into it.

Life in prison without the possibility of parole for a financial crime does seem extremely harsh, no matter how much money was lost. I don't recall anyone getting that sentence after a big financial collapse. The bankers and mortgage agencies didn't even get punished at all back in 2008-09, and if SBF's lawyers are any good they'll get him off with much less prison time. Jesus, most murderers and rapists don't even get LWOP.

The new CEO of FTX also told the House of Representatives that FTX is unlikely to reimburse or partially compensate the victims of the FTX crash, only US users will most likely receive compensation, and worldwide users will receive nothing.

This is more a good news for cryptocurrency family and for people losing their money on the scam. They will expect that they at least will get back some of the investment with the arrest done on him. I think if extradited to US the justice may be done because of the legal system there I think more strict to follow the low I don't know how it is with Bahamas but it is good he is arrested to get tried of his crime.

It seems that there will be a lot of drama and parts that will appear related to the case that SBF is undergoing. Regardless that at this time he has been arrested or is indeed under investigation, in fact there are big things that make him so immune from the law. This is related to his political relations and SBF contribution to the campaign of one of the US presidents. So don't be surprised if this case will continue to be extended and bore us with drama episodes.

The crypto community and investors are starting to wait for the decision that will be received by Samuel Bankman-Fried, after the trial of the verdict begins and will continue at the case decision stage, given his behavior which is very detrimental to many people. Samuel Bankman-Fried faces several serious charges, ranging from electronic fraud to money laundering.

It is not clear how many years Samuel Bankman-Fried will be given his prison sentence and whether all damages will have to be recovered, as the US Attorney General has yet to decide anything until the process is complete.

I have read some recent news that the facts of his crime have spread to the public and the news of SBF arrest has been awaited by all members of the crypto community, we will be waiting for some of the latest facts from his confession at the trial because he will not have the opportunity to say reasons to cover up his guilt. I will be waiting for answers on FTX financial management and relationships with some of the larger investors who have withdrawn funds from FTX.

The case that happened to SBF must be thoroughly investigated, so that similar incidents become a concern for everyone, because committing fraud for whatever reason is not right. The big problem is actually happening because of this case, in the form of encouragement for rules that will begin to be developed for crypto, regulations will continue to appear and as if this will create a safety barrier for crypto users.

It’s about time he got arrested. I am surprised it took this long honestly. Madoff was arrested in less than a day.

Lol, I just posted about how SAM is an invincible man yesterday, saying maybe the government was benefiting from likes of him that's why they failed to have locked him up. This has proven the point invalid, what a good news, no one should be above the law in anyway, even if they are born of powerful families.

Will there be a "free SBF" movement,

It seems that SBF was forewarned this was coming.

They process will likely carry on and the guy may even spend some time in prison, not much though. It seems that white collar crimes like this one are only worth a few years, he may spend 3 years if any. I assume he has some influential friends in Washington who may recall those juicy donations he gave away to their campaigns.

On the other hand, I have no doubt in my mind this case will open an important precedent for future fraud cases (of this level) that happen to occur in USA jurisdiction, SBF will be the perfect subject to push more regulation within the crypto market and surveillance/control over addresses and wallets.

The enemies of Bitcoin and decentralization have a lot to thank to SBF.

 

      I just hope that this process that they are doing against SBF will continue because what he did to tamper with his investors' funds is not a joke. Maybe, SBF's recent interview on various social media platforms is what gave the people in charge the courage to charge him with a case because of the wrong he did to FTX investors.

And may he continue to be imprisoned in the end until the trial against him is over so that at least justice can be given to the people he victimized in this matter. So don't let it happen in the end that he pays a lot of money to those who charged the case against SBF.

Will there be a "free SBF" movement, the way Ross Ulbicht and other crypto celebrities in prison have enjoyed public support? 

• The cofounder and former CEO of bankrupt crypto trading firm FTX was arrested in the Bahamas after the U.S. attorney for the Southern District of New York shared a sealed indictment with the Bahamian government.
• His arrest is the first concrete move by regulators to hold individuals accountable for the multi-billion dollar implosion of FTX last month.
• Bankman-Fried is expected to be extradited to the United States.

FTX founder Sam Bankman-Fried was arrested by Bahamian authorities this evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.

Bankman-Fried was expected to testify before the House Financial Services Committee on Tuesday. His arrest is the first concrete move by regulators to hold individuals accountable for the multi-billion dollar implosion of FTX last month.

Damian Williams, the U.S. Attorney for the Southern District of New York, said on Twitter that the federal government anticipated moving to “unseal the indictment in the morning.”

Bahamas Attorney General Ryan Pinder said that the United States was “likely to request his extradition.”

In a statement, Bahamian Prime Minister Philip Davis said, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.”

“While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere,” continued the statement.

Bahamian regulators and FTX’s attorneys had been engaged in a bruising battle in chambers and in the court of public opinion. Earlier Monday, FTX attorneys accused the Bahamian government of allegedly working with Bankman-Fried to spirit away FTX assets from company control and into into crypto wallets controlled by Bahamian regulators. Bankman-Fried’s arrest by Bahamas law enforcement, as well as his expected extradition, suggest that close cooperation between the Bahamas and the U.S. will continue to evolve throughout the bankruptcy proceedings.

In November, FTX and its affiliates filed for bankruptcy and Bankman-Fried stepped down from his role as CEO. The crypto trading firm imploded in spectacular fashion following a run on assets similar to a bank run.

FTX’s collapse was precipitated when reporting from CoinDesk revealed a highly concentrated position in self-issued FTT coins, which Bankman-Fried’s hedge fund Alameda Research used as collateral for billions in crypto loans. Binance, a rival exchange, announced it would sell its stake in FTT, spurring a massive withdrawal in funds. The company froze assets and declared bankruptcy days later. Reports later claimed that FTX had commingled customer funds with Bankman-Fried’s crypto hedge fund, Alameda Research, and that billions in customer deposits had been lost along the way.

Bankman-Fried was replaced by John J. Ray III, who had overseen Enron’s bankruptcy. Ray is also scheduled to testify before Congress this week. In prepared remarks released Monday, Ray said that FTX went on a “spending binge” from late 2021 through 2022, when approximately ”$5 billion was spent buying a myriad of businesses and investments, many of which may be worth only a fraction of what was paid for them,” and that the firm made more than $1 billion in “loans and other payments...to insiders.”

Ray also confirmed media reports that FTX customer funds were commingled with assets from Alameda Research. Alameda used client funds to do margin trading, which exposed them to massive losses, Ray said.

Legal experts told CNBC that if the federal government pursues wire or bank fraud charges that Bankman-Fried could face life in prison without the possibility of supervised release. Such a severe punishment would be unusual but not extraordinary. Ponzi scheme mastermind Bernie Madoff was sentenced to 150 years in prison, an effective life sentence, for his massive ponzi scheme. FTX’s collapse has already triggered the demise of BlockFi Lending, and has thrown the entire space into disarray.


https://www.cnbc.com/2022/12/12/ftx-founder-sam-bankman-fried-arrested-in-the-bahamas-after-us-files-criminal-charges.html