When will Sam Bankman-Fried go to jail? - page 10.

S A KHAIR

full member

Activity: 952

Merit: 108

1xBit recovered their reputation

Quote from: countryfree on November 26, 2022, 01:15:25 PM

The Department of Justice, the Securities and Exchange Commission and the Commodity and Futures Trading Commission are all looking at the case, so I'm pretty optimistic it will be positive for BTC. More regulations are coming to exchanges, and that will be make the crypto world safer for the average guy.

It's all good. Except for Sam Bankman-Fried who should start to feel the heat.

You're mistaken, not only will there be regulation for centralized exchanges but it will be regulation for all crypto industries. It couldn't be more fitting for this rationale for the government to have the opportunity to intervene in crypto as it is now. Having regulation will help us avoid scams but with regulation, they will no longer be called decentralized.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

We are soon going to find out just how corrupt officials can be. My guess is that Sam Bank-Fraud will likely end up on house arrest and they’ll claim he’s helping regulators claw back funds as a reason for the lenience. I think if you’re Sam you might even be glad this is all over. He’ll probably hang out in his penthouse for a year or two and then get all the funds he stashed away and live happily ever after. Meanwhile he left behind a million victims.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

The Department of Justice, the Securities and Exchange Commission and the Commodity and Futures Trading Commission are all looking at the case, so I'm pretty optimistic it will be positive for BTC. More regulations are coming to exchanges, and that will be make the crypto world safer for the average guy.

It's all good. Except for Sam Bankman-Fried who should start to feel the heat.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: countryfree on November 20, 2022, 11:29:50 AM

My BTC savings have lost much value this month, and I know why. We all know. It's the FTX's debacle.

Don't blame only Bankman and his company, but all those who gave him money and trusted him. Such characters would never be able to do something like this if there were not millions of naive and gullible people who still believe in fairy tales, and it is not about children, but about adults to make the matter even more tragic.

The need to have a leader is much stronger than the idea represented by Bitcoin - all these people should go back to school and write the word "decentralization" a million times, and then maybe some of them would understand what it means.

MoonOfLife

sr. member

Activity: 714

Merit: 253

Quote from: mindrust on November 25, 2022, 11:48:12 PM

Bankman-Fraud will get the Epstein treatment. Meaning, they will make him disappear and he is not going to spend a single day in a jail cell. When he has corrupted political friends like the Clintons, he can avoid any punishment. If the media tells you that he is in jail, that means he is in his home playing PS5. If they tell you he is dead, that means he has a new name, a new face (hopefully both his new name and face will be less stupid than his current ones) and he is in somewhere which you won’t ever know about.

Until now many people still don't believe that Sam has ties to Democratic Party politicians, which is ridiculous. He is the 2nd largest donor in the US midterm elections and his parents are also democrats. No wonder he won't go to jail. Powerful members of the democratic party will whitewash his background in the purest way.

laura906

newbie

Activity: 1

Merit: 0

Hi everyone,
I'm Laura and I'm an Italian software programmer (I have pretty important websites that talks about Technology or Gifts in Italy).
Despite my technical skills, unfortunately I too am among those who have been heavily affected by the ftx scam. Undecided

Unfortunately my entire crypto portfolio was on Ftx, which I thought was an incredible exchange (and far superior to Binance).

I would like to ask one thing: the fact that Bankman is still free, isn't that good news? Couldn't he convince some influential politician or entrepreneur to take up the legacy of FTX and restart it? Maybe this way they could return some of the funds...

Am I wrong?

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: mindrust on November 25, 2022, 11:48:12 PM

Bankman-Fraud will get the Epstein treatment. Meaning, they will make him disappear and he is not going to spend a single day in a jail cell. When he has corrupted political friends like the Clintons, he can avoid any punishment. If the media tells you that he is in jail, that means he is in his home playing PS5. If they tell you he is dead, that means he has a new name, a new face (hopefully both his new name and face will be less stupid than his current ones) and he is in somewhere which you won’t ever know about.

He's a political donor. Out donated everyone except George Soros in the 2022 U.S. midterm elections. He'll get the special treatment because democratic appointees are in the Department of Justice. It's not good for business when you prosecute your political donors, of course.

In any sane world, SBF would've already been in jail and charged with fraud, probably held without bail for being a flight risk. Makes you wonder what all those political donations were for. Maybe he saw his demise coming and figured lining up the pockets of politicians was his way out.

mindrust

legendary

Activity: 3276

Merit: 2442

Bankman-Fraud will get the Epstein treatment. Meaning, they will make him disappear and he is not going to spend a single day in a jail cell. When he has corrupted political friends like the Clintons, he can avoid any punishment. If the media tells you that he is in jail, that means he is in his home playing PS5. If they tell you he is dead, that means he has a new name, a new face (hopefully both his new name and face will be less stupid than his current ones) and he is in somewhere which you won’t ever know about.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

Quote from: serjent05 on November 25, 2022, 05:45:50 PM

Quote from: franky1 on November 24, 2022, 07:24:46 PM

when a business has done something criminal. CEO dont always go to jail

did HSBC ceo go to jail for money laundering
did JPMorgan ceo go to jail for money laundering

it could be a buffet/enron thing.. = criminal charges against CEO
it could be a HSBC/JPM thing..= business fine at probably an amount equal to X days business profit

I agree and it is possible that they are still free because they have powerful connections that can maim justice. But those who don't amass enough powerful backers, end up in jail. And probably Sam Bankman-Fried will never go to jail because people around him is possibly powerful enough to blindfold the blindfolded justice system.

Anyway, those who are interested to know some CEO who got jailed due to their fraud and mismanagement can refer to this article[1][2][3]

[1] https://economictimes.indiatimes.com/news/international/us/who-is-elizabeth-holmes-disgraced-ceo-who-was-sentenced-to-more-than-11-years-in-prison-for-theranos-fraud/articleshow/95615174.cms
[2] https://www.bbc.com/news/business-60001147
[3] https://www.nbcnews.com/business/markets/10-ceos-who-went-boardroom-cell-block-flna783944

I very much agree. It is also not only about their connections to the government. They also appear to have connections with mainstream news media like the Wall Street Journal. I have never seen an article written about Sam that says he was running a criminal enterprise which appears he was. It is always articles with spinning storylines similar to this.

The FTX founder pledged to donate billions. His firm’s swift collapse wiped out his wealth and ambitious philanthropic endeavors.

Source https://www.wsj.com/articles/sam-bankman-frieds-plans-to-save-the-world-went-down-in-flames-11669257574

Also, Alex Pertsev is in jail for writing an opensource program for helping the community mix their coins while Sam Bankrupt-Fried and Do Kwon are free hehe.

Sarah Azhari

hero member

Activity: 868

Merit: 737

Quote from: countryfree on November 20, 2022, 11:29:50 AM

There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.

I don't know where his country is from. If SBF lives in USA, the police especially FBI must investigate him and catch him in jail right now. Or maybe can't be enough proof to throw him?. Not only him, a lot of unbitcoin crime like Craig Steven Wright must be jail also to make the bitcoin ecosystem to be green zone. Both will make bitcoin will be done every time, if the police can't act those criminals, they will make happen again in between 4 year.

franky1

legendary

Activity: 4410

Merit: 4788

here is the thing

cases where a CEO has gone to jail take a long time to prove, especially when they may still be trying to to work out what is happening

even in the theranos case where on first day of investigating anyone could simply walk into the building and say ok test my blood for 50 diseases
boom one day see the claims of a working device are a lie
however it took years to actually put her in jail

in finance its not just trying to shuffles the account numbers into something readable to then see what exists on paper and then find the real assets listed
its then to see where the missing assets went and why.
and if those movements are business property moves or personal actions directed personally by a CEO who done it in a manner that without any doubt was to abuse customers and criminally steal.

in short it will take a long time to get any real answers, and if there is a "reasonable doubt" where by it could be considered that there was a hack, be sure SBF's lawyers will maximise that "hackers" involvement as much as they can to shift the blame. or find an insider employee to blame. or something

teosanru

hero member

Activity: 2114

Merit: 619

Honestly I really don't think this is going to happen. These billionaires have a lot of money to feed the governments and stop going to jail, they even have inteligent attorneys who guide them clearly as to which country to stay in order to be safe from the government itself. Even if they are caught they have plenty of excuses and scapegoats to get free from the system. So, I don think you will be able to enjoy this sight.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

Quote from: franky1 on November 24, 2022, 07:24:46 PM

when a business has done something criminal. CEO dont always go to jail

did HSBC ceo go to jail for money laundering
did JPMorgan ceo go to jail for money laundering

it could be a buffet/enron thing.. = criminal charges against CEO
it could be a HSBC/JPM thing..= business fine at probably an amount equal to X days business profit

I agree and it is possible that they are still free because they have powerful connections that can maim justice. But those who don't amass enough powerful backers, end up in jail. And probably Sam Bankman-Fried will never go to jail because people around him is possibly powerful enough to blindfold the blindfolded justice system.

Anyway, those who are interested to know some CEO who got jailed due to their fraud and mismanagement can refer to this article[1][2][3]

[1] https://economictimes.indiatimes.com/news/international/us/who-is-elizabeth-holmes-disgraced-ceo-who-was-sentenced-to-more-than-11-years-in-prison-for-theranos-fraud/articleshow/95615174.cms
[2] https://www.bbc.com/news/business-60001147
[3] https://www.nbcnews.com/business/markets/10-ceos-who-went-boardroom-cell-block-flna783944

FatManTerra

copper member

Activity: 40

Merit: 60

Imagine you are a prosecutor in SDNY looking into FTX, and SBF is just running his mouth confessing on Twitter and in media interviews. Let's ignore extradition, jurisdiction, everything. Are you in a rush to lock him up so his lawyer finally convinces him that the Fifth Amendment is important or do you enjoy Thanksgiving?

S A KHAIR

full member

Activity: 952

Merit: 108

1xBit recovered their reputation

Quote from: franky1 on November 24, 2022, 07:24:46 PM

when a business has done something criminal. CEO dont always go to jail

did HSBC ceo go to jail for money laundering
did JPMorgan ceo go to jail for money laundering

it could be a buffet/enron thing.. = criminal charges against CEO
it could be a HSBC/JPM thing..= business fine at probably an amount equal to X days business profit

I'm sure he will never go to jail no matter how many people want or sue. FTX just filed for bankruptcy meaning they are not officially bankrupt and they are still operating but he resigned last week. He no longer has a relationship with FTX. Not only will he not have to go to jail, but he could join or open another company in the future if he resigns early.

franky1

legendary

Activity: 4410

Merit: 4788

when a business has done something criminal. CEO dont always go to jail

did HSBC ceo go to jail for money laundering
did JPMorgan ceo go to jail for money laundering

it could be a buffet/enron thing.. = criminal charges against CEO
it could be a HSBC/JPM thing..= business fine at probably an amount equal to X days business profit

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

Quote from: Pierre 2 on November 20, 2022, 03:15:53 PM

Is there any proof that he is reason why people lost their money? I am not very sure.

One proof ... He is the CEO of FTX Exchange[1]. In case you are not aware of the job of a CEO:

CEO or Chief Executive Officer is responsible for the successes and shortcomings of the business[2]
CEO Main Role:
Making decisions and being responsible for those decisions.

Quote

This is arguably the most important aspect of their job. They are the ones that are ultimately held responsible for the outcomes. Their responsibility also falls into creating both a vision and a destiny for their corporation. Vision is the direction in which the company is headed. Strategy is the process that the business will undertake to achieve the vision. One aspect of the business that the CEO must not undertake is micro-management. Once they stop focusing on vision and strategy to manage specific details, they are no longer performing the duties of a CEO.

A CEO leads his company.

Quote

He or she is the one that guides the business towards the vision. In addition, to guiding the business, the responsibility of setting the culture of the company rests as well in the hands of the CEO.

CEOs are responsible for maintaining capital for their business.

Quote

They need to ensure that their company has enough money to be successful and be able to meet its obligations. There are several different avenues from which this revenue may arrive. It may come from earnings, equity, or debt.

CEOs manage risk

Quote

Every corporation faces uncertainty about their future. A CEO’s responsibility is to manage that risk so that the company does not appear to be too volatile to invest in. By doing so, not only will the company maintain a more consistent revenue stream, but they will be attractive to current and potential clients.

CEOs have an ethical and a legal accountability to the owners and shareholders.

Quote

They are also responsible and accountable to the board of directors and must keep them updated as to the state of the business.

CEOs report to the board of directors

Quote

EOs do not have free reign to do whatever they would like without consequence. The board of directors has a duty to make sure that the CEO is performing in a manner which is best for the corporation. They must also replace the CEO if he or she is not doing as well as they need to be.

That covers the scope of being a CEO, now, the fund of FTX gone missing and it is stated that it is the responsibility of the CEO to maintain the capital of the company, and he approves all the transactions of the company. So if not SBF, who would have mismanage the fund of FTX?

[1] Sam Bankman-Fried
[2] Role of the Chief Executive Officer

franky1

legendary

Activity: 4410

Merit: 4788

Quote from: S A KHAIR on November 24, 2022, 04:54:45 PM

The issue here is not whether we have enough evidence but as I said, cryptocurrencies are not regulated and participation in crypto is not protected by the government. The only possibility that SBF goes to jail is that, he cannot compensate US investors because FTX is registered there, investors paying full taxes means they will be protected by law. As for investors in the world without protection, they should be responsible for their own losses. That is the difference between regulated and unregulated in the market.

what you say is about cryptocurrencies themself (self custody)

but when it comes to businesses, there are some rules.. but when it comes to businesses. a business is not human. you cant put a business in to prison
business can be fined where the associated bank accounts can be seized.

however business law also allows the CEO lots of loop holes to escape business mistakes

it then has another threshold of evidence needed to make a business mistake a mistake of the CEO

most of the time a CEO will find a scape goat. like a disgruntled employee to point the finger at.

this threshold to put the blame on the CEO also comes with things like was it inept practice of just not having any accounting skills to secure assets. or was it malicious action of the ceo purposefully deciding to move assets/spend assets

i personally want him jailed. but its never that simple

S A KHAIR

full member

Activity: 952

Merit: 108

1xBit recovered their reputation

Quote from: Beparanf on November 21, 2022, 11:26:02 AM

Quote from: S A KHAIR on November 21, 2022, 11:21:02 AM

Do you remember Dokwon? and now he is still sunbathing on some luxurious beach with investor's money. Then there is no reason because SBF will go to jail, cryptocurrency has no government protection, when we participate in investment, we will be responsible for our own decision.

Yeah, That guys is legendary, Actually this is the perks on doing a heist on crypto since you can store your assets on wallet that doesn’t reveal your ownership. Do Kwon probably might face jail time if the many people affected is living on same country to him. There’s no one pursuing the case besides the authorities who’s doing there own investigation. Without a complaints, this jerk will be free forever.

Same with Sam, there’s no evidence that he steal money since all the allegations has no clear proof and democrats is involved which means he is safe until a republicans will sit on the white house. Only bankruptcy is the only thing we can expect as the outcome on this drama and no jail time same as Do Kwon.

The issue here is not whether we have enough evidence but as I said, cryptocurrencies are not regulated and participation in crypto is not protected by the government. The only possibility that SBF goes to jail is that, he cannot compensate US investors because FTX is registered there, investors paying full taxes means they will be protected by law. As for investors in the world without protection, they should be responsible for their own losses. That is the difference between regulated and unregulated in the market.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: countryfree on November 23, 2022, 06:28:46 PM

I've been very happy to read that the Financial Times has pretty much the same opinion as I have.

https://www.ft.com/content/470ce8e8-0e5d-4fe4-8b62-08eb0749da9c

As long as there are exchanges, it's essential that people can trust them. We can't say if the bad guy will end up in jail yet, but justice's on the way.

Justice is something that needs to be fought for, but this does not rule out the possibility that not all bad people will end up in prison because the laws of the world sometimes become dull when a criminal has more power than those who work as judges. I would probably think SBF could be tried in prison for his guilt, but either way that will never make up for the lost billions of dollars investing from investor.

Traders and investors can always trust the exchange, but may end up having to bear all the causes and consequences of a bad centralized exchange. The risk would be minimized if most people never held their assets on a centralized exchange, but this is more desirable for some traders or investors.

Topic: When will Sam Bankman-Fried go to jail? - page 10. (Read 2439 times)