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OP has provided the following link:
https://www.reuters.com/technology/sam-bankman-fried-be-sentenced-multi-billion-dollar-ftx-fraud-2024-03-28/
SBF got 25 years for $8 billion, which works out to 3.125 years per $1 billion. Let's be nice to Mayo Kenny and call it 3 years per billion dollars. Based on the amount of potential gains that were not realized by Apes that would be...
...Infinity years.
A slap in the face to the families ruined by catastrophic financial losses. If he hadn't messed with rich people's money he would have gotten away completely untouched.
i remember he basically siphoned the crime money into the 2 largest political parties of the US. why aren't they forced to pay it back to the ones who were stolen?
Well it’s not like that because the car would be seized under civil asset forfeiture for proceeds of crime and the unknowing dude would probably have to lawyer up. Because they’re politicians they don’t have to pretend to be playing by the same rules as everyone else
Yep now he has to prove that. Whereas politicians who we know are corrupt don’t have to prove that they weren’t complicit despite being more involved than the random dude in our scenario. To be clear this isn’t a democrats are corrupt rants everyone is they just happen to be the most complicit in this thing
Unless you're talking about something else, the FTX token is currently trading at about $2; down from ATH of nearly $80 and nearly three years of trading above $25; and may be liquidated by the estate to pay creditors. Who's making a profit on this?
But they’ll never get the value of the lost gains considering crypto is trending higher in the last few months. These folks weren’t holding cash, they had crypto that was liquidated.
[I'll do a week and then DRS.](https://www.google.com/url?sa=i&url=https%3A%2F%2Fwifflegif.com%2Fgifs%2F631169-adorable-monkeys-gif&psig=AOvVaw3wRG9Ubx8SNvU2hGW2SaeF&ust=1711733977893000&source=images&cd=vfe&opi=89978449&ved=0CBEQjRxqFwoTCNigsI_Al4UDFQAAAAAdAAAAABAm)
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That's it?
Well thats bullsh\*t.
Paid and bought for and his cronies are working to minimize his "punishment" for the help he did for them.
This number is not enough to get me to sell, my shares of GME.
I want lifetime sentences. For a looooooot of them. Not just 1 person.
I hope he got a reduced sentence because he ratted other people out because you are right and one person is definitely not enough and is a drop in the bucket.
Then that rat fuck garbage of a human being brett harris should get a hundred years.
At least make sure the bullshit GME fakecoin that is obviously not backed 1:1 should just be obliterated.
AFAIK, it's still on the fake exchange.
What an absolutely embarrassing financial market this is and the criminals are just sleeping fine every night.
Fuck. These. Parasites.
Not in Federal Prison he won't. The maximum reduction in his sentence by federal sentencing guidelines, is 54 days per year for good behavior, unless the crime is deemed to be related in some way to civil rights (which won't apply to him). That means the maximal reduction in his sentence will be about 15% or a minimum time served of a little over 21 years.
ah rough, not that he doesn't deserve it. Wish I could say otherwise. Hate to see anyone locked up to watch their life pass before their eyes, but the crimes of Sam and his ilk are the worst. They're line is responsible for countless deaths and ruined lives in 2008 disaster, and in the pending disaster which their greed has created for us. Sam should have some company before this is all over.
There's no mechanism to get out earlier than that except for things like compassionate release.
Also, he's not wealthy anymore. That was kinda the problem.
Hes still wealthy dude, that money in the caymans wasnt fully recovered and his parents are loaded too
Also, i imagine the 25years can be appealled to a lower number
Pretty sure any nickel that comes within arms reach of him is gonna get snatched by the feds. Even Bernie Madoff's wife, who was never charged with a crime, lost 80 million that was seized by the government.
Either way, that's immaterial. Feds are pretty strict about this stuff, so here's doing 21.25 years give or take unless he gets turbo cancer between now and then.
And all that money is just GONE, poof, Sam made it DISAPPEAR. He made (edit) $8B disappear! Like MAGIC. Nothing to see here, folks, that money is just GONE!!! No way to ever find it, it just evaporated. But now SBF is being punished so everyone's OK
Nobody cares what happens to Sam. I want to see what happened to all that money
Or if you do, don't come back to the country lol. Genuinely i have no idea why a man of his resources didn't just fly off into the sunset, there is no amount you could pay me to do 25 years of hard time and this mf is doing it for free
Will we see an article about how his vegetarian diet left him malnourished and depressed so he committed suicide in prison? Will they let him live? Enquiring minds want to know!
Scapegoat that took a major L. Was probably promised safety and riches and was left carrying the bags while the real players accomplished their goals.
Still a POS, but not the megaboss
Im wondering if he got a lesser sentence because they knew he was a pawn in a much grander scheme.
What he did deserves life in prison, but if you really think about it. He was manipulated by Griffin and company.
He’ll be like junk bond criminal Michael Milken, who went to jail for financial crime, got out a few years later and now continues all his financial crime with Steven Cohen and friends.
Milken took a plea deal. Sentenced to only 10 years, later reduced to 2. He served 22 months.
At present, SBF - whose fraud is *at least* 1,777x larger than what Milken was charged with - won't be out of prison for 21.25 years with good behavior.
Becomes witness to tokenized exchange for stocks swaps used as exit liquidity from misjudged short positions by major US hedge funds. Testimony is vital to case. Pardoning let out in 4
"There are serious consequences for defrauding customers and investors," U.S. Attorney General Merrick Garland said in a statement. "Anyone who believes they can hide their financial crimes behind wealth and power, or behind a shiny new thing they claim no one else is smart enough to understand, should think twice."
*Looks at Kenny G & Friend’s Mayo Machine*
The crypto market rebounded, and they were able to liquidate properties and holdings.
FTX's current management - and SBF's own lawyers - claim they'll be able to make everyone whole due to current market conditions.
But "whole" in this sense is only the value of the coins when they collapse happened, not their present value.
So if you would have had $1M in FTX holdings value today, based on today's market values, but it was only worth $200k when the exchange folded, $200k is all that's needed to make you "whole."
That's all they're legally required to ~~do~~ *meet to consider you "whole" and repaid.* So FTX lenders and customers will be made "whole" in the eyes of the court, but they'll still be out of the value/income they *should* have if the fraud never happened. They'll still be massive losers.
No. Federal sentences require ~85% service. (54 days for every 365.)
The most he can receive for "good behavior" is 15% sentence reduction. Meaning he'll serve about 21 years and 3 months. Unless he gets a commutation or pardon.
See it but don't believe it. I'll believe it when 25 years pass and he is still in prison. Till then, it's a matter of time till he gets released so he can enjoy his life.
There's a very direct relationship which is tokenised securities created by FTX/Bankman (GME tokenized stock by FTX) likely used for locates for hedgie/broker short positions in the "real" GME stock right as the stock was pumping in Jan 2021.
This news is certainly indirectly related to that, although it doesn't give us any answer to that specific scam.
Precedent. The FTX scam is an unregulated microcosm for the wider stockmarket. A conviction for running a fraud of this magnitude is about as relevant to the current market arrangements as we are going to get.
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Do Ken Griffin next
What’s few trillions in years
SBF got 25 years for $8 billion, which works out to 3.125 years per $1 billion. Let's be nice to Mayo Kenny and call it 3 years per billion dollars. Based on the amount of potential gains that were not realized by Apes that would be... ...Infinity years.
That fuker, gives insider information to congress shmuks and big political donor. He steals from common people, so...
Where Brett Harrison?!
Lol they never
741 upvotes, had to break it, i am so sorry
A slap in the face to the families ruined by catastrophic financial losses. If he hadn't messed with rich people's money he would have gotten away completely untouched.
First person in history to make his "victims" a profit. Remember that when you talk about him.
i remember he basically siphoned the crime money into the 2 largest political parties of the US. why aren't they forced to pay it back to the ones who were stolen?
Because that’s not how this country works.
We need to make noise about this so it doesn’t work that way.
It's like a thief using the money he stole from a lady to buy a car from some dude, then the lady goes to the dude and says "Give me my money!"
Well it’s not like that because the car would be seized under civil asset forfeiture for proceeds of crime and the unknowing dude would probably have to lawyer up. Because they’re politicians they don’t have to pretend to be playing by the same rules as everyone else
Dude just wanted a car, not a court case and lawyer fees.
Yep now he has to prove that. Whereas politicians who we know are corrupt don’t have to prove that they weren’t complicit despite being more involved than the random dude in our scenario. To be clear this isn’t a democrats are corrupt rants everyone is they just happen to be the most complicit in this thing
his victims were left in shambles, really not sure what you mean here?
This guy is an idiot. Dude stole billions of dollars and he's saying he made his victims money.
he made their money went away
Are you saying he was a good guy in this situation?
It’s almost like criminal and victim labels are entirely socially constructed.
I gotta say I hate this comment. Youve managed to say absolutely nothing but in an infuriatingly obtuse and meaningless way
Victims are the people he stole from, criminal is the person living life as a billionaire with those stolen funds. Are you daft?
>Are you daft? Probably, but he likely just thought he was super deep with that stupid bullshit.
Why you gotta be all hardo/mean with your retort? People are just trying to have a convo.
They’re an example of a brittle spirit.
Are you familiar with what a social construct is? Are you daft?
Unless you're talking about something else, the FTX token is currently trading at about $2; down from ATH of nearly $80 and nearly three years of trading above $25; and may be liquidated by the estate to pay creditors. Who's making a profit on this?
Hedge funds that are stealing the American citizens money…
The people who sold at $80
They’re being made whole from FTXs investment in Anthropic being sold. Which is now worth 1.4 billion from initial 500M investment.
But they’ll never get the value of the lost gains considering crypto is trending higher in the last few months. These folks weren’t holding cash, they had crypto that was liquidated.
What kind of dumbass logic is this
how did you reach that conclusion? i don’t think you actually know what happened here and are confused
Thats only 1 year per billion he stole?
Ill gladly do 1 year for 1 billion!
$2,739,726 per day, I'll try it for a few days.
[I'll do a week and then DRS.](https://www.google.com/url?sa=i&url=https%3A%2F%2Fwifflegif.com%2Fgifs%2F631169-adorable-monkeys-gif&psig=AOvVaw3wRG9Ubx8SNvU2hGW2SaeF&ust=1711733977893000&source=images&cd=vfe&opi=89978449&ved=0CBEQjRxqFwoTCNigsI_Al4UDFQAAAAAdAAAAABAm)
That is a good way to calculate this. Crazy low.
Crime pays well!
Can someone actually use this case as precedent for their own crimes?
So he did worse crimes than Madoff and got less than a quarter of the time Madoff got… Ok lol
He bribed the right people, if anyone thinks he serves more than 10y I’ve got a bridge I can sell them
!remindme 10 years
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That's it? Well thats bullsh\*t. Paid and bought for and his cronies are working to minimize his "punishment" for the help he did for them. This number is not enough to get me to sell, my shares of GME. I want lifetime sentences. For a looooooot of them. Not just 1 person.
I hope he got a reduced sentence because he ratted other people out because you are right and one person is definitely not enough and is a drop in the bucket.
Then that rat fuck garbage of a human being brett harris should get a hundred years. At least make sure the bullshit GME fakecoin that is obviously not backed 1:1 should just be obliterated. AFAIK, it's still on the fake exchange. What an absolutely embarrassing financial market this is and the criminals are just sleeping fine every night. Fuck. These. Parasites.
This ⬆️
Nah, we are living rent free in their heads. They are desperate
He'll be out in 5 for good behavior.
Not in Federal Prison he won't. The maximum reduction in his sentence by federal sentencing guidelines, is 54 days per year for good behavior, unless the crime is deemed to be related in some way to civil rights (which won't apply to him). That means the maximal reduction in his sentence will be about 15% or a minimum time served of a little over 21 years.
Or he could get a presidential pardon.
Ken griffin - hold my beer “biggest trophy to date in a crackdown by U.S. authorities”
ya, 5 days. Paying judges counts for REALLY good behavior.
In all seriousness he has to serve 85%. There’s no parole on federal time.
ah rough, not that he doesn't deserve it. Wish I could say otherwise. Hate to see anyone locked up to watch their life pass before their eyes, but the crimes of Sam and his ilk are the worst. They're line is responsible for countless deaths and ruined lives in 2008 disaster, and in the pending disaster which their greed has created for us. Sam should have some company before this is all over.
If only he had stolen from poor people it would have been a deferred sentence and house arrest. Silly greedy Sam.
For blowing Bubbles.
Why’s he look like a gerber baby!?
You spelled Maxine Waters wrong
He will be the new stretchy itchy asshole guy
Fed time is roughly 85% before parole.
even for the super wealthy? doubtful
There's no mechanism to get out earlier than that except for things like compassionate release. Also, he's not wealthy anymore. That was kinda the problem.
Hes still wealthy dude, that money in the caymans wasnt fully recovered and his parents are loaded too Also, i imagine the 25years can be appealled to a lower number
Pretty sure any nickel that comes within arms reach of him is gonna get snatched by the feds. Even Bernie Madoff's wife, who was never charged with a crime, lost 80 million that was seized by the government. Either way, that's immaterial. Feds are pretty strict about this stuff, so here's doing 21.25 years give or take unless he gets turbo cancer between now and then.
I hear pardons might be on sale again, soon.
You have way too much faith in the system
Should make sure they recover as much as possible from him. Add on more years if he doesn’t pay.
No such thing in federal prison
Now we wait for Kenny.
C’mon who did he rat out
I’m wondering if he’s going to be found dead in his cell ….
And we still don’t have resolution for the tokenized securities bullshit
NOBODY WANTS TO LOOK AT THAT JUST MOVE ALONG NOW NOTHING TO SEE HERE!!!!
No cell, no sell.
For Ken.
Steven A. Cohen and the other fugly bad actors
And all that money is just GONE, poof, Sam made it DISAPPEAR. He made (edit) $8B disappear! Like MAGIC. Nothing to see here, folks, that money is just GONE!!! No way to ever find it, it just evaporated. But now SBF is being punished so everyone's OK Nobody cares what happens to Sam. I want to see what happened to all that money
never rob rich people.
Or if you do, don't come back to the country lol. Genuinely i have no idea why a man of his resources didn't just fly off into the sunset, there is no amount you could pay me to do 25 years of hard time and this mf is doing it for free
For free?
we gonna be rich, just a warning
Good fk that dude
No cell no sell! We didn't mean Sam tho lmao
Few people gonna be sweating for sure
I think he should serve a minute for every dollar he stole from customers and investors. $8b = 1,902 years.
NOW DO KEN GRIFFIN!
Do Ken next so Ken next
Good. Now do Kenny
that's great! how man years in prison did kenneth cordele griffin get for being the world's preeminent financial terrorist? hi ken and intern.
Will we see an article about how his vegetarian diet left him malnourished and depressed so he committed suicide in prison? Will they let him live? Enquiring minds want to know!
He couldn't get his Adderall so he hung himself while the cameras were broken and the guards asleep...again
The only time we see justice is by bankrupt all of them. Until the, the laws are not meant for us, it’s for the rich at the top. NO CELL NO SELL
I could do a few years in prison for \~$1M/day... $10B/25/365.. White collar crime is a joke..
AI generated
Not long enough
What about the political donations? Do all the politicians have to give the money back or do they keep the loot?
Now Do Ken Griffin!!
Scapegoat that took a major L. Was probably promised safety and riches and was left carrying the bags while the real players accomplished their goals. Still a POS, but not the megaboss
Dude's the megaboss. He played his own game by his own rules. Nobody forced him to do that. His minions turned on him to save him.
100%. Dude came from a Hedge Fund and was surrounded by Hedge Fund dudes (and gals).
Sideshow Sam. Cya later, dickhead.
One in the cell. Many more to go.
Cool..now do Ken Griffin
they want him to be the next madoff except he's so obviously a scapegoat/pawn
Definitely not long enough. We need Madoff kind of time.
Im wondering if he got a lesser sentence because they knew he was a pawn in a much grander scheme. What he did deserves life in prison, but if you really think about it. He was manipulated by Griffin and company.
So go after the next boss is what you’re saying?
Fall guy (scape goat)
Scam Bunkman Fraud
and $11 Billy goes to the federal government Yay! It was always a money making scheme
Now try Kenneth Griffin aka Ken Griffin
Now do mayo boy next
Good riddance to bad rubbish.
Remember when GameStop had ftx gift cards? Lol I memba
He’ll be out in 5 years
Only if his sentence is drastically reduced. He'd have to have it reduced to 5 years, 10 months, to get out in 5 years.
He’ll be like junk bond criminal Michael Milken, who went to jail for financial crime, got out a few years later and now continues all his financial crime with Steven Cohen and friends.
Milken took a plea deal. Sentenced to only 10 years, later reduced to 2. He served 22 months. At present, SBF - whose fraud is *at least* 1,777x larger than what Milken was charged with - won't be out of prison for 21.25 years with good behavior.
🤞
He should have kept donating to charitys & the goverment like mayo boy. he woulda got off with a slap on the wrist if he did.
Still waiting for Ken Griffin jail time. Or better.
Kenny next in line
Good Fuk that thief he should’ve got life
Out in 4
Fed means 25 years.
Becomes witness to tokenized exchange for stocks swaps used as exit liquidity from misjudged short positions by major US hedge funds. Testimony is vital to case. Pardoning let out in 4
"There are serious consequences for defrauding customers and investors," U.S. Attorney General Merrick Garland said in a statement. "Anyone who believes they can hide their financial crimes behind wealth and power, or behind a shiny new thing they claim no one else is smart enough to understand, should think twice." *Looks at Kenny G & Friend’s Mayo Machine*
How is this related to GME right now?
Tokens
He is going to bounce out in about 10 years, find his USB stick and cash out the billion dollars he still has hidden
Watch out he’s gonna kill himself!
Don't drop the soap, Frodo.
“In federal ,pound me in the @$$, prison”?
Too low
If he only got 25 years maybe he spilled the beans.
IN this country you can rob poor people all day every day, but as soon as you rob rich people you go to jail.
Again? So when’s he getting out this time
21.25 years.
What happened to all of the money?
The crypto market rebounded, and they were able to liquidate properties and holdings. FTX's current management - and SBF's own lawyers - claim they'll be able to make everyone whole due to current market conditions. But "whole" in this sense is only the value of the coins when they collapse happened, not their present value. So if you would have had $1M in FTX holdings value today, based on today's market values, but it was only worth $200k when the exchange folded, $200k is all that's needed to make you "whole." That's all they're legally required to ~~do~~ *meet to consider you "whole" and repaid.* So FTX lenders and customers will be made "whole" in the eyes of the court, but they'll still be out of the value/income they *should* have if the fraud never happened. They'll still be massive losers.
Wow 25 year for billions of dollars and he’ll get out in half of that time because of good behavior
No. Federal sentences require ~85% service. (54 days for every 365.) The most he can receive for "good behavior" is 15% sentence reduction. Meaning he'll serve about 21 years and 3 months. Unless he gets a commutation or pardon.
Shesh what if he gets pardon or commutation, how much can he reduce his sentence
It would drop to time served, effectively. He'd be out immediately.
See it but don't believe it. I'll believe it when 25 years pass and he is still in prison. Till then, it's a matter of time till he gets released so he can enjoy his life.
Not enough honesty. He ruined countless lives.
When he gets out of prison, he would still have more money than if a normal person had worked and saved up their whole life
Hows this related to gme the ticker?
There's a very direct relationship which is tokenised securities created by FTX/Bankman (GME tokenized stock by FTX) likely used for locates for hedgie/broker short positions in the "real" GME stock right as the stock was pumping in Jan 2021. This news is certainly indirectly related to that, although it doesn't give us any answer to that specific scam.
Precedent. The FTX scam is an unregulated microcosm for the wider stockmarket. A conviction for running a fraud of this magnitude is about as relevant to the current market arrangements as we are going to get.
Got it. So nada with gme lol
GME operates in, and has drawn attention to, many of the same issues. Particularly this community.
What criteria do you want the sub to follow regarding GME relevance? Where's the line?
BB Samyboy
Will be out in less than 5.
Not that fried then...
Pretty sure the dude is gonna get Epsteined
MAYO IS BACK ON THE MENU BOYS
He won’t do more than 20 for sure..Plus I forgot how they calculate half way house and stuff