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Old 12-12-22, 08:44   #1
 
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Movies FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried: I Hope to Make Money to Pay People Back

Disgraced crypto boss Sam Bankman-Fried says he hopes to start a new business to make enough money to pay back victims of the FTX collapse.

BBC 12 DEC 2022.




"Mostly I sleep on a beanbag," Mr Bankman-Fried once told his Twitter followers

The 30-year-old faces several federal investigations into his former company's handling of funds.

Speaking in a luxury complex in the Bahamas, the former billionaire denies fraud but says he was "not nearly as competent as I thought I was".



He admits worrying about possible arrest while "ruminating at night".

The FTX crypto exchange allowed customers to trade normal money for cryptocurrencies like Bitcoin.

It was the second largest in the world, trading about $10bn of crypto coins every day.

But last month it was revealed that FTX and Mr Bankman-Fried's separate company - Alameda Research - were financially unstable.

In just eight days everything came crashing down and bankruptcy was filed.

It is estimated that more than a million FTX users are locked out of their crypto wallets and cannot access their funds.

--- Crypto exchange FTX owes biggest creditors $3.1bn


Mr Bankman-Fried invited the BBC to the residential complex in the Bahamas where he still lives and said he hopes to find a way to pay back FTX users.

"I'm going to be thinking about how we can help the world and if users haven't gotten much back, I'm going to be thinking about what I can do for them. And I think at the very least I have a duty to FTX users to do right by them as best as I can," he told me.

Sam Bankman-Fried denies claims he knew FTX customer money was used for risky financial bets


Asked if he planned to start a new business venture to earn the money to pay investors back, he said: "I would give anything to be able to do that. And I'm going to try if I can."

Bankruptcy lawyers have described the FTX scandal as "one of the most abrupt and difficult collapses in the history of corporate America".

They accuse Mr Bankman-Fried of running the company as "his own personal fiefdom".

The US Senate Banking Committee wants the former CEO to testify at next week's hearings into the collapsed exchange, and he said on Friday that he would attend.

At the top of a long list of alleged failings, there are allegations that Mr Bankman-Fried's Alameda Research hedge fund was using FTX customers' money to make risky financial bets.

A former senior FTX employee who worked with Mr Bankman-Fried has told the BBC he thinks the former CEO must have been aware that Alameda Research was using FTX customer funds.

He accused Mr Bankman-Fried of lying when he said in recent interviews that he did not know about the flows of cash and cryptocurrencies between the companies.

"No that's not true," Mr Bankman-Fried said, while going on to acknowledge that as CEO he was ultimately responsible for any mishandling of funds. "That's on me, one way or another," he said.

Asked whether he was fraudulent or incompetent, he replied: "I didn't knowingly commit fraud, I don't think I committed fraud, I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."

The American has conducted nine lengthy self-critical interviews in the last six days.

His team say they've had to relocate to an unknown location in the luxury resort where he lives, because of "security concerns".

Reporters have taken pictures of him in his apartment with telescopic lenses from the sea, and at least two YouTubers have managed to sneak into the complex to film videos.

Mr Bankman-Fried, who comes from a wealthy family, claims to be concerned about his own personal finances with no access to his bank accounts and "less than $100K left".

When asked if he is preparing for the possibility of arrest and prison, he said: "There's some time at night ruminating, yes, but when I get up during the day, I try and focus, be as productive as I can and ignore things that are out of my control."



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Old 13-12-22, 05:35   #2
 
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Movies re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

FTX Founder Sam Bankman-Fried Arrested in Bahamas

The Bahamas police have arrested Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, the country's attorney general has said.


BBC 13 DEC 2022.





He will appear in a magistrates court in The Bahamas on Tuesday, authorities in the Caribbean country said.




Police said Mr Bankman-Fried was arrested for "Financial Offences" against laws in the US and The Bahamas.

Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds.

It is unclear how much people who have funds in the exchange will get back at the end of bankruptcy proceedings, though many experts have warned it may be a small fraction of what they had deposited.

The FTX exchange allowed customers to trade normal money for cryptocurrencies like Bitcoin.

Mr Bankman-Fried will be held in custody "pursuant of our nation's Extradition Act," the Attorney General of the Bahamas said in a statement.

"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY [Southern District of New York]. We expect to move to unseal the indictment in the morning and will have more to say at that time," the US Attorney's office in Manhattan said in a tweet.

Wall Street regulators also said that they would be taking action against Mr Bankman-Fried.

"We commend our law enforcement partners for working to secure the arrest of Mr Sam Bankman-Fried in the Bahamas on federal criminal charges," US Securities and Exchange Commission (SEC) official Gurbir Grewal said in a statement.

"The Securities and Exchange Commission has separately authorised charges relating to Mr. Bankman-Fried's violations of our securities laws, which will be filed publicly tomorrow in the Southern District of New York," he added.

Mr Bankman-Fried's lawyer did not immediately reply to a BBC request for comment.



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Old 12-01-23, 09:40   #3
 
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Movies re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

FTX: Collapsed Crypto Giant Recovers Over $5bn of Assets

Collapsed cryptocurrency exchange FTX has located more than $5bn (£4.1bn) of assets, an attorney for the firm says.

BBC News.12 JAN 2023





The former chief executive of FTX Sam Bankman-Fried

However, a US bankruptcy court was told on Wednesday that the extent of losses to customers is still not known.



Prosecutors have accused FTX's former chief executive Sam Bankman-Fried of orchestrating an "epic" fraud that may have cost investors, customers and lenders billions of dollars.

Mr Bankman-Fried has pleaded not guilty to charges that he cheated investors.

"We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities," Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware.

Mr Dietderich said that the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr Bankman-Fried was living at the time of his arrest.

Most of FTX's customers and investors who are facing losses have not been named in the hearings.

However, American football star Tom Brady, his former wife Giselle Bündchen and New England Patriots owner Robert Kraft were mentioned in court filings.

In December the 30-year-old was arrested in the Bahamas and extradited to the US. He has been accused of committing "one of the biggest financial frauds in US history."

FTX, which a year ago was valued at $32bn, filed for bankruptcy protection on 11 November. It has been estimated that $8bn of customer's funds was missing.

US federal prosecutors have accused Mr Bankman-Fried of misappropriating FTX customers' funds to pay debts at his cryptocurrency trading firm Alameda Research and to make other investments.

In December prosecutors announced eight criminal charges, including wire fraud, money laundering and campaign finance violations. Financial regulators have also brought claims against Mr Bankman-Fried.

FTX co-founder Gary Wang and Caroline Ellison, the former head of Alameda, have also been charged over their alleged roles in the company's collapse. Authorities said they were both cooperating with the investigation.

In late December Mr Bankman-Fried was released from detention on $250m bail on condition that he does not leave his parents' home in California.

In an interview with BBC News before his arrest, he said: "I didn't knowingly commit fraud. I don't think I committed fraud. I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."

Sam Bankman-Fried denies claims he knew FTX customer money was used for risky financial bets

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Old 03-10-23, 18:24   #4
 
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Movies re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Trial of 'King of Crypto' Billionaire Sam Bankman-Fried Begins

Sam Bankman-Fried, also known by the initials SBF, has tumbled from crypto king to courtroom defendant.


BBC 3 OCT 2023






Sam Bankman-Fried had a meteoric rise and an even sharper fall, from running a £21bn crypto empire to facing a possible jail sentence of more than 100 years. But who is the curly haired 31-year-old, and how did he reach this point?

The fraud charges against him - which he denies - stem from the November 2022 collapse of his now-bankrupt business.
But how did the 31-year-old go from such astronomic financial heights to facing a legal fight for freedom?



His Early Life

Bankman-Fried grew up in California's wealthy San Francisco Bay area, where he attended a $56,000-a-year school.

Both his parents were professors at the prestigious Stanford Law School.

He studied at the Massachusetts Institute of Technology (MIT) where he lived in a group house called Epsilon Theta, which promotes itself as an alcohol-free community "known for liking beanbags, board games, puzzles, and rubber ducks".

He once told an FTX podcast he did not apply himself in classes and did not know what to do with his life for most of college.

Bankman-Fried graduated in 2014 with a major in physics and a minor in maths.

Vegan, teetotaller, effective altruist

Bankman-Fried didn't lose the values of Epsilon Theta after graduation, if what he has told journalists is to be believed.

He pushed back against claims of drug and alcohol use at FTX, telling the New York Times' DealBook Summit there were no "wild parties" at the company.

"When we had parties, we played board games and, you know, 20% of people would have three-quarters of a beer each or something like that. And you know, the rest of us would not drink anything," he said.

He is also known for being a vegan - and has stuck to his principles in jail despite not being provided with vegan meals, according to his lawyers.

They said he was "literally subsisting" on bread, water and peanut butter in the run-up to his trial.

His veganism is linked to a history of animal rights activism - which in turn is bound up with the effective altruism movement.

While studying, he was reportedly considering a career in animal welfare, having organised a protest against factory farming in his first year of college.

But he met with Will MacAskill, one of the movement's leaders, who told him he could make more of an impact by finding a career that paid well, and then donating money to charity.

This is known as "earning to give" and it's one of the central pillars of effective altruism, a movement that seeks to do good by using resources effectively.

When Bankman-Fried took a job at quantitative trading firm Jane Street after graduating, he said he donated about half of his salary to charities, including animal welfare organisations.

He talked about plans to eventually donate most of the money made in his lifetime, with a focus on "long-termism" or safeguarding the future of humanity.




Sam Bankman-Fried after his arrest in the Bahamas




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Old 05-10-23, 09:20   #5
 
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Movies re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Attorney General Merrick Garland; The Rise and Fall of Sam Bankman-Fried

BBC 5 OCT 2023


First, Merrick Garland on the independence of Trump and Hunter Biden investigations.Then, Michael Lewis’ new book on Sam Bankman-Fried.


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Old 03-11-23, 06:45   #6
 
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Movies re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried Found Guilty of Defrauding FTX Customers Out of Billions. To Be Sentenced 28 March 2024.

The prosecutor said that ‘while the cryptocurrency industry might be new … this kind of corruption is as old as time’


BBC 3 NOV 2023





Sam Bankman-Fried, the founder of now-bankrupt crypto exchange FTX, was found guilty on all counts of defrauding his customers on Thursday in Manhattan federal court.


The one-time mogul stood with his hands clasped facing the jury as he was found guilty on seven counts of wire fraud and conspiracy to launder money. He faces decades in prison at a sentencing hearing that US district Judge Lewis Kaplan set for 28 March 2024.

The verdict, reached after just four hours of jury deliberation, brought an end to nearly a month of court proceedings that featured stunning testimony from his closest allies and the disgraced entrepreneur himself. He maintained his innocence until the end.

“We respect the jury’s decision. But we are very disappointed with the result. Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” read a statement from Mark Cohen, Bankman-Fried’s lawyer.

His parents, the Stanford Law School professors Joseph Bankman and Barbara Fried, sat in the courtroom’s second row, holding each other’s hands. Bankman sat with his head in hands after the verdict was read.

After Kaplan left the courtroom, Cohen put his arm around Bankman-Fried as they spoke at the defense table.

As Bankman-Fried was led out of the courtroom by members of the US Marshals service, he turned around, looked at his parents in the courtroom audience and nodded. Fried looked toward him and crossed her arms across her chest.

Following Bankman-Fried’s conviction, Manhattan US attorney Damian Williams warned that other would-be fraudsters should take note of the convicted mogul’s fate.

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” Williams said. “This case has always been about lying, cheating, and stealing and we have no patience for it.”

“When I became US attorney, I promised we would be relentless in rooting out corruption in our financial markets. This is what relentless looks like. This case moved at lightning speed – that was not a coincidence, that was a choice,” he said.

“This case is also a warning to every fraudster who thinks they’re untouchable, that their crimes are too complex for us to catch, that they are too powerful to prosecute, or that they are clever enough to talk their way out of it if caught. Those folks should think again and cut it out. And if they don’t, I promise we’ll have enough handcuffs for all of them.”


Bankman-Fried is also set to go on trial on a second set of charges brought by prosecutors earlier this year, including for alleged foreign bribery and bank fraud conspiracies.

Bankman-Fried was accused of swindling FTX customers out of some $10bn. Prosecutors said that his fraud extended from 2019 to November 2022, when FTX collapsed under the weight of a liquidity crisis, caused by the lending of customer funds to Alameda Research, FTX’s sister hedge fund, without telling them.





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Old Yesterday, 20:20   #7
 
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Movies Re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried Sentenced: FTX Fraudster Vows to Appeal After He is Jailed For 25 Years

Judge SLAMS him for showing 'no remorse' for 'terrible crimes'

MailOnline 28 MAR 2024





Samuel Bankman-Fried is in court on Thursday to be sentenced for running a massive crypto scam






His parents, Joseph Bankman and Barbara Fried, said they were 'heartbroken' by the decision. They rushed from the New York City courthouse after the sentencing hearing





Sam Bankman-Fried has vowed to appeal his sentence after he finally faced justice and was ordered to spend 25 years behind bars and forefit $11billion for scamming and defrauding crypto investors.

‘A lot of people feel really let down and they were very let down. I’m sorry about that. I’m sorry about what happened at every stage,' Bankman-Fried said as he pleaded for a lighter sentence during a Thursday hearing in New York City federal court. 'Things I should have done, things I shouldn’t have.'

The judge said that one of Bankman-Fried's famous expressions of 'I f**ked up' was pithy, but he added the former FTX boss never uttered 'a word of remorse for the commission of terrible crimes.'

'Mr. Bankman-Fried has the right to plead not guilty…but at the end of the day he knew it was wrong. He knew it was criminal,' Judge Lewis Kaplan said as Bankman-Fried showed little reaction. 'He regrets that he made a very bad bet about the likelihood of getting caught but he’s not going to admit a thing.'

Kaplan also ripped Bankman-Fried saying he perjured himself three times during the October trial. Kaplan recommended that Bankman-Fried serve his time in a low-to medium-security facility but the ultimate determination will be up to the federal Bureau of Prisons.

Bankman-Fried's parents were in the courtroom for the sentencing and rushed away after, later saying they were 'heartbroken.' The hearing culminated a stunning collapse for FTX. Bankman-Fried was once the poster-boy for the future of crypto, but his scam led to the exchange collapse and his arrest.

'There is absolutely no doubt that Mr. Bankman-Fried’s name is pretty much mud around the world. But one of the things he is is persistent and a great marketing guy,' Kaplan said in delivering the sentence.

The same skills and drive that had him even after his arrest pitching his story to a huge number of media people demonstrates he knows how to do it and the will is there,' the judge said.

Kaplan added the 25-year sentence was for the purpose of ‘disabling him for a significant period of time’.

The judge criticized the ‘enormous harm that he did, the brazenness of his actions, his exceptional flexibility with the truth, his apparent lack of any remorse.’

'I am not prescient. But that there is a risk this man will be in a position to do something very bad in the future and it’s not a trivial risk,' the judge said at one point.

Experienced watchers of this case speculated that Bankman-Fried was headed to prison for as long as 50 years, and with all of Judge Kaplan's condemnations of Bankman-Fried earlier in the day, the sentence looked like it was going to be a long one.


Instead, the judge imposed 25 years, far less than the government's request for 40 to 50 years but far more than the defense's request for a maximum of six-and-a-half years.





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