Sooo, Sam Bank-Fraud's parents both teach at Stamford University (Law professors, specializing in ethics of all things), and Caroline Ellison's parents both teach at MIT. I'm sensing a pattern here...

FTX - Did Sam Bankman-Fried Pay Congress to Stop the SEC Investigation into FTX? Bribery Allegation



https://www.youtube.com/watch?v=Z_YgWg71RiU

quote:

Sooo, Sam Bank-Fraud's parents both teach at Stamford University (Law professors, specializing in ethics of all things), and Caroline Ellison's parents both teach at MIT. I'm sensing a pattern here

^^^^^^^^^^^^^^
Let us not forget Elizabth Holmes a fine Stanford dropout.

https://www.nydailynews.com/ne...dm5d4x26u-story.html

A judge kept secret that two of Sam Bankman-Fried’s closest associates had turned against him so the cryptocurrency entrepreneur wouldn’t get spooked and fight extradition from the Bahamas, according to court transcripts made public Friday.

Federal prosecutors in Manhattan waited until Bankman-Fried, the founder of the collapsed crypto exchange FTX, was in FBI custody before revealing that his business partners, Carolyn Ellison and Gary Wang, had secretly pleaded guilty to fraud charges and were cooperating, which can earn them leniency at sentencing.

Manhattan U.S. Attorney Damian Williams announced the guilty pleas when Bankman-Fried was in the air late Wednesday.

In court Monday, Caroline Ellison said since FTX and Alameda collapsed in November, she has “worked hard to assist with the recovery of assets for the benefit of customers and to cooperate with the government’s investigation.”

His parents home is valued at four million. It was not impressive. Had a nice private pool though and lots of computers. Hope the little prick is banned from the internet. He should be.

Here’s hoping Stupid Boy Fraudster and cabal have political figures drinking heavily this holiday season.



ETA: It took a deep pocket to stand Stupid Boy Fraudster’ bail, way more than the value of parents’ home. I had a thought that perhaps the way his parents covered his bail was by optioning their True Story book and movie rights. Not Stupid Boy Fraudster’s story as the NY and CA Son of Sam laws apply, but that doesn’t apply to the parents’ book and movie rights. I can see Hollywood types salivating at the opportunity. Ponying up $25M, would be a good investment.

It was previously posted that there were FOUR UNNAMED INDIVIDUALS that signed.

Assistant U.S. Attorney Nicolas Roos called Mr. Bankman-Fried’s alleged crimes “a fraud of epic proportions” and said he believed the $250 million bond was the largest ever. The judge said the bond would be cosigned by four financially responsible people, including one nonfamily member.
LINK: WSJ https://www.wsj.com/articles/s...6?mod=article_inline

That link is broke.

^^^^^^^^^^^^^^

https://www.wsj.com/articles/s...6?mod=article_inline

reminder : There was no cash put up to meet the bail

The only security for the $250 mil was the parents home

bail bond here:

https://storage.courtlistener....nysd.590939.14.0.pdf

Thanks for Posting the Bond document SDY.

When is a $250MB not a $250M Bond, when you SBF and your basically released on your personal recognizance which of course is based on your stellar reputation.

Page #8 'Bail Disposition, Secured By':Parents Home in Palo Alto. I suppose regular folk in Seattle would not be released on a $250M Bond secured by their parents $5M home in Seattle if they, allegedly, defrauded folks of $8B. They might have spent Christmas in Federal Detention if not able to cough up $250M (or $25M for the Bail Bondsman). As Popeye once said, I'll gladly pay you Tuesday for a Hamburger today..

I'd be interested to know who the non family member is that signed the Bond.

https://www.msn.com/en-us/mone...od-stake/ar-AA15KuRs

When Sam Bankman-Fried bought a nearly 7.6% stake in Robinhood, the popular stock-trading app, earlier this year, he financed the deal with more than half a billion dollars borrowed from the his own hedge fund — the entity that prosecutors say was illegally funneling customer funds from its affiliated platform, FTX.

In an affidavit that emerged Tuesday, Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from the hedge fund, Alameda Research, which they used to purchase the Robinhood shares via a holding company primarily controlled by Bankman-Fried.

Bankman-Fried’s stake in Robinhood is now at the center of a separate, multinational legal battle over the assets associated with FTX’s bankrupt crypto empire.

Four separate entities have laid claim to the approximately 56 million shares, worth about $450 million. FTX’s new management, which is trying to claw back funds for investors and customers of the bankrupt platform, want to wrest control of the shares from the Antigua-based holding company 90% owned by Bankman-Fried.

Bankman-Fried himself claims ownership of the shares, seeking a source of payment for legal expenses, according to FTX.


Also claiming the Robinhood shares are bankrupt crypto lender BlockFi, and an individual FTX creditor.

Because the competing claims, FTX filed a motion earlier this month to the Delaware bankruptcy court to keep the assets frozen until the court “can resolve the issues in a manner that is fair to all creditors of the Debtors.”

It’s not clear from the court filings whether the $546 million used to purchase the stake included funds that prosecutors allege were stolen from customer deposits in FTX.

BlockFi, a prominent crypto lender, halted withdrawals as FTX came unraveled, citing significant exposure to the trading platform. It filed for bankruptcy on November 28, just over two weeks after FTX, Alameda and dozens of affiliates went under.

BlockFi is suing Bankman-Fried for the Robinhood shares, which BlockFi claims it is owed after Alameda defaulted on $680 million in collateralized loan obligations.

quote:

Originally posted by sdy:
…
Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from the hedge fund, Alameda Research, which they used to purchase the Robinhood shares via a holding company primarily controlled by Bankman-Fried.
…
Four separate entities have laid claim to the approximately 56 million shares, worth about $450 million.

-$546M + $450M = -$96M (-17%) in a few months.

I think I see why FTX failed.

Kleptocurrency wasn’t the only cause.

SBF will enter a plea 1/3/2023.

This is my shocked face: :^|

Assuming he's not already negotiating his plea deal for January 3rd, he'll enter a Not Guilty Plea on January 3rd. In any case, he's never going to trail. He'll negotiate a Guilty plea settlement, soon. Frankly, he should be cop a plea right now before January 3rd but I'm doubtful.

My early guess is that he ultimately receives a sentence of 40 years after his plea deal is agreed to and signed off by SBF. Maybe he does 25 years of actual prison time after credit for Good Time behavior, RDAP, Halfway House, etc.

^^^A 'plea deal' for the greatest financial fraud crime in the history of planet earth, when the DOJ has him dead to rights with cooperating co-conspirators willing to turn states evidence...Why?

quote:

Originally posted by nhracecraft:
^^^A 'plea deal' for the greatest financial fraud crime in the history of planet earth, when the DOJ has him dead to rights with cooperating co-conspirators willing to turn states evidence...Why?

Choose:

1. Send him up the River for 20 years on a plea deal costing $$, or

2. Go to trial, spend $$$$$$$ and run the risk of acquittal in hopes of sending him away for 20 years because odds are the sentences for multiple counts would be concurrently served.

quote:

^^^A 'plea deal' for the greatest financial fraud crime in the history of planet earth, when the DOJ has him dead to rights with cooperating co-conspirators willing to turn states evidence...Why?

'If' the Government doesn't have to go all the way through, start to finish, with a trial (e.g., E.Holmes) that's worth something. May not be much but, it's still worth something. Even more of 'Something' if he cops out now prior to January 3rd but, I'm doubtful he will be as forward looking to realize it's better to fold em than to hold em in his case.

His attorneys (and Parents) know he has little to no defense worth going to the mat over. They should be advising him to cut the best deal he can right now even if that deal only shaves 5 years off his sentence. The Government has unlimited time and resources. SBF and his Parents do not.

Except that the DOJ is very democrat friendly, and some of them are probably hoping the DOJ will show mercy as a signal to future democrat donors.

However someone on here mentioned that if the Dems are forced to return the $40 million SBF donated, he will not be as popular as he once was.