Sam Bankman-Fried Sentenced to 25 Years

https://www.bbc.co.uk/news/live/world-us-canada-68656415

by TecoAndJix • 2 years ago

97 28 2 years ago

bbc.co.uk

arrowsmith2• 2 years ago

Duplicate story also on the front page: https://news.ycombinator.com/item?id=39852953

jtriangle• 2 years ago

25 years for stealing billions, life for running a website where people broke the law.

Justice inc.

SlightlyLeftPad• 2 years ago

It’s not about justice. It’s all about who you know.

riku_iki• 2 years ago

More like they robbed rich, which is no-no. Robbing poor is ok.

misiti3780• 2 years ago

Are you comparing FTX to Silk Road?

cactusplant7374• 2 years ago

https://en.wikipedia.org/wiki/Ross_Ulbricht

The evidence that Ulbricht had commissioned murders was considered by the judge in sentencing Ulbricht to life and was a factor in the Second Circuit's decision to uphold the sentence.

If this is what you are referring to...

Commissioning murders makes him quite a dangerous person.

mhluongo• 2 years ago

My understanding was that that wasn't proven in the case, or part of the charges? Making it pretty messed up that it's what drove sentencing

kemayo2• 2 years ago

...didn't the Silk Road guy (which is what I assume you're referencing) also hire assassins to attack his criminal-enterprise opponents?

Jerrrry• 2 years ago

He "hired" an FBI agent to kill another (non existing) FBI agent after being extorted and lied to by an FBI agent.

But keep repeating the "truth" til it becomes facts.

Remember the autistic kids that get set up by the FBI?

That, but virtually.

mypastself• 2 years ago

Was he convicted of that?

user90131313• 2 years ago

now do and calcualte how many years Sam Trabucco of alameda got? hint, first word is z

A_D_E_P_T• 2 years ago

In fairness, even 25 years is more than they give the average murderer.

https://www.ussc.gov/sites/default/files/pdf/research-and-pu...

You could quite reasonably argue that SBF's sentence was, if anything, excessive. And, by extension, that Ulbricht's was simply grotesque.

colinng2• 2 years ago

Sam Bankman-Fried defrauded people. He didn’t intentionally create a digital black market, where everything from hit jobs, narcotics, poison, weapons, and human trafficking could (and were) conducted.

And since there are many well-known marketplaces for legal activities (eBay, Craigslist, Kijiji, Facebook Marketplace, AutoTrader.com, need I go on?) then the only defining feature was that this was a black market.

One cannot “accidentally” do this. So yes, aiding and abetting countless crimes and possibly murder —> life sentence.

In that context do you still find it unjust?

alephknoll• 2 years ago

Dupe [https://news.ycombinator.com/item?id=39852953]

objektif• 2 years ago

Yeah there is a known cheat code that he used

- Donate millions to the political party of your choice.( Preferably both) - Hire the best lawyers money can buy. - Avoid life sentence that peasants get for much simpler crimes.

josefresco• 2 years ago

Bernie Madoff got 150 years and I believe most (a lot of?) people got their money back. If being rich and powerful buys you "justice", where did Bernie fail?

throwaway5959• 2 years ago

He made rich people lose money.

dixie_land• 2 years ago

He scammed too many other rich and powerful people I think. Just stick with scamming the commoners and you'll be fine :)

ajb• 2 years ago

Many of his victims were rich and powerful - it was an affinity fraud.

wmf• 2 years ago

Madoff's investors lost massively compared to investing in index funds.

jptv• 2 years ago

Madoff destroyed families, and folks lifetime savings

danpalmer• 2 years ago

most (a lot of?) people got their money back

On average people got 70% of their money back I believe. However the story is way more complicated than that.

Most Madoff investors put their money in decades before, saw 20+ years of growth, and took out dividends over those years. Most investors were pensioners living off their dividends.

When the team came in to clear up the mess at the end, they redistributed the money according to pay-ins and pay-outs. So, imagine you put $1m into the fund in 1985, took $100k out per year, and in 2005, 20 years later, still had >$1m in the fund. In ~2010, the restructuring team would sue you for $1m because you had taken out $2m after putting in only $1m. But you don't have that money, all you've got is a house and a reasonable yearly salary. Unfortunately many people lost their houses and other assets because they had taken out more than their original contribution over the >20 year period.

Even if you didn't take anything out, people bet the rest of their financial lives on the fact that their initial contribution had gone up. Only counting for inflation, getting back their initial investment would be a terrible financial outcome, but accounting for what they reasonably thought they had, this would still be ruinous.

This is all why FTX saying people might get back their money is a terribly misleading statement.

ses1984• 2 years ago

He ripped off the rich and powerful.

arrowsmith2• 2 years ago

Why should it make a difference to your sentence whether or not your victims get their money back?

dcreater• 2 years ago

Wasn't he recommended to get a 100yr sentence previously?? 25 years is a pittance for the scale of crime he committed. People get life for less

colinng2• 2 years ago

Scam Bankrun-Fraud? Couldn’t happen to a nicer person.

Sam Bankman-Fried Sentenced to 25 Years

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