Patience, folks. The Feds have flipped his girl friend, and have a buffet of crimes to select from.
Yes these things take time. Most of the space is under investigation by SEC, FBI, the attorney general of New York.
From Ken White @Popehat
/15 If your goal is “I want to see this bad guy convicted and spend as long as possible in jail, and all his ill-gotten gains located and taken,” then you should want the feds to do what they do best — slowly build a meticulous case.
I know he was the second highest contributor to the Democratic Party, but certainly there are Democrats that have been financially crippled by this guy and should demand his arrest. No?
What’s funny to me is that the libertarian anti govt types who were duped into betting on shtcoins during the pandemic in order to think they’re rebels and sticking it to the elites, Jerome Powell, etc. now have talking heads on Republican news channels singling out Sam Bankman-Fried like he’s responsible for all of the corruption and wrongdoing in the crypto space when really 100% of the entire crypto space is one big pile of sh*t. It’s like going after the guy who runs a lottery casino entertainment business because it’s rigged and you didn’t win the money you put in back that got sucked into the crypto black hole.
So I see it as a habit of conservative-leaning GenZ or millennial aged now mad at SBF for taking all the money even though the entire space Is a scam.
I know he was the second highest contributor to the Democratic Party, but certainly there are Democrats that have been financially crippled by this guy and should demand his arrest. No?
Except he contributed equally to Republicans:
We're supposed to believe the words of a con man? He may have. I doubt it as I don't believe ANYTHING he says.
If SBF is tied to democrat that would be good because he took and spent all the money from the libertarian bros. Now those libertarian bros get to watch conservative news hosts blame SBF even though they made a mistake gambling in crypto
In the replies, look how long it took to convict Elizabeth Holmes of Theranos.
The problem, as mentioned, is, in a fraud case, stupidity is a defense. Fraud requires active deception. If sfb did what he said he was going to do with the money, there is no fraud. So basically, he has to have done something he said he wasn't going to do or is illegal. With the lack of regulations in the space and the fact that he probably didn't have to lie to get all those investor dollars, that will probably take a while.
The main problem he has are the 3 billion in loans made to him that contained account holder, rather than investor, funds. His defense there is those loans were made by a different company and he claims he had nothing to do with the decision to loan or where the money came from.
Problem (for him) is he owned 90% of that company and, I think, his girlfriend was involved in managing that company. She is likely toast. Maybe she'll protect him, but I doubt it. 'Hell hath no fury' after all. Rumor is she is in the US and has been spoken to by law enforcement.
SBF is protected due to his bloodlines and the fact he was being run by the elites
SBF provided an entertainment service to crypto participants in exchange for your voluntary donation (i.e. an “initial investment”) and people went along for the entertainment ride to have fun with what it’s like to gamble so that SBF, his girlfriend and his buddies could take the money and blow it on fun things for themselves. (They chose to do this despite warnings from IRS and US government that the crypto industry is full of fraudsters and offers no investor protections). Thanks for playing. Try Vegas next time
SBF provided great thrill-seeking entertainment to his gamblers. They Paid for his trips
Crypto and NFT are just bytes and electrons that are inherently worthless.
It's like a bunch of people playing poker with beans, claiming the beans are worth a lot of money. Then they try to cash in the beans, but someone says "sorry, those are just beans, they are worthless."
anyone involved in running a crypto exchange (eg SBF) no matter how sophisticated is going to end up being dumb and losing everyone’s money with the whole thing collapsing due to the negative sum game nature of crypto: after covering SBF’s salary and trips and lifestyle along with crypto miners trying to cover their costs of computer parts, graphics cards, land in Texas, electricity, environmental costs, etc., they’ll never be enough fiat money to pay out new gamblers from old gamblers because the stuff doesn’t produce anything, is zero intrinsic value and worthless.
If properly regulated, the public just wouldn’t be interested in crypto anymore because there wouldn’t be fiat money to be taken quickly by a few insiders/lucky ones out of the many losers in the space. And because it’s a negative sum game, there have to be way more losers than winners. It is completely different from owning stock in a real business, where everyone including the guy with only 10 bucks can be a winner/the little guy who only owns 1 share of company stock. The little guy can actually get ahead over time by the power of compound interest. if the business does well by providing actual goods and services to the public, the earnings and profits result in a higher stock price and possibly payment of dividends.
Under the new SEC guidance, companies will have to include crypto asset holdings as well as their risk exposure to the FTX bankruptcy in their public filings.
Weisman, Epstein, Lauer, Madoff, also not arrested. Know criminals. Eventually and apparently reluctantly, they were brought in. Do they have any common denominator with SBF? Why do the various media lay off them.
Weisman, Epstein, Lauer, Madoff, also not arrested. Know criminals. Eventually and apparently reluctantly, they were brought in. Do they have any common denominator with SBF? Why do the various media lay off them.
Crypto guys like SBF work in the unregulated gambling racket space we all warned you guys about though
Weisman, Epstein, Lauer, Madoff, also not arrested. Know criminals. Eventually and apparently reluctantly, they were brought in. Do they have any common denominator with SBF? Why do the various media lay off them.
A lawyer representing whistleblowers referred Andrew Weissman to the Department of Justice's Inspector General for "corrupt legal practices" in 1997. Weissman is Special Counsel Robert Mueller's lead...
I'm just a civil appellate lawyer, but if I were improvidently placed in a position of authority over SBF's future, the last thing I'd want to see right now is the emergence of some ambitious, publicity-seeking, trigger-happy prosecutor trying to push a criminal case ahead against SBF before the really good, careful lawyers work out the myriad jurisdictional issues (e.g., civil vs. criminal, state vs. federal, bankruptcy vs. general, agency vs. DoJ), accumulate and analyze the massive evidence, work out the provable elements and appropriate charges, put together the story to present at the various pretrial and trial stages, poke at the witnesses who might be worth offering immunity or plea deals, calculate speedy-trial deadlines and meet Brady requirements, and let SBF continue to talk. Of course, I'd also want a crack team of appellate lawyers put together for any interlocutory or post-judgment proceedings in the higher courts. Obviously, I'd also want to keep SBF and friends under 24-hour-a-day noncustodial supervision and out of the hands of sovereigns and others with incentives to protect (or kill, or control) selected characters.
Meanwhile, anyone jabbering all day about the size of SBF's donations to one set of political affiliates or another, or anyone who tries to link SBF to George Soros or some other FOX whipping boy, would be given freedom to pursue other interests to the extent to which he or she would not violate ongoing duties relating to confidentiality, lobbying, and other constraints on former government employees.
Oh, and I admit that I would probably have to rein in my overwhelming sense of schadenfreude over the ensuing fallout among insufferable crytogeeks.
Ideally, Charlie Munger would still be alive when everything gets wrapped up, but that seems pretty unlikely.
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